Consumer Bankruptcy Lawyers in Saugus, Massachusetts

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

Chapter 7 Bankruptcy in Saugus, Massachusetts

There are 2 common types of consumer bankruptcies in Saugus, 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 cleared. 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 Saugus, Massachusetts is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Saugus, Massachusetts

Chapter 13 Bankruptcy in Saugus, Massachusetts is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each particular case. Chapter 13 does not absolve debt, but restructures it instead. Normally, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is normally manageable, as long as the debtor can make some sacrifices.

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

This depends entirely on the facts of your individual 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.

Of course, you should always seek the counsel of an experienced local Saugus, Massachusetts bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your individual situation.

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Life in Saugus

Saugus, Massachusetts is a city in Essex County. It has a population of about 26,000 people, and is part of the greater Boston area.

Saugus was first settled by Europeans in 1629, during the main boom of colonization of New England. The settlers then founded the Saugus Iron works, which operated from 1646 to 1668, which was the first integrated Iron Works in North America. The original site of the iron works is now in the National Register of Historic Places.

What is now U.S. Highway 1 goes through Saugus, and was built in 1806, making it one of the first public roads in the U.S. With the advent of automobiles, this pre-existing road was widened, and during the early history of the automobile, Saugus was an important center for the early adopters of the technology.

Modernly, Saugus is somewhat of a suburb of Boston, but it has definitely retained its own distinct character and lifestyle, and has a quiet, small town feel to it. This means that people who prefer this lifestyle, but have a job in the larger city of Boston, or simply like to visit the city sometimes, can have the best of both worlds.

If you live in Saugus, Massachusetts, and are in need of legal counsel, you shouldn't have any trouble finding him or her. A Saugus, Massachusetts attorney can solve just about whatever legal issue you might face.

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