It can be a difficult decision to decide to file for bankruptcy – especially with so many variations and types of bankruptcy such as Chapter 7 bankruptcy and Chapter 13 bankruptcy. However, if you happen to live in the Plymouth, MA area, the bankruptcy attorneys at the Law office of Brian R. Lewis are at your disposal.
Knowing everything there is to know about filing both personal bankruptcy and business bankruptcy, these bankruptcy attorneys will help you each step of the way. One of the questions many people have about filing bankruptcy is, “Which type of bankruptcy is right for me?” and, “What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?” Having a bankruptcy lawyer on your side will help you answers these questions plus many more.
Chapter 7 bankruptcy and Chapter 13 bankruptcy are the two most common forms of bankruptcy filed in Plymouth, MA. Here is information on each of these types of bankruptcy to help you with the tough decision that you are being faced with.
Chapter 7 Bankruptcy – is referred to as the “straight bankruptcy” because the debtor does not set up a repayment plan ” the debts are just eliminated. However, there are some exceptions and in the event certain assets are not protected by your bankruptcy filing they will be sold to benefit the creditors. With that said, in most personal bankruptcy cases all assets are protected and the individual does not lose any assets or property.
Chapter 13 Bankruptcy – is most often referred to as the “reorganization bankruptcy” because the debtor does make an attempt to repay creditors through a court-approved payment plan, which is typically designed to take approximately 3-5 years.
In most cases, this is something a bankruptcy attorney can help you determine. However, when deciding between Chapter 7 bankruptcy and Chapter 13 bankruptcy the choice is most often determined based upon one’s income. In fact, most people choose Chapter 7 bankruptcy unless their income is too high in which case they would file a Chapter 13 bankruptcy.
Although filing bankruptcy is a very difficult decision to make, there are many benefits especially when you have a bankruptcy attorney from the Law Office of Brian R. Lewis on your side. First of all, you have the advantage of keeping your home and other assets and properties. Next, due to what is known as an “automatic stay,” creditors can no longer call and threaten or harass you with collection calls.
Another great benefit of filing bankruptcy in Plymouth, MA, is improving your credit. Although it may not seem logical, it is possible. In fact, by filing personal bankruptcy or business bankruptcy, you are clearing your credit report of misgivings ” starting over with a clean slate. As long as you now pay payments on time and follow a few simple guidelines, your credit rating can eventually be better than it was before.
To learn more about filing personal bankruptcy or business bankruptcy in Plymouth, MA, or to learn about improving your credit after filing bankruptcy, please contact the Law Office of Brian R. Lewis today.