Find a Bankruptcy Lawyer in Haverhill, Massachusetts
In Haverhill, Massachusetts, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally excused, when they are unable to pay them. This hopefully allows them to start over with a clean slate and move on, after having learned to better manage their use of credit in the process. However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are truly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a severely damaged credit rating for many years afterward), it should be viewed as an option of last resort.
Therefore, it is prudent to consult with an experienced Haverhill, Massachusetts bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Haverhill bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Haverhill, Massachusetts
In Haverhill, Massachusetts, there are three basic bankruptcy schemes that are most commonly used. They are known as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Haverhill, Massachusetts will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is complete, and the proceeds handed over to the creditors, the debt is viewed as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are totally or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.
Under Chapter 13 bankruptcy in Haverhill, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Although it can be used by individuals, Chapter 11 bankruptcy is used almost exclusively by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requries that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being implemented, this plan must be approved by a majority vote of participating creditors.
One advantage of Chapter 11 bankrutpcy is that it allows a business going through it to continue operations, and to trade its stock.
How Can a Haverhill Bankruptcy Lawyer Help?
One should not make the decision to file for bankruptcy in Haverhill lightly. Before making any such decision, it would be highly adviseable to contact an experienced Haverhill bankruptcy attorney.
There are 38 Bankruptcy, Banking and Credit cases posted in Haverhill
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest MA Cities
Life in Haverhill
Haverhill is a Massachusetts city located in the county of Essex. Founded in 1640, it is one of the oldest known communities in the state. The city encompasses a wide range of industries, from agricultural rural land use to modern research efforts found in its urban areas.Haverhill is dedicated to preserving its rich history which captures early American life. The Haverhill Historical Society showcases colonial life through the Buttonwood Museum. Recently Haverhill formed "Cultural Treasures", a collection of five non-profit cultural groups promoting history and the arts.
There are many opportunities for outdoor recreation in Haverhill. In particular, the Merrimack River is an ideal location for hiking and observing nature. Haverhill is home to a growing bald eagle population which can be seen along the River.
Noteworthy Haverhill inhabitants have included inventor Alexander Graham Bell, Supreme Court Justice William Henry Moody, and comic creator Bob Montana. Bob Montana's famous comic "Archie" is based on everyday Haverhill life.
Lawyers in Haverhill, Massachusetts generally file most of their cases at the Haverhill District Court. Many Haverhill lawyers are members of outstanding Massachusetts legal organizations.
