Massachusetts Bankruptcy Laws

Chapter 7 Bankruptcy - Part 2 | Fall River

Joseph Botelho

 

Chapter  7

What is Chapter 7 bankruptcy? The most common form of individual bankruptcy is Chapter 7 bankruptcy of the U.S. bankruptcy code. The U.S. bankruptcy codes are under the jurisdiction of federal law, not that of state law.

Liquidation Bankruptcy

Chapter 7 bankruptcy is known as liquidation bankruptcy or fresh start bankruptcy. Liquidation refers to the requirement of an individual to surrender all non-exempt assets to the U.S. Bank Trustee for sale. The proceeds of these sales are then used to pay back creditors based on priority, which is set forth by the U.S. bankruptcy code. This is what is referred to as liquidation. It is important to understand that a Chapter 7 bankruptcy only requires that individuals liquidate non-exempt assets in Chapter 7 bankruptcy cases. Most, if not all, assets are exempt and can be used in your fresh start in a Chapter 7 bankruptcy case. Learning which assets are exempt will help you determine if Chapter 7 bankruptcy is right for your particular situation.

Choosing Chapter 7 Bankruptcy

A bankruptcy attorney can help you determine if your situation would benefit from Chapter 7 bankruptcy or from an alternative, such as Chapter 13 bankruptcy, debt settlement, or a mortgage modification. The main reason most individuals file Chapter 7 bankruptcy is because their debts are discharged and the individual does not have to pay them back. This gives the individual a chance to make a fresh start without having the burden of debts which they do not have the ability to repay.

Before you decide to file Chapter 7 bankruptcy, always receive counseling from a qualified bankruptcy attorney. Another important aspect of Chapter 7 bankruptcy is determining the right time to file. A bankruptcy attorney after a thorough examination of your debts, expenses, and assets can help you determine when the best to file Chapter 7 bankruptcy is.

For more information on Chapter 7 bankruptcy, Chapter 13 bankruptcy, unsecured debt settlement, and obtaining a mortgage modification please visit our website at www.massachusettslawyeronline.com or to schedule a free consultation call the Law Offices of Botelho & Associates at 1-888-269-0688.

By: Joseph Botelho

Chapter  7

What is Chapter 7 bankruptcy? The most common form of individual bankruptcy is Chapter 7 bankruptcy of the U.S. bankruptcy code. The U.S. bankruptcy codes are under the jurisdiction of federal law, not that of state law.

Liquidation Bankruptcy

Chapter 7 bankruptcy is known as liquidation bankruptcy or fresh start bankruptcy. Liquidation refers to the requirement of an individual to surrender all non-exempt assets to the U.S. Bank Trustee for sale. The proceeds of these sales are then used to pay back creditors based on priority, which is set forth by the U.S. bankruptcy code. This is what is referred to as liquidation. It is important to understand that a Chapter 7 bankruptcy only requires that individuals liquidate non-exempt assets in Chapter 7 bankruptcy cases. Most, if not all, assets are exempt and can be used in your fresh start in a Chapter 7 bankruptcy case. Learning which assets are exempt will help you determine if Chapter 7 bankruptcy is right for your particular situation.

Choosing Chapter 7 Bankruptcy

A bankruptcy attorney can help you determine if your situation would benefit from Chapter 7 bankruptcy or from an alternative, such as Chapter 13 bankruptcy, debt settlement, or a mortgage modification. The main reason most individuals file Chapter 7 bankruptcy is because their debts are discharged and the individual does not have to pay them back. This gives the individual a chance to make a fresh start without having the burden of debts which they do not have the ability to repay.

Before you decide to file Chapter 7 bankruptcy, always receive counseling from a qualified bankruptcy attorney. Another important aspect of Chapter 7 bankruptcy is determining the right time to file. A bankruptcy attorney after a thorough examination of your debts, expenses, and assets can help you determine when the best to file Chapter 7 bankruptcy is.

For more information on Chapter 7 bankruptcy, Chapter 13 bankruptcy, unsecured debt settlement, and obtaining a mortgage modification please visit our website at www.massachusettslawyeronline.com or to schedule a free consultation call the Law Offices of Botelho & Associates at 1-888-269-0688.

By: Joseph Botelho

What Are The Different Types of Bankruptcy | Fall River

Joseph Botelho

 

Bankruptcy Definition

The word “bankruptcy” means more than a general financial hardship. It actually describes a legal process which allows you to deal with your debts when you can no longer pay for them. A debtor usually files bankruptcy to obtain a bankruptcy discharge. This discharge means you’re no longer financially obligated to pay that debt.

Generally, married couples will file a joint bankruptcy case. However, in certain situations it is advantageous to only file for one spouse. Once the bankruptcy case is filed, creditors can no longer contact the debtor or sue them in court on the debts they have with the creditor. With only a few exceptions, the creditor has no claim on the debtors future income or assets.

3 Different Types of Bankruptcy

There are three forms of consumer bankruptcy cases. These are referred to by their chapter and the bankruptcy code. The bankruptcy code is Federal and not State Law. Cases are filed in a U.S. Bankruptcy Court. People with consumer debt, usually file bankruptcy under either Chapter 7 or Chapter 13 of the U.S. Bankruptcy code. Chapter 7 allows you to discharge your debt and Chapter 13 allows you to set up a payment plan which you may pay back a portion or all of the debt over a number of years. Businesses most likely file for bankruptcy under Chapter 11. But, it is also available to individuals in certain situations.

Debt, income, and assets are all considered when determining what is the best Chapter to file under a particular situation. We also offer credit repair services which allow you to get your credit score above 700 in as little as (2) years after bankruptcy. Most bankruptcy attorneys simply handle your bankruptcy and send you on your way.

Botelho & Associates

Here, at the Law Offices of Botelho & Associates, we are dedicated not only to helping you remove your debt, but also helping you get where you really deserve to be in life. Most people do not realize how important your credit is to doing that and we can help with that also. For information on  bankruptcy and scheduling your free bankruptcy consultation with an experienced attorney, please visit us at www.massachusettslawyeronline.com or call toll-free at 1-888-269-0688.

By: Joseph Botelho

Bankruptcy Definition

The word “bankruptcy” means more than a general financial hardship. It actually describes a legal process which allows you to deal with your debts when you can no longer pay for them. A debtor usually files bankruptcy to obtain a bankruptcy discharge. This discharge means you’re no longer financially obligated to pay that debt.

Generally, married couples will file a joint bankruptcy case. However, in certain situations it is advantageous to only file for one spouse. Once the bankruptcy case is filed, creditors can no longer contact the debtor or sue them in court on the debts they have with the creditor. With only a few exceptions, the creditor has no claim on the debtors future income or assets.

3 Different Types of Bankruptcy

There are three forms of consumer bankruptcy cases. These are referred to by their chapter and the bankruptcy code. The bankruptcy code is Federal and not State Law. Cases are filed in a U.S. Bankruptcy Court. People with consumer debt, usually file bankruptcy under either Chapter 7 or Chapter 13 of the U.S. Bankruptcy code. Chapter 7 allows you to discharge your debt and Chapter 13 allows you to set up a payment plan which you may pay back a portion or all of the debt over a number of years. Businesses most likely file for bankruptcy under Chapter 11. But, it is also available to individuals in certain situations.

Debt, income, and assets are all considered when determining what is the best Chapter to file under a particular situation. We also offer credit repair services which allow you to get your credit score above 700 in as little as (2) years after bankruptcy. Most bankruptcy attorneys simply handle your bankruptcy and send you on your way.

Botelho & Associates

Here, at the Law Offices of Botelho & Associates, we are dedicated not only to helping you remove your debt, but also helping you get where you really deserve to be in life. Most people do not realize how important your credit is to doing that and we can help with that also. For information on  bankruptcy and scheduling your free bankruptcy consultation with an experienced attorney, please visit us at www.massachusettslawyeronline.com or call toll-free at 1-888-269-0688.

By: Joseph Botelho

Chapter 7 Bankruptcy | Fall River

Joseph Botelho

 

Chapter 7

One of the most common questions I am asked: is Chapter 7 bankruptcy right for me? Well, we’ll have to look at your particular situation. First and foremost, can you file Chapter 7 bankruptcy? There are two main reasons why you wouldn’t be able to.

Determining Eligibility

If your household income is above the state median level for allowing Chapter 7 bankruptcy, you may not be able to file, or if you’ve previously filed and received a discharge within the last eight years for Chapter 7, then you will not be able to file another Chapter 7 bankruptcy, again, until eight years have passed since the discharge of your previous bankruptcy.

Unsecured Debts

Next are most of your debts unsecured – such as credit card debts, medical bills, things of that nature? If you have car loans and you’re behind in those payments or you have a mortgage and you’re behind in those payments, you may want to consider a Chapter 13, not a Chapter 7 bankruptcy – what we’re discussing now.

Debt Relief

Also, is your particular situation bad enough where you’re not going to consider any other form of debt relief? Most people’s situation, they have no other option and that’s the reason that they choose bankruptcy, but if you have some other means of getting out of a particular financial situation that you find yourself in, you may want to consider a different avenue, not bankruptcy. But if you do not have any other means of getting yourself out of the situation, obviously, bankruptcy would be the choice for you.

Chapter 7 Drawbacks

If you have bills that you are not being able to meet those obligations and you do not see in the foreseeable future that situation getting better for you, then you’re a prime candidate for a Chapter 7 bankruptcy. Also, you have to accept the drawbacks to a Chapter 7 bankruptcy – the fact that it will be on your credit report for up to (10) years, the fact that your credit will be hurt. Some institutions will not loan to you for a certain amount of time after you’ve been discharged from a Chapter 7 bankruptcy.

Choosing Bankruptcy

So basically, if you’re in a situation where you cannot meet your financial obligations or you’re not being able to move forward – you’re basically using all your money paying the minimums of your credit cards and just barely scraping by – that’s a very good chance that Chapter 7 bankruptcy will be the best option for you.

What you’re not considering at this time is, if you’re just making it by now, what happens when you get into a car accident? What happens when you get sick? What happens when some type of failure happens– maybe you need a new transmission in your car? You’re not thinking about that right now, but if you’re only making it week to week and just barely getting by, the next big thing that’s going to happen in your life is going to force bankruptcy on you and not going to give you an option. It’s better to take control of your financial situation before it takes control of you. Thank you and have a good day.

By: Joseph Botelho

Chapter 7

One of the most common questions I am asked: is Chapter 7 bankruptcy right for me? Well, we’ll have to look at your particular situation. First and foremost, can you file Chapter 7 bankruptcy? There are two main reasons why you wouldn’t be able to.

Determining Eligibility

If your household income is above the state median level for allowing Chapter 7 bankruptcy, you may not be able to file, or if you’ve previously filed and received a discharge within the last eight years for Chapter 7, then you will not be able to file another Chapter 7 bankruptcy, again, until eight years have passed since the discharge of your previous bankruptcy.

Unsecured Debts

Next are most of your debts unsecured – such as credit card debts, medical bills, things of that nature? If you have car loans and you’re behind in those payments or you have a mortgage and you’re behind in those payments, you may want to consider a Chapter 13, not a Chapter 7 bankruptcy – what we’re discussing now.

Debt Relief

Also, is your particular situation bad enough where you’re not going to consider any other form of debt relief? Most people’s situation, they have no other option and that’s the reason that they choose bankruptcy, but if you have some other means of getting out of a particular financial situation that you find yourself in, you may want to consider a different avenue, not bankruptcy. But if you do not have any other means of getting yourself out of the situation, obviously, bankruptcy would be the choice for you.

Chapter 7 Drawbacks

If you have bills that you are not being able to meet those obligations and you do not see in the foreseeable future that situation getting better for you, then you’re a prime candidate for a Chapter 7 bankruptcy. Also, you have to accept the drawbacks to a Chapter 7 bankruptcy – the fact that it will be on your credit report for up to (10) years, the fact that your credit will be hurt. Some institutions will not loan to you for a certain amount of time after you’ve been discharged from a Chapter 7 bankruptcy.

Choosing Bankruptcy

So basically, if you’re in a situation where you cannot meet your financial obligations or you’re not being able to move forward – you’re basically using all your money paying the minimums of your credit cards and just barely scraping by – that’s a very good chance that Chapter 7 bankruptcy will be the best option for you.

What you’re not considering at this time is, if you’re just making it by now, what happens when you get into a car accident? What happens when you get sick? What happens when some type of failure happens– maybe you need a new transmission in your car? You’re not thinking about that right now, but if you’re only making it week to week and just barely getting by, the next big thing that’s going to happen in your life is going to force bankruptcy on you and not going to give you an option. It’s better to take control of your financial situation before it takes control of you. Thank you and have a good day.

By: Joseph Botelho

Chapter 13 Bankruptcy - Part 2 | Fall River

Joseph Botelho

 

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy of the U.S. bankruptcy code requires that the debtor repay some or all of the debts that they owe to creditors through a structured repayment plan. Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy does not involve the liquidation of assets or property of the individual. This generally allows the debtor to retain all their property throughout the entire bankruptcy proceedings. Chapter 13 bankruptcy is an effective debt elimination reduction tool used to reduce and consolidate an individual’s debts with even better terms and lower interest rates.

Chapter 13 Bankruptcy Requirements

Chapter 13 bankruptcy requires that the individual’s debts be partially or fully repaid. Therefore, the debtor is required to have a steady form of income in order to participate in a Chapter 13 bankruptcy proceeding. Debtors can work with their bankruptcy attorney to come up with a repayment plan that allocates a certain amount of their future income to pay off debts to their creditors. Chapter 13 bankruptcy also allows individuals the chance to catch up on their overdue payments and debts. Chapter 13 bankruptcy can be a powerful tool for the debtor to use if they wish to save their home from a foreclosure proceeding or a possible future foreclosure. Chapter 13 bankruptcy allows the debtor the opportunity to play a significant role in how their debt repayment plan will be put together and how it will proceed.

Repayment Plans

Working in conjunction with their bankruptcy attorney a debtor can formulate a plan for the repayment of some or all of the debts that best fit the situation of the debtor. The debtor’s attorney at this point drafts a concise written out plan and submits it to the bankruptcy court for their approval. The commencement of a repayment plan generally begins within (30) days after the Chapter 13 bankruptcy case is filed. And the debtor usually gets between three to five years to complete a payment plan to pay off creditors.

Creditors are required to closely follow the plan and are only allowed to collect on those debts which are included in the plan and are barred from attempting to collecting debts excluded from the repayment plan. The bankruptcy court is responsible to oversee the entire bankruptcy proceedings to ensure that the creditors and debtor follow all the terms of the repayment plan. For more information on Chapter 13 bankruptcy, Chapter 7 bankruptcy, unsecured debt settlement, or obtaining a mortgage modification please visit our website at www.massachusettslawyeronline.com. To schedule a free consultation at the Law Offices of Joseph Botelho please call us at 1-888-269-0688.

By: Joseph Botelho

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy of the U.S. bankruptcy code requires that the debtor repay some or all of the debts that they owe to creditors through a structured repayment plan. Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy does not involve the liquidation of assets or property of the individual. This generally allows the debtor to retain all their property throughout the entire bankruptcy proceedings. Chapter 13 bankruptcy is an effective debt elimination reduction tool used to reduce and consolidate an individual’s debts with even better terms and lower interest rates.

Chapter 13 Bankruptcy Requirements

Chapter 13 bankruptcy requires that the individual’s debts be partially or fully repaid. Therefore, the debtor is required to have a steady form of income in order to participate in a Chapter 13 bankruptcy proceeding. Debtors can work with their bankruptcy attorney to come up with a repayment plan that allocates a certain amount of their future income to pay off debts to their creditors. Chapter 13 bankruptcy also allows individuals the chance to catch up on their overdue payments and debts. Chapter 13 bankruptcy can be a powerful tool for the debtor to use if they wish to save their home from a foreclosure proceeding or a possible future foreclosure. Chapter 13 bankruptcy allows the debtor the opportunity to play a significant role in how their debt repayment plan will be put together and how it will proceed.

Repayment Plans

Working in conjunction with their bankruptcy attorney a debtor can formulate a plan for the repayment of some or all of the debts that best fit the situation of the debtor. The debtor’s attorney at this point drafts a concise written out plan and submits it to the bankruptcy court for their approval. The commencement of a repayment plan generally begins within (30) days after the Chapter 13 bankruptcy case is filed. And the debtor usually gets between three to five years to complete a payment plan to pay off creditors.

Creditors are required to closely follow the plan and are only allowed to collect on those debts which are included in the plan and are barred from attempting to collecting debts excluded from the repayment plan. The bankruptcy court is responsible to oversee the entire bankruptcy proceedings to ensure that the creditors and debtor follow all the terms of the repayment plan. For more information on Chapter 13 bankruptcy, Chapter 7 bankruptcy, unsecured debt settlement, or obtaining a mortgage modification please visit our website at www.massachusettslawyeronline.com. To schedule a free consultation at the Law Offices of Joseph Botelho please call us at 1-888-269-0688.

By: Joseph Botelho

Chapter 13 Bankruptcy - Part 1 | Fall River

Joseph Botelho

 

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a portion of the bankruptcy code which allows the debtor to repay some or all the debts owed to creditors through the use of repayment plan. The main benefit of Chapter 13 bankruptcy over Chapter 7 bankruptcy is the protection of assets and property of the individual. Chapter 13 bankruptcy allows the debtor to retain their property throughout the bankruptcy proceeding, unlike Chapter 7, which may require that debtor liquidate non-exempt assets.

Debt Consolidation

Chapter 13 bankruptcy is an excellent tool used to consolidate a person’s unsecured debt, get caught up with secured debts such as car loans or your mortgage, when you are months behind on making payments. Chapter 13 also allows you to negotiate with your creditors to obtain lower interest rates and better terms on your loan or mortgage, which will allow you to become debt free sooner.  Chapter 13 can be the answer for many debtors who have assets that they wish not to lose, but on financial trouble that they cannot escape without assistance.

Chapter 13 requires that the individual have steady income, and that the debtor repay all their secured debt, such as a car loan or mortgage, and a portion of their unsecured debt such as credit cards and medical bills. A debtor will work alongside their bankruptcy attorney to determine the repayment plan, in which a certain amount of you future income goes to paying off your debts.

Foreclosures

Chapter 13 is an invaluable tool when it comes to a home and foreclosure. This form of bankruptcy can stop your foreclosure sale at any time, as long as filed prior to the foreclosure sale date. It also allows you the time to catch up on your back payments you have missed. So if you’re in foreclosure and fear of losing your home, Chapter 13 may be just the answer for you. In Chapter 13, you will be making all your normal monthly payments on your secured debt such as your car loan or home mortgage, and give them three to five years to repay the remainder of the delinquent payments.

Mortgage Modification

We may also use Chapter 13 to obtain a mortgage modification field, in which the bankruptcy court forces the lender to act in good faith while determining if the debtor qualifies for mortgage modification. This means that the bank cannot play games and continually asking you for the same documents over and over again, saying they never received documents, or simply denying you for no reason.

In Chapter 13, the bank must act in good faith and must demonstrate to the bankruptcy court how they reached their conclusions about your mortgage modification. You may also negotiate with the banks for better terms on a car loan in a Chapter 13 bankruptcy. If for some reason you fell on financial hard times, such as the loss of a job or an illness, and you need time to get back on your feet and catch up on your bills, Chapter 13 can possibly be the best solution for you.

Always seek the counsel of an experienced bankruptcy attorney to determine what the best course of action is for you as far as debt settlement, Chapter 7 bankruptcy, a mortgage modification, or Chapter 13 bankruptcy.  Botelho and Associates also offers credit repair services which help you get your credit score above 700 in as little as (2) years after bankruptcy.

Botelho & Associates

Most bankruptcy attorneys will simply file your bankruptcy and send you on your way. Here at the law offices of Botelho and Associates, we are dedicated not only to helping remove your debt, but also helping you get where you really deserve to be in life. Most people do not realize how important their credit is, and in doing so, we help them with that also. For more information on bankruptcy and scheduling a free bankruptcy consultation with an experienced bankruptcy attorney, please visit our website at www.massachusettslawyeronline.com or call toll free at 1-888-269-0688.

By: Joseph Botelho

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a portion of the bankruptcy code which allows the debtor to repay some or all the debts owed to creditors through the use of repayment plan. The main benefit of Chapter 13 bankruptcy over Chapter 7 bankruptcy is the protection of assets and property of the individual. Chapter 13 bankruptcy allows the debtor to retain their property throughout the bankruptcy proceeding, unlike Chapter 7, which may require that debtor liquidate non-exempt assets.

Debt Consolidation

Chapter 13 bankruptcy is an excellent tool used to consolidate a person’s unsecured debt, get caught up with secured debts such as car loans or your mortgage, when you are months behind on making payments. Chapter 13 also allows you to negotiate with your creditors to obtain lower interest rates and better terms on your loan or mortgage, which will allow you to become debt free sooner.  Chapter 13 can be the answer for many debtors who have assets that they wish not to lose, but on financial trouble that they cannot escape without assistance.

Chapter 13 requires that the individual have steady income, and that the debtor repay all their secured debt, such as a car loan or mortgage, and a portion of their unsecured debt such as credit cards and medical bills. A debtor will work alongside their bankruptcy attorney to determine the repayment plan, in which a certain amount of you future income goes to paying off your debts.

Foreclosures

Chapter 13 is an invaluable tool when it comes to a home and foreclosure. This form of bankruptcy can stop your foreclosure sale at any time, as long as filed prior to the foreclosure sale date. It also allows you the time to catch up on your back payments you have missed. So if you’re in foreclosure and fear of losing your home, Chapter 13 may be just the answer for you. In Chapter 13, you will be making all your normal monthly payments on your secured debt such as your car loan or home mortgage, and give them three to five years to repay the remainder of the delinquent payments.

Mortgage Modification

We may also use Chapter 13 to obtain a mortgage modification field, in which the bankruptcy court forces the lender to act in good faith while determining if the debtor qualifies for mortgage modification. This means that the bank cannot play games and continually asking you for the same documents over and over again, saying they never received documents, or simply denying you for no reason.

In Chapter 13, the bank must act in good faith and must demonstrate to the bankruptcy court how they reached their conclusions about your mortgage modification. You may also negotiate with the banks for better terms on a car loan in a Chapter 13 bankruptcy. If for some reason you fell on financial hard times, such as the loss of a job or an illness, and you need time to get back on your feet and catch up on your bills, Chapter 13 can possibly be the best solution for you.

Always seek the counsel of an experienced bankruptcy attorney to determine what the best course of action is for you as far as debt settlement, Chapter 7 bankruptcy, a mortgage modification, or Chapter 13 bankruptcy.  Botelho and Associates also offers credit repair services which help you get your credit score above 700 in as little as (2) years after bankruptcy.

Botelho & Associates

Most bankruptcy attorneys will simply file your bankruptcy and send you on your way. Here at the law offices of Botelho and Associates, we are dedicated not only to helping remove your debt, but also helping you get where you really deserve to be in life. Most people do not realize how important their credit is, and in doing so, we help them with that also. For more information on bankruptcy and scheduling a free bankruptcy consultation with an experienced bankruptcy attorney, please visit our website at www.massachusettslawyeronline.com or call toll free at 1-888-269-0688.

By: Joseph Botelho

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