Consumer Bankruptcy Lawyers in Natick, Massachusetts

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

Chapter 7 Bankruptcy in Natick, Massachusetts

There are 2 typical types of consumer bankruptcies in Natick, Massachusetts: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 liquidates some of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many types of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and necessary personal items, like clothing. These assets are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Natick, Massachusetts is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Natick, Massachusetts

In Natick, Massachusetts, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the arrangements that gave rise to the debt in the first place. This results in an adjusted payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Natick, Massachusetts

This depends entirely on the facts of your specific case. If you have a decent amount of steady income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 might be the best option for you. If most of your property is exempt, and you don't have much steady income, Chapter 7 might be the best option.

In any case, you should talk with a local Natick, Massachusetts bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely result. This will make it much easier for your to make an informed choice.

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Life in Natick

Located only 15 miles from the state capital of Boston, Natik Massacheutts is a cute suburban town in the greater Boston area. In fact, miles 8-12 of the famous Boston Marathon go through the city. Natick is home to just under 33,000 residents. Natik, which means place of hills, is rather aptly named as the topography of the sixteen mile city is quite hilly. First settled in 1651 by a Puritan missionary, Natick has been growing ever since. There are many religious and secular points of interests in Natick, including: Temple Israel of Natick, BJ's Wholesale Club, and The Bacon Free Library. Natick also has a high number of public and private schools, making the city's education system second to none. Many Bostonians live in Natick and make the simple trek into the city. With the close proximity to Boston, which is home to Harvard Law School, among many others, it is not surprising how many great lawyers call Natick home. Ranging from property law to contract law to divorce issues, Natick lawyers have been trained in some of the best schools in the nation.

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