Consumer Bankruptcy Lawyers in Fall River, Massachusetts

Find the right Consumer Bankruptcy attorney in Fall River, 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 Fall River, Massachusetts will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Fall River, Massachusetts

There are 2 typical forms of consumer bankruptcies in Fall River, 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 the appropriate property is sold, and the funds transferred to the creditors, the dischargeable debt is absolved. Some forms of debt, however, can't be excused in Chapter 7 Bankruptcy in Fall River, Massachusetts. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be excused, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Fall River, Massachusetts

Chapter 13 Bankruptcy in Fall River, Massachusetts differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not absolve any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Fall River, Massachusetts

Which Bankruptcy type to file under depends strongly on the facts of each distinct case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Regardless of your situation, you should speak with an attorney in Fall River, Massachusetts who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely results of each one, allowing you to make a much more informed decision.

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Life in Fall River

Fall River is located in Bristol County, Massachusetts. It is located near Mount Hope Bay and the Tanton River. Interestingly, the city is known for its motto--"We'll Try."

There are many wonderful attractions in Fall River. Such sites include Battleship Cover, Fall River Heritage State Park, The Marine Museum at Fall River, Freetown-Fall River State Forest, New Harbour Mall, Columbia Street, and Old Colony Fal River Railroad Museum.

Many attorneys have established law offices and small firms. Therefore the legal needs of residents can be easily taken care of. For complex legal matters, residents can take advantage of Boston's superior legal force. Boston being 46 miles away, is home to many top tier law firms and ivy-league educated attorneys. Overall, residents need not fear because their legal matters will be taken care of.

Overall, Fall River is a wonderful place to live with a location rich in history and easily accessible to nearby Boston!

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