Consumer Bankruptcy Lawyers in Gloucester, Massachusetts

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

Chapter 7 Bankruptcy in Gloucester, Massachusetts

There are 2 typical forms of consumer bankruptcies in Gloucester, 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 Gloucester, 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 Gloucester, Massachusetts

In Gloucester, Massachusetts, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Gloucester, 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 Gloucester, 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 Gloucester

Gloucester, Massachusetts is a city located on Cape Ann, in Essex County. According to a 2007 Census estimate, its population is approximately 30,000 people. The area now known as Gloucester was first reached by British settlers in the 1620s. The town of Gloucester was so named in the 1640s (or that's when the first known written reference to the name exists) from a town of the same name en England. The town, thanks to its once-abundant supply of lumber, and its proximity to the ocean, used to be an important shipbuilding center. Though this industry has largely moved elsewhere, it is still an important part of the town's history and culture. It was also once a very important center for commercial fishing, and fishing is still an important component of the local economy. The architecture of Gloucester is quite beautiful, with many sections of the town comprised almost entirely of 100+ year old buildings, giving it the idyllic look distinctive to New England. There are also plenty of lawyers in and around Gloucester, Massachusetts who can handle whatever legal problem you might find yourself facing. New England is home to several exceptional law schools, and, by extension, many exceptional lawyers. If you have a legal issue, a Gloucester, Massachusetts lawyer can help.

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