Founding Attorney
Are you struggling with debts you cannot pay? If so, you might be considering bankruptcy. However, you may not know where to begin. Hiring an experienced Wareham bankruptcy lawyer is the first step you should take. Having experienced legal guidance when filing bankruptcy is the best way to protect your assets while getting rid of your debts.
Importance of Getting Professional Legal Consultation in Bankruptcy Situations
Bankruptcy is a specialized area of law. The rules for receiving a bankruptcy discharge can be confusing. If you make a mistake when filing for bankruptcy relief, you could lose some of your property. A mistake could result in a debt not being discharged or not receiving a discharge at all. You can avoid mistakes that prevent you from getting the fresh start you want by hiring a Wareham bankruptcy attorney.
Reasons for Filing for Bankruptcy in Wareham, MA
Filing bankruptcy does not have the same stigma as a few decades ago. People file bankruptcy for many reasons, including situations that are not within their control. Reasons for filing bankruptcy in Wareham include:
- Losing your job
- Incurring substantial medical bills because of an accident, injury, or illness
- Becoming disabled
- Losing a spouse
- Having a business fail
- Going through a divorce
- A decrease in income
A bankruptcy case can give you the fresh start you need when you experience a financial crisis. You can discharge your debts, keep your property, and rebuild your finances.
The Role of a Bankruptcy Attorney in Achieving a Financial Reboot
A bankruptcy attorney guides you through the bankruptcy process from start to finish. An attorney will:
- Explain bankruptcy laws
- Analyze your case to determine what bankruptcy chapter you should file
- Help protect you from creditor harassment
- Prepare and file all bankruptcy forms
- Represent you in court
- Use bankruptcy exemptions effectively to protect your property
- Ensure you understand your rights and responsibilities
A bankruptcy attorney also provides support throughout your case. It can be frightening to appear in bankruptcy court. However, with an experienced bankruptcy attorney at your side, the experience is much less stressful.
Types of Bankruptcy: Chapter 7 and Chapter 13 Explained
There are many types of bankruptcy, but the most common for individuals are:
Chapter 7 bankruptcy cases are intended for individuals who cannot afford to repay any of their debts. You must pass a Means Test to file Chapter 7. The Means Test calculates your disposable income to determine if you can repay some of your debts. You do not qualify for Chapter 7 if you have sufficient disposable income.
Chapter 13 bankruptcy cases are court-monitored repayment plans. You reorganize your debts into a manageable plan. A Chapter 13 trustee oversees your case and distributes your monthly payments according to the confirmed plan. Chapter 13 can help you save your home or car if you are behind on your payments.
Decoding the Bankruptcy Process: From Filing to Discharge
The purpose of filing for bankruptcy is to obtain a bankruptcy discharge. Creditors cannot attempt to collect a discharged debt. While each bankruptcy case is based on the debtor’s situation, the steps involved in filing bankruptcy are similar.
Steps in your Chapter 7 and Chapter 13 bankruptcy case include:
- Meeting with a Wareham bankruptcy attorney
- Completing the Credit Counseling Course
- Work with your attorney to complete and sign the bankruptcy forms
- File the bankruptcy forms with the court
- Complete your Debtor Education Course
- Attend a 341 Meeting of Creditors
In a Chapter 7 case, most debtors are finished after attending the 341 Meeting. They only need to wait until the deadline for objecting to the discharge passes for the court to close their case and issue a discharge.
Chapter 13 debtors also have a Confirmation Hearing to confirm their proposed Chapter 13 plan. A Chapter 13 plan can be 36 or 60 months. Once the debtor pays all the payments under the plan, the court issues the order of discharge and closes the case.
Secure a Fresh Financial Future: Connect With a Massachusetts Bankruptcy Attorney Today
Do you have questions about filing for bankruptcy in Wareham? If so, contact Logan A. Weinkauf, P.C., to schedule a consultation with our Wareham bankruptcy lawyer.