Find a Bankruptcy Lawyer in Somerville, Massachusetts

Find the right Bankruptcy attorney in Somerville, MA

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In Somerville, 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 Somerville, 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 Somerville bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Somerville, Massachusetts

In Somerville, Massachusetts, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Somerville, Massachusetts will be about the same as anywhere else in America. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is complete, and the proceeds handed over to the creditors, the debt is viewed as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are entirely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other form of bankruptcy most frequently used in Somerville is Chapter 13. It allows a person to pay off their debt over an extended period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Though applicable to individuals, Chapter 11 bankruptcy is typically used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is finalized, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

During the Chapter 11 process, a business can typically continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Somerville Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Somerville is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an efficient Somerville bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Somerville

Located in Middlesex County, Sommerville, Massachusetts is just two miles north from the state capital of Boston. Sommerville has a population of just under 80,000 residents and is listed as the most densely populated communities in all of New England.

Sommerville was first settled in 1630 and is now considered to be one of the most ethnically diverse communities in all of the United States, with many recent immigrants from Brazil, El Salvador, and Haiti. With over fifty spoken languages used in Somerville schools and 1/3 of the city population born i another country, it is no wonder Somerville has such an ethnic distinction.

Arts and culture is another noteworthy aspect of the New England city. Next to New York, Somerville houses more artists per capita than any other city. The city hosts many artistic events such as the Somerville Arts Council, Brickbottom Artist Association, and the ArtBeat Festival.

Diversity and culture make for the perfect location for many of New England's top lawyers to set up show. Somerville lawyers are skilled in a rage of specialties and able to help their neighbor with any legal issue he or she may encounter. There is a thriving legal community in Sommerville, many coming from top law schools located in Boston.