Find a Bankruptcy Lawyer in Holyoke, Massachusetts

Find the right Bankruptcy attorney in Holyoke, MA

In Holyoke, Massachusetts, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally cleared, 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 really 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 Holyoke, 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 Holyoke bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Holyoke, Massachusetts

In Holyoke, Massachusetts, there are three basic bankruptcy schemes that are most frequently used. They are identified as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Holyoke, Massachusetts will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is verified, and the proceeds handed over to the creditors, the debt is perceived as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are entirely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other typically used bankruptcy system in Holyoke is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the arrangements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is typically a better option for people who have a steady income. 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 Holyoke Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Holyoke easily. Before making any such decision, it would be highly advisable to contact an efficient Holyoke bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Holyoke

Holyoke is named for Elizur Holyoke who, in 1660, explored the area that is today incorporated into Hampden County. Holyoke is a Massachusetts city in close proximity to Springfield and has classically been a haven for Irish immigrants. Holyoke hosts the United States largest Saint Partick's Day Parade which annually attracts nearly 500,000 visitors each year. Holyoke has recently seen a vast influx of Puerto Rican and Latino immigrants yielding an annual Puerto Rican Day Parade on the third week of July. The parade is complete with food, music, and more. It's organized as part of the Annual Hispanic Family Festival which is put on by La Familia Hispana Incorporated. The festival and parade have drastically increased in popularity over time and attract Latinos from across the northeast. Holyoke is called home by a number of lawyers as well. Holyoke lawyers are familiar with local Hampden County courts and advise on a variety of cases.  

Holyoke maintains a number of year-round attractions as well. Some of the attractions include the Holyoke Cana System, Mount Tom, shopping at Holyoke Mall, trails like Metacomet-Monadnock Trail, a collegiate baseball team, and most notably the Dinosaur Footprints Reservation where visitors can see perfectly preserved footprints from prehistoric dinosaurs along the Connecticut River. 

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