Bankruptcy Lawyer in MA

Be aware that debt consolidation agencies are usually sponsored by the credit card industry. Many of these agencies try to convince you to continue to pay your debt in a consolidation plan rather than filing for bankruptcy - even if a fresh start is in your best interest.A debt consolidation loan is a personal loan that may allow you to consolidate your debt into one monthly payment. The interest rates on personal debt consolidation loans are usually very high, especially for people with financial problems.

Bankruptcy and the Bible - Is Bankruptcy Moral?

Nehemiah 10:31b:

"Every seven years we will let our fields rest, and we will cancel all debts." - Contemporary English Version

Deuteronomy 15:1-2:

"Every seven years you must announce, "The LORD says loans do not need to be paid back." Then if you have loaned money to another Israelite, you can no longer ask for payment. - Contemporary English Version

"At the end of every seventh year you must cancel your debts. This is how it must be done. Creditors must cancel the loans they have made to their fellow Israelites. They must not demand payment from their neighbors or relatives, for the LORD's time of release has arrived. - New Living Translation

Chapter 7

Chapter 7 is the most common bankruptcy for simple consumer debt. Under Chapter 7, you will usually have all of your debts erased, or "discharged." In order to determine whether you can take advantage of Chapter 7 or not, we would need a complete picture of your finances. If you live in a household that has a median income below the state average, you can file Chapter 7 without any further analysis. (In Massachusetts, the median income for a single person household is approximately $47,000; a two-person household is approximately $55,000; a three-person household is approximately $71,000; and a four-person household is approximately $85,000.)

Chapter 13

A Chapter 13 bankruptcy might be a good option for you if you have a large amount of equity in your home, or if you have other significant assets such as expensive art, antiques, a large amount of money in the bank, or a second home. Chapter 13 can also work for people who have debts that are not discharged in Chapter 7, such as taxes.

Business Bankruptcy

A business bankruptcy can be either a "reorganization" or a "liquidation." In a reorganization, you submit a plan to pay your old debts over time, while you continue to run your business. In a liquidation, your trustee will take possession of your business assets and sell them for the benefit of your creditors. A business bankruptcy can be very simple, or incredibly complicated, depending on the size of the business, type of debt, and other factors. It is best to call us for more information, because these cases tend to be very specific to the exact circumstances. If your business is in trouble, call our office toll free at (877) 639-5100 for a free, confidential consultation.

What kind of debt can't be erased in Bankruptcy?

Some kinds of debt can not be erased in bankruptcy. Some taxes, government guaranteed student loans, drunk driving liability, and debt resulting from other crimes or fraud are among those that cannot generally be discharged in bankruptcy.

The Procedure For Filing Bankruptcy

Bankruptcy relief is very powerful. Once your case is filed with the court, bill collectors and creditors are not allowed to do anything to collect debts from you. It also means all lawsuits stop (they are usually dismissed), foreclosures are stopped, other legal proceedings against you are stopped, and you will probably never hear from your creditors again. No further action can be taken against you without Court approval.

Case Evaluation

Once you have decided to retain Attorney Gindes, the next step is a case evaluation. At this point, you can tell your bill collectors that you are represented by our office, and they must stop calling you (this is called a preliminary injunction). The case evaluation is a more involved review of your particular situation. First comes the ”safe harbor test” which is used to determine if you can file Chapter 7. For this, we evaluate your monthly income, averaged over the previous six months, and compare it to the median income in Massachusetts (taking into account your household size). If your income is at or below the state median, you can file Chapter 7. If your income is above the state median, we will conduct a “means test,” which is a more involved review of your financial situation to determine if you can still file Chapter 7, or whether you will need to file Chapter 13. Should we recommend that you file Chapter 13, we can calculate for you your projected monthly payment. Please note that although it may be more difficult to file a Chapter 7 bankruptcy under the new law, studies have been conducted which show that more than 85% of Chapter 7 filers who filed before the new law would still be able to file Chapter 7 today. So be assured that despite the new law, most people will still be able to file some type of bankruptcy. We promise to help you to resolve your debt issues in the best way possible.