Consumer Bankruptcy Lawyers in Billerica, Massachusetts

Find the right Consumer Bankruptcy attorney in Billerica, MA

Bankruptcy is a legal procedure allowing a person or business to have their debts excused, in part or in whole. It is typically treated as a last resort, because, while it can prevent financial catastrophe, it has some influential long-term consequences. This warrants careful consideration of the costs and benefits. Being a creation of federal law, bankruptcy will go through federal courts. Accordingly, the process for filing for bankruptcy in Massachusetts is essentially the same as the process anywhere else in the United States. However, particular courts in Billerica, Massachusetts will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Billerica, Massachusetts

There are 2 typical forms of consumer bankruptcies in Billerica, Massachusetts: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves liquidation of part of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This typically includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is excused. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Billerica, Massachusetts debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Billerica, Massachusetts

In Billerica, Massachusetts, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the arrangements that gave rise to the debt in the first place. This results in an adjusted payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Billerica, Massachusetts

This depends entirely on the facts of your specific case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

Of course, you should always seek the counsel of an accomplished local Billerica, Massachusetts bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

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Life in Billerica

Billerica has a population of about 40,000 residents and is located in Middlesex County, Massachusetts. It is a very historic settlement, as it was founded in 1652 and officially incorporated in 1655. The city is home to several historic places, including the Fiske House, the Deacon Samuel House, Howe School, and the Jaquith House.

Billerica's bustling economy is fueled by several industrial and medical companies such as Pan Am Railways and Pharmalucence Company. Other companies located in the city are American Science Engineering and Lantheus Medical Imaging. Billerica's economy makes it a suitable place for persons seeking employment and residential opportunities.

The city also boasts an extensive sports and recreation program. Sports Illustrated magazine has recently listed the town as one the nation's top fifty cities for sports. Enthusiasts can visit the Boys and Girls Club of Greater Billerica, the Rangeway Golf course, or the Country Club of Billerica for sports activities. Billerica also has a successful youth sports program including youth basketball, football, and little league baseball. The city is often referred to as the "Sportstown" of the state.

Cases filed by lawyers in Billerica, Massachusetts can be heard at the Middlesex Superior Court. The superior court has jurisdiction over a wide array of civil and criminal cases. Many Billerica lawyers find the Massachusetts Trial Court Law Library system to be a valuable resource.

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