Find a Bankruptcy Lawyer in Brockton, Massachusetts

Find the right Bankruptcy attorney in Brockton, MA

In Brockton, Massachusetts, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally absolved, 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 honestly 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 Brockton, 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 Brockton bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Brockton, Massachusetts

There are three basic bankruptcy schemes that are most commonly used in Brockton: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Brockton, 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 fulfilled, 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.

Under Chapter 13 bankruptcy in Brockton, 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 prolonged period of time, thus 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. 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.

During the Chapter 11 process, a business can normally continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Brockton Bankruptcy Lawyer Help?

The need to consider all the options and consider the costs and benefits of filing for bankruptcy in Brockton cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Brockton bankruptcy attorney beforehand.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Brockton

Brockton is located in Plymouth County, Massachusetts with a population of around 93,810 people. Brockton is the seventh largest city in Massachusetts. It is nicknamed the "City of Champions" due to the success of resident boxers Rocky Marciano and Marvin Hagler. Brockton High School's sports programs are also very successful, and also contribute to the city's nicknames.

What is interesting is that in 2005, 2008, and 2010, Brockton was named as one of the 100 Best Communities for Young People. This award is given by America's Promise Alliance. Some reasons for this award is Brockton's dedication to education, mentoring, and volunteerism.

There are some great attractions to check out in Brockton. Such places include the Audubon Conservation Area, Brockton Fire Museum, Campanelli Stadium, D.W. Field Park, Franklin Block, Petronelli Way, Sacco Vanzetti Museum, and the SOuth Street Historic District.

Brockton is also filled with attorneys who are devoted to their practice, and who can adequately fulfill the legal needs of Brockton residents.

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