Bankruptcy Lawyers Brookline MA

If you are seeking help with a financial crisis or disabling injury, we are here to listen. We want to provide you with the support and guidance that will maximize your rights under the law. Contact us now, and we promise to listen carefully to your story and give you the best legal service possible.

Nashawaty & Rand serves residents from the South Shore (Braintree, Weymouth, Milton, Quincy, Randolph, etc.), Greater Boston (Boston, South Boston, Dorchester, Mattapan, etc.), and many other towns and cities across Massachusetts making it convenient for individuals in many areas to utilize our professional legal services. We understand that you have many options available when choosing a bankruptcy attorney; however, selecting the right one will only help to increase your chances of success.

A number of our customers feel about filing a bankruptcy case angry or afraid. Please note that there is no reason to feel it means you are a failure or to have feelings of submitting. Very likely you’ve got friends, neighbors and coworkers have registered, and you just don’t know about it. Additionally, many people and companies have gone bankrupt including:

• President Abraham Lincoln
• Writer Mark Twain
• Automobile Manufacturer Henry Ford
• Hall of Fame quarterback Johnny Unitas
• Hollywood director Francis Ford Coppola
• Television personality Larry King
• Actor Mickey Rooney
• Actor Burt Reynolds

Chapter 11:
This is designed for businesses. Chapter 11 is often known as”reorganization bankruptcy” because it provides businesses an opportunity to stay open while they restructure the business’ assets and debts so that it can pay back creditors. This is used primarily by large corporations such as Circuit City, General Motors and United Airlines, but may be used by any size business, including partnerships and people, in certain rare cases. The majority of the decisions are made with consent from the courts although the business continues to operate during bankruptcy proceedings.

Chapter 12: Chapter 12 applies to”family farms” and”family fishermen” and allows them to propose a plan to refund all or part of their debts. The courtroom has a definition of who qualifies on receiving annual income as a farmer or 23, and it’s based. Debts for individuals, partnerships or corporations filing for Chapter 12 can not exceed $4.03 million for farmers and $1.87 for sailors. Though allowances are made for its seasonal nature of fishing and farming the repayment program has to be completed within five decades.

Chapter 15: Chapter 15 applies to cross-border bankruptcy cases, where the debtor has assets and debts both in the United States and in another country. This chapter was added as part of the Bankruptcy Abuse Prevention and Consumer Protection Act to the bankruptcy code in 2005. Chapter 15 cases start as insolvency cases in a foreign country and make their way to the U.S. Courts to attempt to protect financially troubled businesses from moving under. The U.S. courts restrict their range of power in the case to only the resources or persons which are in the USA.

Consequences of Divorce
The overriding principle of insolvency is that it provides you a fresh start with your finances. Chapter 7 (known as liquidation), wipes off debt by selling the majority of your possessions. Chapter 13 (known as the wage earner’s plan) allows you to develop a 3-5 year plan to settle all your debt and maintain what you have.

Both equal a fresh start.
Yes, filing for bankruptcy affects your credit score. Bankruptcy stays on your credit report for 7-10 decades, determined by which type of bankruptcy you file under. For example, Chapter 7 (the most common) is on your credit report for ten years, while a Chapter 13 filing (second most common) is there for seven years.

During this time, a bankruptcy discharge can keep you from obtaining lines of charge and might cause problems when applying for jobs. If you’re thinking about bankruptcy, your credit report and credit score probably are damaged already. Your credit report may not endure more damage, particularly if you always pay your bills.

Because of the consequences of insolvency, some specialists believe it beneficial when you have more than $15,000 in debts.

Where Bankruptcy Doesn’t Help
• Bankruptcy does not erase all fiscal responsibilities.
• It Doesn’t release the following Kinds of obligations and debts:
• Federal student loans
• Alimony and child support
• Debts that arise after bankruptcy is filed
• Some debts incurred in the six months Before filing bankruptcy
• Taxes
• Loans obtained fraudulently
• Debts from personal injury when driving drunk

It does not protect those who co-signed your debts. Your co-signer consented to cover your loan if you didn’t or couldn’t pay. Your might be obligated to cover all or a part of your loan If you declare bankruptcy.

Bankruptcy FAQ

What’s Going to Happen to My Home and Car After Bankruptcy?
In many cases, you won’t lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. If your property isn’t fully exempt, you’ll have the ability to keep it, even if you pay its non-exempt value to creditors in chapter 13. But some of your creditors may have a”security interest” in your home, automobile or other personal property. This means that you gave that creditor a mortgage on the house or put your other property up as collateral for the debt. Bankruptcy doesn’t make these security interests go away. If you don’t make your payments on that debt, the lender may be able to take and sell your property or the house, during or after. There are several ways that you can keep collateral or mortgaged property after you file bankruptcy. You can agree to keep making your payments on the debt until it is paid in full, or you can pay the creditor the worth amount. In some cases involving fraud or other improper conduct by the creditor, you may be able to dispute the debt. If you set up your household goods as collateral for a loan (other than a loan to buy the goods), you can usually keep your property without making any more payments on that debt.

Can I Own Anything After Bankruptcy ?

Yes, Many men and women believe they cannot have anything for some time. This is not correct. You can keep your exempt property and anything. But if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after your bankruptcy, that money or property may have to be paid to your creditors if the property or money is not exempt.

Must I Go to Court ?

In most bankruptcy cases, you only have to go to a proceeding called the “meeting of creditors” a.k.a.” 341 meeting” to meet with the bankruptcy trustee and any creditor who chooses to come. Most of the time will be a brief and simple process where you’re asked a few questions about your bankruptcy forms and your financial situation.

Occasionally, if complications arise, or if you choose to dispute a debt, you might have to appear before a judge at a hearing. In the event you need to go into court, you will receive notice of this court date and time from the court and the attorney.

We offer free initial consultations. To schedule yours, call our office at 781-848-8545. You may also contact us online. We can arrange evening and weekend appointments to accommodate your schedule.

The Bottom Line:

Bankruptcy will be thought of as a negative in your credit file, at least for 7 to 10 decades. There’s absolutely no way around that. Bankruptcy does not erase a bad credit history, but it does give you another opportunity. Do not waste it. Demonstrate you’ve learned a lesson regarding personal finances, and your credit score will begin to reflect that.

Remember, you have a right to bankruptcy and still, come back strong. You can emerge from bankruptcy including all the financial rights and rights you want to be successful.

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