Services

Law Office of William E. Campbell

Massachusetts Bankruptcy Lawyer; Chapter 7, 13, and 11

Services

The Edison
85 Exchange St., Suite 201
Lynn, MA 01901
781 599 9400

campbell@
Bankruptcy
Lawyer
MA
.com

Commonwealth of Massachusetts

Bankruptcy Basics:

Bankruptcy is goverened by the Federal Rules of Bankruptcy Procedure along with Local Rules for the District of Massachusetts.

The fundamental goal of bankruptcy is to give debtors a financial "fresh start."

There are six types of bankruptcy cases: 7, 9, 11, 12, 13, and 15.

The Law Office of Wm. E. Campbell specializes in three of the six:
Chapter 7
"Liquidation Bankruptcy" or "No Asset Case" contemplates [mostly individuals] the debtor[s] receives a discharge that releases he, she, or joint [married couple] from personal liability for certain dsichargagle debts. The debtor usually receives a discharge only a few months after the voluntary petition is filed.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 [BAPCPA] requires the debtor to pass a "means test" to qualify for relief under this chapter and if the debtor's income exceeds certain amounts, the debtor may not be elegible as well.

Chapter 11
"Small Business" reorganization is for individuals as well with debts in excess of 1 million dollars. The debtor usually has 120 days to prepare and file a plan of reorganization and provide creditors with a disclosure state containing information sufficient for creditors to evaluate the plan of reorganization. see Chapter 11 for additional information.

Chapter 13
In my law practice the Chapter 13 is mostly used to help debtor's stop foreclosure on their homes.
"Reorganization" for individuals with a regular source of income. It enables a debtor to keep valuable assets such as their residence or maybe income property or automobile. The Chapter 13 plan allows the debtor to cure the arrearages over a 3 to 5 year period of time. It also permits the discharge of all or a portion of most unsecured debts.
The debtor is protected is protected from lawsuits, garnishments, and other creditor actions while a bankruptcy is in effect; true for all types.

Law Office of Wm. E. Campbel
The Edison
85 Exchange St., Suite 201
Lynn, MA 01901
781 599 9400

campbell@BankruptcyLawyerMA.com

Experience you can trust