Unless you are a bankruptcy lawyer, the concept of filing bankruptcy can be overwhelming. There are a few common questions that can be answered for you that may help during this difficult time. However, it is best that you contact a bankruptcy attorney in Raynham, MA, to get all the answers that you need in order to move forward. It is critical to consult an attorney’s office that specializes in personal bankruptcy and business bankruptcy, like the Law Office of Brian R. Lewis.
One question many individuals have is, “What can bankruptcy do for me?” In most cases, bankruptcy can eliminate your debt to creditors and offer you a fresh financial start. Whether you file a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy, it can also prevent a foreclosure on your home and allow you time to catch up on delinquent payments. These are just a few of the benefits of filing bankruptcy in Raynham, MA.
Another question often asked of those who are considering filing bankruptcy, is just how often they can file bankruptcy in Raynham, MA. According to Massachusetts Bankruptcy Law, you can file for Chapter 7 Bankruptcy again after six years has passed from the date of your last filing, while a Chapter 13 Bankruptcy can be filed at any time.
Because there are four different types of bankruptcy, it may be difficult for you to determine what your best option is. This is one of the questions a bankruptcy attorney can help you determine. However, here is some general information of what each type of bankruptcy has to offer:
Chapter 7 Bankruptcy – is often referred to as “straight bankruptcy” and requires the debtor to give up property in some cases. This only occurs if your property value exceeds certain limits called “exemptions” and this is extremely rare. In the event that your proper is sold, it will be used to repay your creditors.
Chapter 13 Bankruptcy – is referred to as the “debt adjustment” type of bankruptcy and requires debtors to file a court-approved payment plan, taking approximately 3-5 years to repay creditors. This option is often used for those whose income is too high to qualify for Chapter 7 bankruptcy.
Chapter 11 Bankruptcy – is known as reorganization bankruptcy, or business bankruptcy, although it can be used by individuals whose debts are very large.
Chapter 12 Bankruptcy – is a form of bankruptcy that is specifically designed for farm owners who are in need of filing bankruptcy in Raynham, MA.
A few concerns individuals have about bankruptcy include the idea of having to go to court and the ability to rebuild their credit after they file for bankruptcy. Here are the answers to those questions about filing bankruptcy in Raynham, MA.During bankruptcy proceedings, you only have to attend court during a meeting called the “Meeting of Creditors,” where you will meet with the bankruptcy trustee and any creditor who decide to attend to question your bankruptcy forms and your financial situation.
However, if complications should arise during your bankruptcy case, you may need to attend court again. In both situations, a bankruptcy attorney can be particularly helpful as you will not have to face these people on your own.When it comes to rebuilding your credit following bankruptcy ” you will be able to rebuild your credit most likely far more quickly than if you were to struggle for years and years attempting to pay off your debt.
By filing bankruptcy, you are giving yourself a clean slate right away. This is also an area where the Law Office of Brian R. Lewis can be of great service. The highly experienced bankruptcy attorneys can provide you with a step-by-step guide to rebuilding your credit after you file bankruptcy.
Any other questions you may have regarding the filing of bankruptcy in Raynham, MA can be answered by the qualified bankruptcy attorneys at the Law Office of Brian R. Lewis.