How Chapter 13 Bankruptcy Can Help Manage Debt by Massachusetts Bankruptcy Center

For some Massachusetts residents, Chapter 13 can be an alternative when Chapter 7 is not available due to applicable eligibility qualifications. Eligible debtors with regular income can avoid liquidation of assets by proposing a court-approved repayment plan to address qualifying debts over time. An experienced chapter 13 bankruptcy lawyer can tell you how these rules might apply to your circumstances. Chapter 13 plans usually last three to five years, but the length of the plan will depend on such things as income, expenses, property, and the kinds of debts involved. Some unsecured creditors may only get partial repayment, and some priority or secured obligations may be treated differently. How much you're paid is determined by the bankruptcy law, not some percentage that applies to everyone. In general , filing for bankruptcy automatically halts many collection efforts, lawsuits, wage garnishments, and foreclosure or repossession attempts ( with important exceptions ). This could mean that eligible homeowners could deal with qualifying mortgage arrears within their repayment plan. If you are concerned about losing your house you should speak with a foreclosure attorney who is familiar with bankruptcy who can help you explore your options. Massachusetts Bankruptcy Center helps residents with Chapter 13 and other potential debt relief options before making a major financial decision. A knowledgeable chapter 13 bankruptcy attorney can help you understand the process and what your responsibilities are.