Consumer Bankruptcy Lawyers in Salem, Massachusetts

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

Chapter 7 Bankruptcy in Salem, Massachusetts

There are 2 typical types of consumer bankruptcies in Salem, Massachusetts: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 requires that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many types of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is absolved. However, some types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Salem, Massachusetts is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Salem, Massachusetts

Chapter 13 Bankruptcy in Salem, Massachusetts is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each distinct case. Chapter 13 does not absolve 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 Salem, 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.

Regardless of your situation, you should speak with an attorney in Salem, Massachusetts who is experienced in bankruptcy before making a decision. They will be able to advise you of your options, and the likely results of each one, allowing you to make a much more informed decision.

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Life in Salem

Salem is in Essex County of Massachusetts. It is home to Salem State University. In history the city is known because of the Salem Witch Trials of 1692. Today, people visit Salem and check out sites such as the Nathaniel Bowditch House, Salem Common, The Witch House, Derby Square, Pickering House, Salem Willows Park, Ropes Mansion, and Salem Athenaeum.

Tourism is a significant contributor to Salem's economy. There are small law offices where attorneys have established their practice in many areas of law. Therefore, residents can rest assure that their legal needs can be taken care of.

Famous residents of Salem include Rick Brunson, Jeff Juden, Rob Oppenheim, Nathaniel Bowditch, John Endcott, John Hathorne, Bob Vila, Jack Welch, and Steve Thomas.

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