Bankruptcy Serving Families Throughout Massachusetts and Connecticut

Bankruptcy Attorney in Massachusetts

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The stresses and anxieties that come with financial hardships can cause many people to make hasty decisions. If you feel that filing for bankruptcy may be the best solution to your financial hardships, we recommend that you take the time to consider your situation by speaking with a bankruptcy attorney in Massachusetts from The Law Office of Glenn F. Russell, Jr.

"We are a Debt Relief Agency. We help people file for bankruptcy relief.”

Why Choose Our Bankruptcy Lawyer?

Knowledgeable, Step-by-Step Guidance Since 2000
100s of Individuals & Families Helped
Experienced & Compassionate Counsel
Top-Rated by Clients & Legal Associations

With the assistance of a qualified bankruptcy legal professional from our firm, you can determine the appropriate course of action that can produce the best possible outcome for you and your family.

Financial distress can leave individuals feeling as though there are few options available. Our firm offers comprehensive consultations to explore alternative solutions beyond bankruptcy where feasible. We provide insights into negotiation strategies with creditors or consider debt consolidation when appropriate. These options can sometimes offer a pathway to financial recovery without the necessity of filing for bankruptcy, depending on each unique situation. It’s important to explore all potential solutions with a legal professional well-versed in Massachusetts debt relief.

Moreover, understanding the implications of bankruptcy on your long-term financial health is crucial. Our attorneys don’t just guide you through the legal process; they also provide advice on rebuilding credit scores post-bankruptcy and offer resources for financial education. These steps ensure that clients not only recover from current financial challenges but also thrive in the future.

Relief from debt is possible. Contact us online or call our trusted bankruptcy lawyer in Massachusetts at 888.400.9318 to start discussing your unique path to a fresh start and stronger financial future.

Want to Know How to File for Massachusetts Bankruptcy?

Here is a brief overview of the bankruptcy process:

Credit Counseling: Before anything, you need to take a credit counseling course from an approved provider.
Take the Means Test: The means test will help you find out if you qualify for Chapter 7 (liquidation bankruptcy).
Compile Paperwork: Filing for bankruptcy means gathering extensive paperwork for the courts to review. Some of the items you may need include: assets, debts, tax returns, titles, deeds, and loan documents.
File Your Documents: After all paperwork is completed, you will need to file a petition with your district court.

After these steps are completed, the next actions will depend on the bankruptcy chapter that you've filed. Talk to a Massachusetts bankruptcy lawyer to find out how to proceed.

The Massachusetts bankruptcy process is complex and confusing. With improper legal guidance, the process may become time-consuming and labor-intensive, causing many people to feel defeated or to assume that a solution does not exist. With help from a bankruptcy lawyer in Massachusetts from our firm, an attorney can assist you through the entire bankruptcy process to ensure that your filing is complete and successful.

Your petition for bankruptcy could be denied or dismissed due to a single, simple mistake in the filing process. Bankruptcy cases in Massachusetts are extremely sensitive and can be derailed by errors. Even though you may think that filing for bankruptcy could solve all of your financial woes, an improperly completed bankruptcy process could put you at risk for more debt, more problems, and more lawsuits by creditors.

Understanding the distinctions between Chapter 7, Chapter 11, and Chapter 13 bankruptcy is essential. Chapter 7 typically involves liquidation, providing a potential reset for individuals and businesses overwhelmed by debt. Chapter 11 focuses on debt reorganization for businesses, allowing them to remain operational while restructuring their obligations. Chapter 13 offers individuals a method to retain assets while repaying debts over time, making it an alternative for those facing foreclosure or repossession. Each type has its own set of requirements and consequences, and it is critical to consult with a professional to choose the right path.

Additionally, post-filing requirements, such as debtor education courses, play a significant role in the bankruptcy process. Completing these courses is essential for discharge eligibility. While filing for bankruptcy provides legal relief from debts, it is also an opportunity to regain financial literacy. Our firm supports our clients by guiding them through these educational requirements and helping establish a robust plan for financial recovery.

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Types of Bankruptcy Cases We Handle in Massachusetts

Bankruptcy is the legal process that can help facilitate the elimination or repayment of debt. Typically, bankruptcy is the most common way that individuals and commercial businesses discharge short-term and long-term debt. The general outcome of bankruptcy puts many people in the best position to reestablish a good line of credit and rebuild a stable financial situation. Our firm handles two types of bankruptcy that can help businesses and individuals alike.

The decision to file for bankruptcy should be informed by a clear understanding of how each type will impact your financial landscape. Whether opting for Chapter 7, which offers a fresh start through asset liquidation, or Chapter 13, which allows for debt consolidation and structured repayment, the outcomes significantly influence future financial planning. Our firm provides detailed consultations to help clients map out these outcomes, ensuring that strategic, informed decisions are made.

Chapter 7 Bankruptcy: Liquidation for Individuals and Businesses

Chapter 7 bankruptcy can be filed by both individuals and businesses, but is most commonly filed by businesses. Chapter 7 bankruptcy is also known as liquidation and typically lasts anywhere from three months to six months in Massachusetts. After filing for Chapter 7 bankruptcy, banks can liquidate—or seize and sell—the property of the debtor to pay back monies owed to banks, lenders, or mortgage holders.

Choosing Chapter 7 bankruptcy involves more than just understanding its timeline. It requires careful consideration of exempt and non-exempt assets. Massachusetts's exemption laws dictate what property you can retain, such as a primary residence or personal items. Our attorneys assist in maximizing these exemptions to protect client assets effectively. Additionally, we provide guidance on how filing for Chapter 7 impacts your credit, offering solutions to rehabilitate financial health post-bankruptcy, and safeguarding your economic future.

Chapter 11 Bankruptcy: Reorganizing Business Debts

Under this chapter, you—the "debtor in possession" of your business—will sit down with your creditors and work out a repayment plan. This includes determining how long you have to repay your debts before the remainder is discharged. Once your plan has been determined, you must bring it before the bankruptcy court to be entered. You will then continue to operate your business and make payments on your debt (according to the plan) until the repayment term is complete. Your remaining eligible business debts will then be discharged.

Chapter 11 provides flexibility that encourages businesses to recover without halting operations. This restructuring is critical for entities aiming to maintain market presence during financial overhaul. With our tailored legal counsel, businesses can realign their debts constructively. Furthermore, we delve into strategies that promote operational efficiency during repayment periods, ensuring that businesses emerge stronger and competitively viable post-bankruptcy.

Chapter 13 Bankruptcy: Keeping Your Property While Paying Debts

Chapter 13 bankruptcy is the most common type of bankruptcy for American consumers. Individuals typically file for Chapter 13 bankruptcy, which allows consumers to keep their property while discharging some debts and paying back most debts in monthly payments over a specified period. Chapter 13 allows people to pay back all debts owed or partial amounts of debt.

Chapter 13 serves as a lifeline for those who have a steady income but face debt struggles. The restructuring plan not only safeguards key assets like homes and cars from foreclosure or repossession but also allows for a manageable repayment schedule tailored to one's income level. Our firm drafts a personalized repayment plan and provides ongoing support to ensure compliance with plan terms, transforming overwhelming debt situations into workable financial futures.

Contact Our Bankruptcy Lawyer in Massachusetts for Financial Relief Today!

We know that one of the greatest priorities in life is being able to live in a way that is without stress or worry. Shedding your debt through the process of bankruptcy could be the long-awaited answer that you have been searching for. If you are experiencing financial strain, your financial relief could be only a phone call away!

We cannot overemphasize the importance of discussing your bankruptcy matters with an experienced and knowledgeable attorney. We can help you determine whether filing for bankruptcy is the right choice for you. Because each person has different circumstances, it is crucial that every detail be examined by a legal professional.

Reaching out to our firm not only connects you with experienced professionals but also with a compassionate team dedicated to alleviating your financial burdens. We value transparency and integrity, ensuring that you understand every aspect of your filing's implications. Our detailed assessments consider both current pressures and future objectives, providing a comprehensive pathway to financial recovery. Whether initiating the process or resolving post-filing concerns, our team is prepared to support you unreservedly.

Local Bankruptcy Solutions for Boston Residents & Surrounding Areas

Living in Boston or its surrounding areas like Cambridge, Somerville, and Quincy, you understand the unique financial challenges that can arise. Whether it's the high cost of living, unexpected medical expenses, or job loss, financial strain can hit hard. The Law Office of Glenn F. Russell, Jr. is here to help you navigate these tough times with tailored bankruptcy solutions.

We are well-versed in the local regulations and resources available to Boston residents. For instance, the Massachusetts Division of Banks and the Boston Office of Financial Empowerment offer valuable resources for those struggling with debt. While we don't partner directly with these entities, we can guide you on how to utilize their services effectively.

One common pain point for Boston residents is the high cost of housing. If you're facing foreclosure or struggling to keep up with mortgage payments, Chapter 13 bankruptcy might be a viable option to help you keep your home while reorganizing your debts. Similarly, small business owners in areas like the Seaport District or Back Bay can benefit from Chapter 11 bankruptcy to restructure their business debts and keep their operations running.

We understand the local economy and the specific financial pressures you face. Our goal is to provide you with the most effective bankruptcy solutions to help you regain financial stability. Whether you're in the heart of Boston or nearby communities, we're here to support you every step of the way.

Don't let financial stress overwhelm you. Contact The Law Office of Glenn F. Russell, Jr. today to discuss your options and take the first step towards financial relief.

Contact our trusted bankruptcy lawyer in Massachusetts at (888) 400-9318 to schedule a free consultation.

Frequently Asked Questions About Bankruptcy in Massachusetts

What are the benefits of filing for bankruptcy in Massachusetts?

Filing for bankruptcy in Massachusetts can offer several benefits, including the discharge or reorganization of debts, the opportunity to stop collection calls and lawsuits, and the chance to rebuild credit over time. It can provide a pathway to financial stability and relief from the overwhelming stress of unmanageable debt. Each type of bankruptcy offers different advantages, and an attorney can help determine the most beneficial option.

How can The Law Office of Glenn F. Russell, Jr. assist with my bankruptcy in Massachusetts?

The Law Office of Glenn F. Russell, Jr. provides personalized legal guidance for those considering bankruptcy in Massachusetts. With a thorough examination of your unique financial situation, the firm can help determine if bankruptcy is the right choice for you and guide you through the process, whether it's Chapter 7, Chapter 11, or Chapter 13. Their experience in handling bankruptcy cases ensures that all details are meticulously addressed for the best possible outcome.

What are the long-term effects of bankruptcy on my financial health?

Bankruptcy, while offering immediate relief, has long-term effects that need careful consideration. Primarily, it remains on your credit report for up to ten years, which can impact your ability to obtain future credit, secure a mortgage, or even result in higher insurance premiums. However, bankruptcy can also serve as a fresh start, allowing you to rebuild your credit by adhering to responsible financial behaviors post-discharge. At The Law Office of Glenn F. Russell, Jr., we guide clients through the intricacies of life post-bankruptcy, offering resources and advice to help restore creditworthiness and achieve financial stability.

Do I qualify for Chapter 7 bankruptcy in Massachusetts?

Eligibility for Chapter 7 bankruptcy in Massachusetts primarily relies on passing the means test, which assesses your income against the state's median income. If your income is below the median, you're usually eligible for Chapter 7. However, complexities in financial situations, including recent large purchases or previous bankruptcies, can impact eligibility. With guidance from our legal team, we thoroughly evaluate your financial circumstances, helping you navigate and potentially qualify for Chapter 7 bankruptcy when appropriate. This ensures you can take advantage of the relief and debt liquidation benefits it offers.

What is the difference between secured and unsecured debt in bankruptcy?

In the realm of bankruptcy, understanding the distinction between secured and unsecured debt is crucial. Secured debts are backed by an asset or collateral, such as a mortgage or car loan, meaning creditors have the right to claim the asset in the event of default. Unsecured debts, including credit cards and medical bills, are not tied to specific assets. During the bankruptcy process, secured debts might require reaffirmation or surrendering of the asset, while unsecured debts could be discharged without repayment. Discussing these intricacies with our firm ensures you achieve optimal relief while safeguarding essential assets to the fullest extent allowed by law.

How does Massachusetts law affect my bankruptcy filing?

Navigating bankruptcy in Massachusetts requires understanding both federal and state laws that govern the process. Massachusetts has its own set of exemptions that protect certain assets during bankruptcy, differing significantly from federal exemptions. These can include protections for homes, vehicles, and personal property, and opting between state or federal exemptions can be strategic depending on one's asset portfolio. Furthermore, state-specific regulations may impact the filing process and the access to alternative solutions such as mediation. Our legal professionals in Massachusetts are equipped to weave through these legalities, ensuring your bankruptcy filing aligns with both state and personal financial needs.

Bankruptcy Filing Process

1

Credit Counseling
Before anything, you need to take a credit counseling course from an approved provider.
2

Take the Means Test
The means test will help you find out if you qualify for Chapter 7 (liquidation bankruptcy)
3

Compile Paperwork
Filing for bankruptcy means gathering extensive paperwork for the courts to review. Some of the items you may need include: assets, debts, tax returns, titles, deeds, and loan documents.
4

Reach Out to Our Firm
After all paperwork is completed, you will need to file a petition with your district court. Our firm is can help you navigate the filing process every step of the way.

Book a Free Consultation