Bankruptcy Lawyers in Wareham MA
Any individual or business may come across a situation where nothing seems more appropriate then filing bankruptcy. When your office or home in Wareham is at stake and you don’t know where to head for help, the Law Office of Brian R. Lewis is here to take you out of trouble. We help you file business or personal bankruptcy.
Our Wareham bankruptcy lawyer will help you file either Chapter 13 bankruptcy or Chapter 7 bankruptcy to stop a foreclosure. With the Chapter 13 bankruptcy, you can place an automatic stay and get time up to 60 months to pay arrears on the mortgage. The Chapter 7 bankruptcy also puts a hold on the foreclosure but the lender is allowed to reinstitute the sale if you are unable to make up the payments prior to a new foreclosure sale. We also guide you on how to seek assistance from lenders through mortgage modification that will save your home or business loss.
Bankruptcy Property Exemptions
If you are filing a bankruptcy in Wareham, MA, the Bankruptcy Code realizes that individuals need a home and other things, thus home or business owners get certain exemptions also. Every case our bankruptcy lawyers get is different from the other. What remains same is that during & after the closure of the case, the exempted property is protected by law. Thus, the owner retains the equity he/she may have in that property.
Wareham residents get up to $500,000 of equity in their primary residence. So, homeowners have a chance of protecting up to $500,000 of equity in their home above the mortgage. But, it is worth noticing that the Homestead Declaration is only for the primary residents and do not apply to investment property or vacation homes.
Here’s a list of what is exempted from the Homestead Law:
- Federal, state, and local taxes, claims, assessments, and liens
- Mortgages against the residence
- Execution issued from a probate court wherein, the spouse is supposed to pay in order to support his/her spouse or the minor children
To stop a foreclosure and to find out more about the options you have to minimize the loss, get in touch with bankruptcy lawyer from the Law Office of Brian R. Lewis. We understand how strongly you are attached to the house or business and its importance in the life of your family members. Our team will ensure that it gives you an absolute support in filing a successful bankruptcy.
If you need more details about bankruptcy filing in Wareham or seek the help of an experienced lawyer to face the tough time, get in touch with the Law Office of Brian R. Lewis today.