Chapter 13 Bankruptcy Attorney in Massachusetts

A calculator showing "SOS" surrounded by overdue bills, including utility invoices, auto loan statements, house mortgage documents, and a Chapter 13 final notice.

How does Chapter 13 work in Massachusetts?

Chapter 13 bankruptcy, also known as a "wage earner's plan," is a form of bankruptcy that allows individuals with regular income to reorganize their debts and create a repayment plan approved by the court. Chapter 13 bankruptcy is designed for individuals who have a steady income but are struggling to manage their debts and want to avoid liquidating their assets as required in Chapter 7 bankruptcy.

Key features Covered by Chapter 13 bankruptcy in Massachusetts include:

Chapter 13 bankruptcy, also known as a "wage earner's plan," is a form of bankruptcy that allows individuals with regular income to reorganize their debts and create a repayment plan approved by the court. This chapter of bankruptcy is designed for individuals who have a steady income but are struggling to manage their debts and want to avoid liquidating their assets as required in Chapter 7 bankruptcy.

Debt Repayment Plan:

Under Chapter 13, the debtor proposes a repayment plan to the court, outlining how they will repay their creditors over a period of three to five years. The plan typically consolidates debts into manageable monthly payments based on income.

Protection from Creditors:

Filing for Chapter 13 initiates an automatic stay, halting creditor actions such as foreclosure, wage garnishment, or repossession. This provides the debtor with relief and time to restructure their finances.

Asset Retention

Unlike Chapter 7 bankruptcy, where non-exempt assets may be liquidated to pay off debts, Chapter 13 allows debtors to retain their property while catching up on missed payments through the repayment plan.

Debt Discharge

Upon successful completion of the repayment plan, remaining eligible debts may be discharged, providing a fresh financial start.

Eligibility Requirements:

To qualify for Chapter 13 bankruptcy in Massachusetts, debtors must have a steady monthly income that can support the proposed repayment plan. There are also income limits on the amount of secured and unsecured debts allowed.

Credit Impact:

Chapter 13 remains on your credit report for 7 years in Massachusetts and is removed automatically. This is because Chapter 13 bankruptcy, also known as reorganization bankruptcy, involves restructuring debts to make affordable payments over three to five years. As long as you make all payments as agreed, your remaining eligible debts are discharged at the end of the repayment period.

 

Chapter 13 bankruptcy can be a valuable tool for individuals who want to regain control of their finances and avoid losing assets. Consulting with a knowledgeable Chapter 13 bankruptcy attorney is essential to understanding eligibility, creating a viable repayment plan, and navigating the legal process effectively.

How Can Hines Bankruptcy Law Help with Your Massachusetts Bankruptcy Needs?

At Hines Bankruptcy Law, we understand the challenges individuals and families face when dealing with financial difficulties. Our experienced bankruptcy attorneys specialize in Chapter 7 and Chapter 13 bankruptcy filings, providing tailored solutions to meet our clients' needs. Whether you're struggling with overwhelming debt, facing wage garnishment, or at risk of losing your home to foreclosure, we are here to help. We offer compassionate guidance and personalized strategies to navigate the bankruptcy process effectively. From educating clients about their rights and options to crafting comprehensive repayment plans, our goal is to alleviate financial stress and empower individuals to achieve a fresh start. Contact Hines Bankruptcy Law today for a free and confidential consultation and take the first step toward regaining financial stability.

Why Choose Hines Law when filing for Chapter 13 Bankruptcy?

Local Bankruptcy Expertise in Massachusetts

Chapter 13 bankruptcy law is our area of expertise. Don’t use a jack of all trades for your important legal needs!

We Make Filing for Chapter 13 Bankruptcy Easy

We make it easy by saving you time with our effortless processNo need to go to bankruptcy court or even to our office.

Affordable Chapter 13 Bankruptcy Attorney in Massachusetts

We keep our service fees competitive so you can get the relief you need at an affordable cost. We offer free initial consultations for our clients when considering filing for Chapter 13 plans.

Bankruptcy Expert

Bankruptcy law is our area of expertise. Don’t use a jack of all trades for your important legal needs!

Easy Process

We make it easy! No need to go to court or even to our office. Enjoy our effortless process!

Affordable

We keep our service fees competitive so you can get the relief you need without breaking the bank.
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