Springfield is a City in the Western New England and seat City of Hampden County in the Commonwealth of Massachusetts; like other Cities in Massachusetts bankruptcy here is provide for by the Federal bankruptcy code and the Massachusetts laws; therefore if you are seeking a fresh start following unforthcoming debt management bankruptcy will get you there on track to start rebuilding your credit profile
Chapter 7 or chapter 13
We assist our clients in determining which chapter best suits them depending on what they are seeking to achieve; Chapter 7 seeks to liquidate borrower’s non-exempt properties and from the proceeds pay unsecured creditors, the debtor can obtain discharge as soon as 4 months after filing their petition however they have to first convince the court that they are eligible to file for chapter 7 bankruptcy by passing the means test which we carry out with our clients before they can file their cases.
Chapter 13 seeks to pay the creditors through a plan that last for 3 or 5 years depending on your earnings. With this chapter you keep all your rights as long as you continue making the payments failure to may be followed by dismissal of your case which will your lenders commence their usual collection activities such as foreclosure, repossession, wage garnishments among others.
Does the debtor need to appear in the court of law?
Personal appearance before the court in chapter 7 bankruptcies may not be necessary however in case your creditor(s) raise an objection in your case then the debtor’s appearance before the bankruptcy court will be required. If you are filing for a chapter 13 bankruptcy you have to appear before the court during your chapter 13 payment plan confirmation hearing.
A private person or entity appointed by in all types of bankruptcies who is charged with the responsibility of administering the bankruptcy estates for the benefit of the unsecured creditors. They review the debtor’s bankruptcy petition and the schedules and may initiate actions against creditors or debtors for properties improperly removed from the bankruptcy estate.
Financial information required when filing for bankruptcy
We assist our clients compile the following financial information required during the bankruptcy proceedings: tax returns for the last at least 2 years; Comprehensive documentation of income, together with the paystubs for the last 6 months and the W-2s from the last 2 years; valuations of any real estates in your possession, supporting documents for the vehicles you own such as insurance, registration among others and information of any liens or loans on the vehicles; information on your retirement account(s) indicating the account type and balance; paper work revealing your alimony and or child support payments indicating you current arrears; at the hearing you are to provide valid photo identifications such as your identity card, driver’s license, proof of the social security fund among others and to complete the petition you will need to provide the names, the contacts of your creditors and the amounts you owe to them.