Boston Bankruptcy Attorneys

Bankruptcy & Real Estate Lawyers in Massachusetts

Facing overwhelming debt, harassment by creditors and foreclosure can leave a person or a company in a situation where they are considering bankruptcy. 

A Boston bankruptcy lawyer can advise an individual or a business owner regarding the options of filing for bankruptcy and whether bankruptcy may be the right choice in their particular case. A Chapter 7 or a Chapter 13 filing may be more beneficial and may achieve the person’s goals in the long run. Additionally, filing for bankruptcy can have certain lasting effects upon a person’s credit report and future financial stability, so it is important to find out from an experienced attorney the benefits and negative effects which come with bankruptcy.

Chapter 7 and Chapter 13 Bankruptcy in Boston, Massachusetts

Chapter 7 bankruptcy is also referred to as “liquidation.” Filing under Chapter 7 of the Bankruptcy Code is an option for an individual, partnership, corporation or other business entity in order to offer a fresh start financially. All eligible assets and property will be liquidated and the proceeds will be used to pay creditors, essentially discharging all of the debtor’s debt obligations. There are exceptions to what property may be liquidated, and agreements may be reached so the debtor may keep certain property.

Chapter 13 bankruptcy is also referred to as the “wage earner’s plan” and provides for the adjustment of debt for an individual who has regular income. In these situations, an individual will avoid having his/her assets liquidated and will instead work out a payment plan in order to pay off creditors, usually lasting 3 to 5 years. A corporation or partnership may not file under Chapter 13 of the Bankruptcy Code.

Above are basic explanations of Chapter 7 and Chapter 13. Bankruptcy law as a whole is complex, and making the right decision is of the utmost importance for any individual or company. By consulting a Boston bankruptcy lawyer, the right decision can be reached – one which will help to have positive effects upon the individual, partnership or corporation.

Boston Bankruptcy and Foreclosure Attorneys

Bankruptcy proceedings may stay the foreclosure of a home, depending upon the particular circumstances. Filing a petition for bankruptcy will stop creditors from continuing to contact the debtor and harassing him/her. Successfully completed and carried out, bankruptcy will discharge some or all of a debtor’s debts. Bankruptcy law was created in order to help and protect debtors, and to give them a fresh start when in need.

The Boston bankruptcy lawyers at The Dunn Law Group are experienced and apply their knowledge of U.S. bankruptcy law in order to help debtors throughout Massachusetts and New England with their financial issues, including foreclosure.

Contact a Boston bankruptcy attorney at The Dunn Law Group today!