CHAPTER 13 BANKRUPTCY

Massachusetts Chapter 13 bankruptcy lawyers | Boston Metro | Braintree | Brockton | Randolph | Stoughton | Quincy | Weymouth | Massachusetts

Our bankruptcy attorneys will determine if Chapter 13 is appropriate for you.

Generally speaking, under Chapter 13, you will be allowed to keep all of your property while being given the opportunity to pay back your creditors based upon your ability to pay.  The creditors are paid through a “Plan” usually lasting either 3 or 5 years. 

 How It Works

Secured Debt, such as home mortgages and auto loans are usually paid in the normal manner during the plan period, either directly or through the Trustee. The Chapter 13 Bankruptcy affords the advantage of paying up past-due mortgage payments over the Plan period of 3 or 5 years.  This is the most potent weapon against mortgage foreclosure when a homeowner has fallen far behind on their mortgage payments.

Unsecured Debt, such as credit cards, medical bills and personal loans, only require payment from your “Disposable Income”.  Disposable Income is the income available each month for payment towards creditors.  It is calculated by subtracting monthly living expenses (such as rent or mortgages, auto payments, utilities medical expenses and food) from monthly net income.  This amount is paid monthly through the Plan to the Trustee for disbursement to your creditors on a pro rata basis.  At the end of the Plan period, you are discharged from any further amounts due the Creditors, whether the Plan provided for payment in full or pennies on the dollar.  A plan can provide for paying anywhere from 0% to 100% of your unsecured debt, depending on your ability to pay.  

Advantages of filing a Chapter 13 include:

• Preventing foreclosure, even if you are behind on your mortgage payments;
• Retaining all of your property;
• Limiting your debt payments to what you can afford;
• At the conclusion of plan payments, you debts are discharged.

Overwhelming debt can make you feel as if there is no way out.  The truth is, you have legal rights under federal law that can protect you from creditors, allow you to keep your property, and obtain a fresh start in life.  Our Massachusetts Bankruptcy Attorneys can advise you of your legal rights and help you navigate the Massachusetts Bankruptcy Laws to your best advantage and peace of mind.  

Are you considering filing a Chapter 13 in Massachusetts? An attorney from our law firm can help through the entire process. We will pursue your rights under Massachusetts Bankruptcy Law aggressively and obtain for you outstanding results.

Contact our Massachusetts Bankruptcy Attorneys today for a confidential consultation.

The Massachusetts bankruptcy attorneys at Nashawaty & Rand serve clients throughout the Greater Boston Massachusetts region including Abington, Avon, Boston, Braintree, Brockton, Bridgewater, Canton, Dedham, Dover, Easton, Hanover, Hingham, Hollbrook, Marshfield, Medfield, Milton, Norwell, Norwood, Quincy, Randolph, Rockland, Sharon, Stoughton, Walpole, Westwood, Weymouth, Whitman, Massachusetts.