Find a Bankruptcy Lawyer in Medford, Massachusetts

Find the right Bankruptcy attorney in Medford, MA

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

Types of Bankruptcy in Medford, Massachusetts

In Medford, Massachusetts, there are three basic bankruptcy schemes that are most often used. They are recognized as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Medford, 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 fulfilled, 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.

The other typical bankruptcy scheme used by consumers in Medford is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the contracts that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is authorized, creditors are not allowed to attempt to collect payment under the original agreements. Chapter 11 bankruptcy is usually used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - basically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.

One major advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Additionally, their stock can still be bought and sold.

How Can a Medford Bankruptcy Lawyer Help?

The need to consider all the options and consider the costs and benefits of applying for bankruptcy in Medford cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Medford bankruptcy attorney beforehand.

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Life in Medford

Medford is a city in Middlesex County, Massachusetts. It has a population of about 55,000 people.

The first European settlement in the area now known as medford was in 1630, when the area was still part of Charlestown. The town grew slowly but steadily over the next few hundred years. After 1880, the population began to explode, coinciding with the industrial revolution. The expansion in population led to the creation of new government services, such as gas, electricity, and water, along with public schools and a dedicated police department.

While working as a social worker in the 1920s, Amelia Earhart lived in Medford, and there are several memorials and historic sites dedicated to her, including the house in which she lived during her tenure in the city. Medford was also home to the man credited with inventing the roller skate.

Modernly, Medford is home to Tufts University, an extremely well-regarded research university. While once considered a "safety school" for students applying to Harvard, Tufts has become a destination school in its own right, in some niche fields of study.

If you live in Medford, Massachusetts, and need a good lawyer, chances are good that you'll be able to find one. With its diverse and vibrant population, Medford, Massachusetts lawyers have evolved in kind.

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