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By Logan Weinkauf
Founding Attorney

If you are struggling with debt, you are not alone. Many people in the New Bedford area and beyond are in the same boat. While it can be overwhelming to think about, there are options available to help you get back on track financially. Two of the most common options are bankruptcy and debt negotiation. Table of contents

Understanding Bankruptcy

Bankruptcy is a legal process that allows individuals to eliminate or restructure their debt. There are two main types of bankruptcy that individuals can file for: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, also known as “liquidation” bankruptcy, involves selling off assets to pay back creditors. In most cases, individuals who file for Chapter 7 bankruptcy are able to keep their homes, cars, and other necessary assets.

One of the main benefits of Chapter 7 bankruptcy is that it allows for the discharge of most unsecured debts, such as credit card debt and medical bills. However, not all debts can be discharged through Chapter 7 bankruptcy, such as student loans and certain tax debts.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy, also known as “reorganization” bankruptcy, involves creating a payment plan to repay creditors over a period of three to five years. This payment plan is based on the individual’s income and expenses, and can allow for the discharge of some unsecured debts.

One of the main benefits of Chapter 13 bankruptcy is that it can help individuals keep their homes and other assets that they might otherwise lose in a Chapter 7 bankruptcy. However, it is important to note that not everyone is eligible for Chapter 13 bankruptcy.

Debt Negotiation

Debt negotiation, also known as debt settlement, involves negotiating with creditors to reduce the total amount owed. This can be done either by negotiating a lump sum payment or a payment plan. In many cases, individuals who are considering debt negotiation are behind on their payments and are facing collections actions.

One of the main benefits of debt negotiation is that it can result in a lower total amount owed, which can make it easier to pay off the debt. However, debt negotiation can also have a negative impact on credit scores and is not always successful in reducing debt.

Bankruptcy vs. Debt Negotiation: Which is Right for You?

When deciding between bankruptcy and debt negotiation, there are several factors to consider. These factors include the type and amount of debt you have, your income and expenses, and your long-term financial goals.

If you have a significant amount of unsecured debt and are struggling to make ends meet, bankruptcy may be the best option for you. However, if you have a smaller amount of debt and are able to make payments, debt negotiation may be a better fit.

It is important to note that both bankruptcy and debt negotiation can have long-term effects on your credit score and financial standing. It is important to seek professional advice to help you make the best decision for your unique situation.

New Bedford Bankruptcy: How an Attorney Can Help

If you are considering bankruptcy or debt negotiation in the New Bedford area, it is important to seek the help of an experienced bankruptcy attorney. An attorney can help you understand the pros and cons of each option, determine your eligibility for bankruptcy, and negotiate with creditors on your behalf.

Attorney Logan A. Weinkauf is a Massachusetts bankruptcy attorney who serves the New Bedford, Fall River, and Wareham areas of Massachusetts. Attorney Weinkauf is an empathetic attorney who goes the extra mile to inform people of their options and help them come to the best decision for their unique situation.

If you are struggling with debt and are unsure of what to do, Attorney Weinkauf can provide you with a free consultation to discuss your options. With years of experience helping individuals navigate the bankruptcy process, he can help you determine the best course of action to help you get back on track financially.


Dealing with debt can be overwhelming, but it’s important to remember that you are not alone. Bankruptcy and debt negotiation are two options available to help you get back on track financially. When deciding between the two, it’s important to consider your unique situation and seek professional advice.

If you are in the New Bedford area and are considering bankruptcy or debt negotiation, Attorney Logan A. Weinkauf is here to help. Contact his office today to schedule a free consultation and take the first step towards a brighter financial future.

Attorney Logan A. Weinkauf is ready to help you. Call 508-375-3878 or use our no obligation case evaluation form on our website’s home page.

About the Author
Logan represents individuals and small businesses in the U.S. Bankruptcy Courts in Boston, Worcester, Springfield, and nearly every county court in Massachusetts. He approaches each case with empathy for the people behind the case. He works efficiently to deliver cost-effective solutions. He has advised people and businesses on creditor and debtor matters across diverse areas of law, including corporate law, real estate, and family law issues. This puts Logan at the leading edge of debtor’s rights, asset protection, and litigation. Logan is a trusted advisor to individuals, families, entrepreneurs, and business owners.