Find a Bankruptcy Lawyer in Newton, Massachusetts
In Newton, 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 Newton, 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 Newton bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Newton, Massachusetts
In Newton, 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 Newton, Massachusetts will be very similar to those in any other part of the United States. 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 Newton 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. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a 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 Newton Bankruptcy Lawyer Help?
The decision to file for bankruptcy in Newton is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an experienced Newton bankruptcy attorney.
There are 11 Bankruptcy, Banking and Credit cases posted in Newton
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest MA Cities
Life in Newton
Newton is the eleventh largest city in Massachusetts. It has a population of around 85,146 people.Some famous attractions include Crystyal Lake, the Newton History Museum at the Jackson Homestead, Heartbreak Hill, Echo Bridge, Norumbega Park, Chestnut Hill Reservoir, Bullough's Pond, and the Totem Pole Ballroom.
The city also has some buildings that boast beautiful architecture. Some examples are the First Baptish Church located in Newton Centre. Another is the WHDH-TV tower. Interestingly enough, it is one of the tallest free-standing lattice towers in the U.S.!
Many attorneys have founded small offices and law firms to tend to the legal needs of residents. These attorneys are very capable and easily take care of any and every legal inquiry.
Overall, Newton is a city rich in history and culture; it provides residents with a wonderful place to call home!
