Whether you are an individual or a business, you may have come across a situation that has warranted the need to file bankruptcy. You may be faced with the possibility of losing your home or business in Taunton, MA and do not know where to turn for help. With the help of the Law Office of Brian R. Lewis and his team of bankruptcy lawyers, this can be prevented by filing personal bankruptcy or business bankruptcy.
It is time to make the decision to stop foreclosure on your home or business by filing either Chapter 13 bankruptcy or Chapter 7 bankruptcy – either of which can stop a foreclosure. Chapter 13 Bankruptcy places an “automatic stay” that stops your mortgage holder from continuing with collections and provides you with up to 60 months to pay arrears on the mortgage.Similarly, Chapter 7 Bankruptcy can also stop a foreclosure. However, the lender will be allowed to reinstitute the foreclosure sale at a later date if you are unable to catch up on delinquent payments prior to any new foreclosure sale. In some cases, individuals can seek assistance from lenders with a “mortgage modification” that can aide in the prevention of home or business loss.
Fortunately for those filing bankruptcy in Taunton, MA, whether it is personal bankruptcy or business bankruptcy, the Bankruptcy Code recognizes basic needs. They realize that individuals need a home as well as other items and they provide a variety of property exemptions for these needs. Each case of bankruptcy filed in Taunton, MA is different from the next. However, during and after the closing of the case the exempted property is protected by law and you get to retain the equity that you may have in that property.
To determine what your options are regarding property exemptions, it is important that you contact a bankruptcy attorney from the Law Office of Brian R. Lewis today. Our team of Taunton bankruptcy lawyers will ensure that your needs are met and you have a successful bankruptcy filing.
For those fortunate enough to live in Taunton, MA, they fall under the Massachusetts Homestead Act, which allows a homeowner up to $500,000 of equity in homeowner’s primary residence. This means that the homeowner is allowed to protect up to $500,000 of equity in their home above the mortgages that the homeowner has placed on the property. However, Homestead Declarations are for primary residences only and do not apply to vacation homes or investment property.Furthermore, the following are exempt from the Homestead Law:
For more information regarding the Massachusetts Homestead Act and filing personal bankruptcy in Taunton, MA contact the bankruptcy lawyers at the Law Office of Brian R. Lewis today. They will be glad to guide you along during this difficult time and explaining the different options you have. Most importantly, they will be able to explain what the benefits of filing bankruptcy can be, as well as how a bankruptcy attorney can help you.