Consumer Bankruptcy Lawyers in Fitchburg, Massachusetts

Find the right Consumer Bankruptcy attorney in Fitchburg, 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 product of federal law, bankruptcy will go through federal courts. Accordingly, the procedure for filing for bankruptcy in Massachusetts is basically the same as the procedure anywhere else in the United States. However, individual courts in Fitchburg, Massachusetts will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Fitchburg, Massachusetts

There are 2 typical types of consumer bankruptcies in Fitchburg, Massachusetts: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves liquidation of some 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 types of debt, however, can't be excused in Chapter 7 Bankruptcy in Fitchburg, Massachusetts. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be excused, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Fitchburg, Massachusetts

Chapter 13 Bankruptcy in Fitchburg, 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. Usually, all of the debts are consolidated into 1 periodic payment. While this might 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 Fitchburg, Massachusetts

The answer to this question depends heavily on your distinct situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

In any case, it would be a good idea to consult a local bankruptcy attorney in Fitchburg, Massachusetts. Your attorney can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Fitchburg

Fitchburg is the third largest city in Worcester County, Massachusetts. According to the 2010 census, it has a population of 40,318 people. Fitchburg is a city big on education, being home to Fitchburg State University, and also seventeen public and private elementary and high schools.

Some fun sites to check out are Fitchburg Historical Society, the Fitchburg Art Museum, Coggshall Park, the Wallace Civic Center, and Cornerstone Performing Arts Center.

Notable residents of Fitchburg include Michael Beasley, George Crowther, Ryan Gomes, Art Longsjo, Pat Moran, and Marion Rice.

Many attorneys have established law offices in Fitchburg to take care of the legal needs of residents. These attorneys are very capable and focus on providing excellent legal services.

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