Find a Bankruptcy Lawyer in Brookline, Massachusetts

Find the right Bankruptcy attorney in Brookline, MA

In Brookline, 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 begin 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 heavily damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Therefore, it is advisable to consult with an experienced Brookline, 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 Brookline bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Brookline, Massachusetts

There are three basic bankruptcy schemes that are most commonly used in Brookline: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Brookline, 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 funds 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 full 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 Brookline, 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 always 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 authorized by a vote of participating creditors.

A major advantage of Chapter 11 bankruptcy is that businesses can continue their operating while going through the process. Also, they can continue to buy and sell their stock.

How Can a Brookline Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Brookline is not one to be made easily, and it definitely should not be made without first obtaining the advice of an accomplished Brookline bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Brookline

Brown Deer is a village in Milwaukee County and was formerly a part of the town of Granville. Brown Deer officially incorporated on January 20, 1955 and is home to 13,000 Wisconsin residents. The village covers a total of 4.4 square miles and plays host to a large population of Caucasians and African-Americans over half of whom are married. The village is one of only two municipalities in Wisconsin that retains an African American population greater than 10%. and also plays host to a number of lawyers. Brown deer lawyers are familiar with local courts and procedures and use their experience when advising clients on the best course of action for their case.  

Brown Deer is popular among families because of it's great schools which include Deen Elementary School, Brown Deer Middle School, and Brown Deer High School. Formerly, Algonquin Elementary School was open on North 47th Street but closed because it could not compete with the newer Deen Elementary School. Brown Deer residents enjoy access to many nearby parks and shopping centers that also attract visitors from neighboring counties. Brown Deer also has an outstanding kids sports program for residents that offers baseball, soccer, and basketball among other sports.

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