Consumer Bankruptcy Lawyers in Peabody, Massachusetts

Find the right Consumer Bankruptcy attorney in Peabody, MA

Bankruptcy is a legal procedure allowing a person or business to have their debts absolved, in part or in whole. It is normally treated as a last resort, because, while it can prevent financial catastrophe, it has some huge 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 Peabody, Massachusetts will have particular rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Peabody, Massachusetts

There are 2 common types of consumer bankruptcies in Peabody, 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 basic personal items, like clothing. These assets are not available to creditors.

Once the qualifying property is sold, and the funds transferred to the creditors, the dischargeable debt is cleared. Some types of debt, however, can't be absolved in Chapter 7 Bankruptcy in Peabody, Massachusetts. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be absolved, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Peabody, Massachusetts

Chapter 13 bankruptcy in Peabody, Massachusetts is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your individual case. Chapter 13 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Usually, all of the debts are consolidated into 1 periodic payment. While this might make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

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

Chapter 13 is normally a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.

Whatever your situation, you should speak with a local Peabody, Massachusetts bankruptcy attorney. Your lawyer will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in Peabody

Peabody is an Essex County city that is home to 55,000 residents of Boston's highly desirable North Shore suburban area. Peabody began as a farming community but has since shifted focus to more tourist friendly avenues like the massive Northshore Mall and Shopping Center, on of the areas largest, the historic Brooksby Farm, and the infamous host of the U.S. Senior and U.S. Women's Golf Opens, Salem Country Club. In 2009, Forbes Magazine dubbed Peabody the 14th most livable city in the United States. There are also a number of manufacturing, medical, and technology companies located in Centennial Industrial Park which is located a stone's throw from the Corwin Manufacturing Company. With such a thriving city there are bound to be some problems but you will be relieved to know there are a number of Peabody lawyers who can help sort those out. Peabody lawyers are familiar with local courts and their procedures; they can also lay out your legal options and help you weigh one against another. Peabody is known locally for its strong school system and sports programs. Ice hockey, soccer, and track are their strongest but the baseball program has been making outstanding progress too. Olympic swimmer Samantha Arsenault, professional wrestler Matt Bloom, pitcher John Tudor, and hockey player Bobby Hanson are just a few of the local notables.

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