Find a Bankruptcy Lawyer in Randolph, Massachusetts

Find the right Bankruptcy attorney in Randolph, MA

In Randolph, 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 start 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 severely damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Therefore, it is prudent to consult with an experienced Randolph, 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 Randolph bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Randolph, Massachusetts

In Randolph, 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 Randolph, Massachusetts will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the appropriate property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will typically be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other normally used bankruptcy system in Randolph is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the arrangements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is typically a better option for people who have a steady income. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Randolph Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Randolph lightly. Before making any such decision, it would be highly advisable to contact an efficient Randolph bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Randolph

Town of Randolph is a city in Norfolk County, Massachusetts. Some folks may be interested to find out that the word "town of" is in Randolph's official name. The decision was made during the time it incorporated as a city in 1793. It was also when the motto "say what you feel" became the motto. Randolph is located in the Greater Boston Area and is directly connected to the Boston by major highways like Interstate 93 and US Route 1, rail lines like the Middleboro line to Boston, busses, and the Norwood Memorial Airport. Most Randolph residents use Logan International Airport for their air travel because it is a major hub and flights can cost less. Randolph plays host to a growing community of Boston professionals like lawyers. Randolph lawyers are licensed to practice throughout Massachusetts and know the rigid court procedures of county, state, and city courts.

Many families select Randolph for its schools system that offers kindergarten through high school. Students entering ninth grade may select to attend Blue Hills Regional Technical School or Norfolk County Agricultural School. They're referred to as "Blue Hills" and "Aggie," respectively. Randolph has notable residents like bandleader and producer Danny Davis, rap dj and producer Clinton Sparks, painter and sculptor William Rimmer, NHL Hall of Famer Rod Langway, and author Mary. E. Wilkins Freeman. Town of Randolph is a popular city with lots of great restaurants.

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