Find a Bankruptcy Lawyer in Chicopee, Massachusetts
In Chicopee, 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 Chicopee, 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 Chicopee bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Chicopee, Massachusetts
There are three basic bankruptcy schemes that are most commonly used in Chicopee: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Chicopee, Massachusetts will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is complete, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.
The other popular bankruptcy system in Chicopee is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor wil find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the orginal terms of their agreement with the debtor. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be approved by the participating creditors through a simple majority vote.
During the Chapter 11 process, a business can usually continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.
How Can a Chicopee Bankruptcy Lawyer Help?
Filing for bankrtuptcy in Chicopee is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Chicopee bankruptcy attorney.
There are 20 Bankruptcy, Banking and Credit cases posted in Chicopee
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest MA Cities
Life in Chicopee
Chicopee is part of Hampden County, Massachusetts. It is located near the Connecticut River. It has a population of around 55,298 people, making it the second largest city in Western Massachusetts. Springfield is the first.Chicopee is filled with many small businesses. Some of the top employers include Chicopee Provision Company, Blue Seal, and Millie's Pierogi Company.
Past and present famous residents include Ray Fitzgerald, Damien Fahey, Philip Labonte, Scott Barnes, and The Acacia Strain musical group.
Chicopee is also home to many lawyers who have established law offices and small firms in Chicopee. Thus, any and every legal inquiry can be competently handled by the legal force in Chicopee.
