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Bankruptcy Is Not The End. Bankruptcy Is A New Beginning.

One of the primary purposes of bankruptcy is to give an honest individual debtor a “fresh start.” A bankruptcy case can stop a foreclosure sale and provide a way to pay off monies you are behind on your mortgage over time when a loan modification is not available. After a successful bankruptcy, the debtor has no liability for discharged debts. Bankruptcy has many benefits, but also may have disadvantages depending on your individual circumstances. I can answer all your questions as to whether bankruptcy is a good choice for you and whether you are eligible to file a Chapter 7 or a Chapter 13 case.

Chapter 7

A Chapter 7 case provides relief to debtors who have income less than the applicable state median income and regardless of the amount of debt owed. Certain laws protect your home and other assets under what are called exemptions. At the start of a Chapter 7 case, a Chapter 7 Trustee is appointed to administer your case and if there are non-exempt assets, he or she will convert those assets into cash for distribution among your creditors. Although partnerships and corporations may file for protection under Chapter 7 to shut down and liquidate, a business entity is not entitled to exemptions and at the conclusion of its Chapter 7 case, the business entity ceases to exist.

Chapter 13

A Chapter 13 case enables individuals with regular income to propose a plan to pay all or part of their debts under the protection of the bankruptcy court. Under this chapter, the debtor proposes a Plan in which payments are made in monthly installments to a Chapter 13 Trustee who then pays your creditors over three-to-five-year period. The length of the Plan depends on the debtor’s current monthly income. A big advantage is a Chapter 13 case can save your home when you have fallen behind on your mortgage and you are not eligible for a loan modification.

There Is No Cost To Speak With A Lawyer

Jenny Proulx is an experienced bankruptcy attorney who cares about her clients. Find out how she may be able to help you get out of debt. Call 617-335-8145 or 603-731-3965, or email the firm today. She serves clients in New Hampshire counties such as Merrimack, Hillsborough, Cheshire and Rockingham, as well as Worcester County and Boston, Massachusetts.

This is a debt relief agency. The attorney helps people file for bankruptcy relief under the Bankruptcy Code.