Due to recent changes in the court rules we are allowed to teleconference and file your case without ever leaving your home
Call Us : 508-655-3013
Due to recent changes in the court rules we are allowed to teleconference and file your case without ever leaving your home
Call Us : 508-655-3013
Chapter 13 bankruptcy offers individuals a structured approach to managing overwhelming debt while retaining their assets. Chapter 13 lets people make a repayment plan over three to five years, while Chapter 7 requires people to sell their assets to pay their creditors. This strategy is ideal for those who have a consistent income and want to avoid foreclosure and wage garnishment and manage outstanding debts without losing their home. Once the debtor completes the repayment plan, they may discharge any remaining eligible debts, giving them a new start.
In Brookline, the process of filing for Chapter 13 bankruptcy includes many critical steps, including the determination of eligibility and the fulfillment of financial obligations under the supervision of the court. Working with our chapter 13 bankruptcy law firm in Brookline can assist individuals in navigating the complexities of the process, ensuring compliance with all legal requirements, and maximizing the benefits of filing.
Who Qualifies for Chapter 13 Bankruptcy?
Steady Income: The filer must demonstrate that they have a consistent source of income to cover their monthly repayment plan.
Debt Limits: Under current laws, unsecured debts must not exceed a certain amount, while secured debts must fall within a specific range.
Residency Requirement: Chapter 13 filers must live, work, or own property in the United States.
Benefits of Filing for Chapter 13:
Stops Foreclosure: Prevents home loss by including past-due mortgage payments in the repayment plan.
Debt Consolidation: Debt consolidation combines multiple debts into a single, manageable monthly payment.
Protects Assets: Allows filers to keep their property while repaying debts over time.
Navigating the Chapter 13 bankruptcy process requires several critical steps:
Credit Counseling: Individuals must complete credit counseling from an approved agency within 180 days before filing. This counseling session discusses alternatives to bankruptcy and evaluates the debtor’s financial situation.
File a Petition: The process begins with submitting a petition to the bankruptcy court in the debtor’s area. This includes submitting asset and liability schedules, current income and expenditures, executory contracts and unexpired leases, as well as a financial statement.
Automatic Stay: An automatic stay is issued upon the filing of the petition, halting all collection actions, including lawsuits, wage garnishments, and foreclosure proceedings. This provision provides immediate relief to debtors and protects them from creditor harassment.
Repayment Plan: Debtors must propose a repayment plan that details how they intend to pay off their debts over the next three to five years. The plan should prioritize secured and priority debts and allocate disposable income to unsecured debts.
Confirmation Hearing: A confirmation hearing is held, during which the bankruptcy judge assesses the feasibility and fairness of the proposed repayment plan. Creditors may object to the plan, but the court will make the final decision.
Plan Execution: Once approved, the debtor begins making regular payments to the appointed trustee, who distributes funds to creditors by the plan’s terms. This phase requires timely and consistent payments.
Discharge: After the repayment plan is completed, the court grants a discharge, releasing the debtor from personal liability for the majority of the remaining debts. This discharge represents a fresh financial start.
Filing for Chapter 13 bankruptcy is a complicated legal process that necessitates careful paperwork, court representation, and knowledge of bankruptcy laws. Our Brookline Chapter 13 bankruptcy lawyer assists clients in navigating these challenges. Moreover, we ensure that clients meet all legal requirements and avoid costly mistakes. We assist individuals throughout the process, from filing the petition to receiving the final discharge, and provide legal support at all stages.
Accurate Filing: Our attorneys ensure that all necessary documents are accurately prepared and submitted on time, reducing the risk of case dismissal due to clerical errors.
Understanding State Exemptions: We have extensive knowledge of Massachusetts bankruptcy exemptions, allowing us to effectively protect your assets throughout the bankruptcy process.
Eligibility Guidelines: Our team evaluates your financial situation to determine eligibility for Chapter 13 bankruptcy and recommends the best course of action based on your specific circumstances.
Representation in Court: We provide professional representation during court proceedings, including the confirmation hearing, advocating for your interests and responding to any creditors’ objections.
Debtor Protection: Our attorneys enforce the automatic stay, protecting you from creditor harassment and collection actions throughout the bankruptcy process.
Avoid Costly Mistakes: We guide you through the complexities of bankruptcy law, avoiding mistakes that could result in case dismissal or asset loss.
Peace of Mind: By entrusting your case to our skilled professionals, you can focus on rebuilding your financial future, knowing that your bankruptcy proceedings will be handled competently.
Hiring our bankruptcy attorneys provides you with professional representation that protects your rights and interests. Moreover, to help you manage debts and keep essential assets, our lawyers maximize Chapter 13 benefits. We help with repayment plans, creditor negotiations, and court approval, making the process easier.
If you are struggling with overwhelming debt and need a structured approach to regaining financial stability, our Brookline Chapter 13 bankruptcy attorneys can help. We understand the difficulties of managing debt while attempting to keep your home, car, and other valuable assets. Consequently, filing for Chapter 13 bankruptcy allows you to consolidate your debts into a manageable repayment plan, effectively ending creditor harassment and foreclosure proceedings. Moreover, with our legal assistance, you can confidently navigate the bankruptcy process, avoiding unnecessary delays and complications.
Our experienced bankruptcy lawyers work with you to create a repayment plan that meets court requirements while keeping your financial objectives in mind. From filing your petition to obtaining court approval, we handle every step of the process to ensure a smooth experience. Therefore, don’t let debt take over your life; contact our Brookline Chapter 13 attorneys today to discuss your options and take the first step toward financial freedom.