Find a Bankruptcy Lawyer in Malden, Massachusetts

Find the right Bankruptcy attorney in Malden, MA

In Malden, 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 Malden, 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 Malden bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Malden, Massachusetts

In Malden, 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 Malden, Massachusetts will be very similar to those in any other part of the United States. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is done, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full 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 Malden, 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 an extended period of time, therefore 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. Chapter 11 bankruptcy is almost always used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, fix their operations, and pay down their debts. The plan has to be approved by a majority 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 Malden Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Malden is an influential decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Malden bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Malden

Malden is a city located in Middlesex County, Massachusetts. It has a population of slightly over 55,000 people.

The first European settlers in Malden were a group of Puritans, who purchased the land from the Pawtucket Indians. In 1648, the code of enacted laws in New England was printed in Malden. During the American Revolution, Malden played an important role in the American Revolution, and was a major stronghold of revolutionary sympathies.

Malden contains many fascinating historical landmarks, most of which are from the Revolutionary era and before. Malden is also home to several recreational areas, including parks and various sporting fields. Perhaps most notably, Malden is home to Pine Banks, a 107 acre recreational park featuring playgrounds, picnic areas, and a large, undeveloped area for hiking.

Malden, Massachusetts is also home to Middlesex Falls Reservation, a Massachusetts state park, which boasts many recreational activities for those who enjoy the outdoors.

If you live in Malden, Massachusetts, and need a lawyer, there's a good chance you'll be able to find the right one. Malden, Massachusetts lawyers can handle almost any case you might have.

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