Consumer Bankruptcy Lawyers in Quincy, Massachusetts

Find the right Consumer Bankruptcy attorney in Quincy, MA

Bankruptcy is a legal procedure allowing a person or business to have their debts discharged, in part or in whole. It is usually treated as a last resort, because, while it can prevent financial catastrophe, it has some major long-term consequences. This warrants careful consideration of the costs and benefits. Being a creation of federal law, bankruptcy will go through federal courts. Accordingly, the process for filing for bankruptcy in Massachusetts is essentially the same as the process anywhere else in the United States. However, particular courts in Quincy, Massachusetts will have individual rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Quincy, Massachusetts

There are 2 main forms of consumer bankruptcies in Quincy, Massachusetts: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 liquidates part 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 forms 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 essential personal items, like clothing. These assets are not available to creditors.

Once the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some forms of debt, however, can't be discharged in Chapter 7 Bankruptcy in Quincy, Massachusetts. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Quincy, Massachusetts

In Quincy, Massachusetts, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your 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 agreements that gave rise to the debt in the first place. This results in a new 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 Quincy, Massachusetts

Chapter 13 is usually a good option for people who have a stable 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 stable income, Chapter 7 might be more beneficial.

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

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Life in Quincy

Quincy is located in Norfolk County, Massachusetts It has many nicknames. Some are the "City of Presidents," "City of Legends," and the "Birthplace of the American Dream." It is located in Boston's Metropolitan area, with a population of around 92,271 people. It is the eighth largest city in the state.

Quincy is a heavy manufacturing center, with granite manufacturing being the highest industry. Companies such as Boston Financial Data Services, Stop Shop Supermarket chain, and Arbella Mutual Insurance Company have a presence in Quincy.

Being a part of Boston, residents have access to the superb legal force in Boston. Boston is home to many top tier firms that train ivy-league-educated attorneys to provide clients with the best legal services possible. Thus, residents can rest assure that any and every of their legal inquiries can easily be handled.

Famous residents include Ruth Gordon, Billy DeWolfe, Brooks Adams, Lee Remick, and Wilbert Robinson.

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