Are you considering bankruptcy in Wareham, Massachusetts? If so, it’s important to understand the basics of bankruptcy law before making a decision.
First, it’s important to know that bankruptcy is a legal process that allows individuals or businesses to restructure or eliminate their debts. There are several types of bankruptcy, including Chapter 7, Chapter 11, and Chapter 13.
Chapter 7 bankruptcy
is also known as a “liquidation” bankruptcy. This type of bankruptcy involves the sale of non-exempt assets to pay off creditors. After the sale of assets, any remaining debts are typically discharged. Chapter 7 bankruptcy is generally available to individuals, but not to businesses.
Chapter 11 bankruptcy
is also known as a “reorganization” bankruptcy. This type of bankruptcy is often used by businesses to restructure their debts and continue operating. Chapter 11 bankruptcy involves the creation of a plan to repay creditors over time.
Chapter 13 bankruptcy
is also known as a “wage earner’s” bankruptcy. This type of bankruptcy is available to individuals with regular income and allows them to repay their debts over a period of time, usually three to five years.
If you are considering bankruptcy in Massachusetts, it’s important to consult with a bankruptcy attorney. A Wareham, MA bankruptcy attorney can help you determine which type of bankruptcy is right for you and guide you through the process.
It’s also important to note that bankruptcy has some potential drawbacks. For example, it can negatively impact your credit score and make it more difficult to obtain credit in the future. However, for some individuals, bankruptcy may be the best option to get a fresh start and move forward financially.
Conclusion
If you are considering bankruptcy in Massachusetts and want expert guidance, we encourage you to reach out to Attorney Logan A. Weinkauf. Attorney Weinkauf is a seasoned expert in Massachusetts bankruptcy law and practices in Wareham, MA. He can provide you with the knowledgeable and personalized legal representation you need to navigate the bankruptcy process.
Don’t let the fear of the unknown hold you back. Take control of your financial situation and explore your options with Attorney Weinkauf. You can reach him at 508-375-3878 or via email at freshstart@weinkaufpc.com. Don’t hesitate to schedule a consultation to discuss your situation and see how Attorney Weinkauf can help you achieve a fresh start.