Find a Bankruptcy Lawyer in Cambridge, Massachusetts

Find the right Bankruptcy attorney in Cambridge, MA

In Cambridge, 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 Cambridge, 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 Cambridge bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Cambridge, Massachusetts

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

Under Chapter 13 bankruptcy in Cambridge, 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 longer period of time, thereby 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. Although it can be used by individuals, Chapter 11 bankruptcy is used almost exclusively by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being implemented, this plan must be approved by a majority vote of participating creditors.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operations, and to trade its stock.

How Can a Cambridge Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Cambridge 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 Cambridge bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Cambridge

Cambridge is part of the Greater Boston area. It is home to famous universities such as Harvard University and Massachusetts Institute of Technology. Cambridge is home to around 105,162 people. It is the fifth largest city in Massachusetts.

Top employers include both Harvard and Massachusetts Institute of Technology, Mount Auburn Hospital, Biogen Idec, Genzyme, Novartis, and the Charles Stark Draper Laboratory. Many attorneys also live in or near Cambridge. Boston is home to many top-rated multinational law firms. There are also many small to mid-size law firms there as well. These firms train their attorneys to be the best and to succeed in winning any and every case, no matter how complicated the legal matter is.

Being such a historic place, there are any museums to visit in Cambridge. Popular attractions include the Harvard Art Museum, the Busch-Reisinger Museum, the Fogg Art Museum, the Arthur M. Sackler Museum, the Harvard Museum of Natural History, the Peabody Museum of Archaeology and Ethnology, Semitic Museum, MIT Museum, and the List Visual Arts Center at MIT.

Cambridge, with its historical influence, also has many wonderful buildings to visit and tour that depict beautiful architecture. Such buildings include the Asa Gray House, Elmwood House, the First Parish in Cambridge, Harvard Lampoon Building, Urban Rowhouse, and Memorial Hall at Harvard University.

Overall, Cambridge is a wonderful place to visit or call home.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY