Newton Bankruptcy Lawyer
Do you want someone local in Newton, Massachusetts?
Our Newton Bankruptcy lawyers know how stressful debt could be. At the Law Offices of Zorrilla & Silvestrini, we are here to help. We can work with you to reduce the stress caused by your financial situation. When you call our office and when you work with us, we pride ourselves in our personal assistance, (you will speak to one of our Newton, Massachusetts bankruptcy lawyers, not an assistant), as well as how knowledgable and professional our Newton, Massachusetts bankruptcy lawyers are. Our lawyers have a wide range of legal experience and have over 30 years of combined experience practicing law in Massachusetts, New York, Florida and Connecticut. We are here to help you through this tough time and to decide whether Bankruptcy is the right option for you. For your connivence our Newton, Massachusetts bankruptcy lawyers work around your schedule, and we have evening as well as weekend free consultations to better assist you.
Having Bankruptcy Lawyers in Newton, Massachusetts, allows us to better serve our community. We know how close knit Newton is. If you live in Newton Centre, Newton Highlands, Newton Corner, Newton Upper Falls, Newton Lower Falls, Newtonville, Thompsonville, Auburndale, Nonantum, Oak Hill, Chestnut Hill, Waban or West Newton, our bankruptcy lawyers can help you with your bankruptcy questions. For those of you who worry about privacy, instead of an in person meeting many our clients prefer the convenience of a conference call or video chat in order to discuss your case.
Our Newton, Massachusetts bankruptcy lawyers will speak with you directly and personally, to assess whether bankruptcy is right for you. During our free initial consultation, we will get to know you and your financial background (debts, assets, income, etc.) We will then discuss non-bankruptcy options and programs if applicable, and then we will get to talk about the bankruptcy options. We will discuss whether you’re eligible to file for relief under Chapter 7, Chapter 11 or Chapter 13 of the bankruptcy code. More importantly, because Bankruptcy is a serious process, we will discuss the implications that filing for bankruptcy can have for you, your family, or your business.
Our Newton, Bankruptcy Lawyers will go into more detail about which bankruptcy chapter might be better for your needs. A lot of people in Newton, Massachussets and in other areas decide to file for Chapter 7 bankruptcy protection. This chapter is the most common type of bankruptcy proceeding. If approved, the bankruptcy court grants a relief called a “discharge” which in many cases means that all your debts are relieved or cancelled. This means that creditors cannot come after you any more once you get the discharge. During the bankruptcy proceeding your income and nonexempt assets are taken by the court to reimburse some of your creditors for the debt you owed. A lot of people when they file for Chapter 7, they may be able to keep a lot of their assets, such as their home or their cars or even retirement accounts, if they are considered exempt. Chapter 7 Bankruptcy is less expensive than other bankruptcy filings and it has a shorter timetable in many cases. That is one of the reasons it is favored by many people that have problems with debt. Call our Newton, Bankruptcy lawyers today to discuss whether Chapter 7 is the right relief for you.
Due to the Bankruptcy laws in Massachusetts, there are a variety of different assets that can be exempted by a Newton, Massachusetts resident when filing for bankruptcy. In some instances exemptions include: a person's home, retirement benefits, if properly designated, as well as their cars and personal belongings, like jewelry, art or gifts, up to a certain amount. Of course, our Newton Bankruptcy lawyers will go through the details with you to analyze which exemptions can be utilized.
Other people, which might have steadier income and more assets choose to file for Chapter 13 bankruptcy. The process and outcome for a Chapter 13 bankruptcy are different than in other chapters. Under a Chapter 13 bankruptcy the debtor chooses to reorganize their finances instead of choosing a direct discharge. Chapter 13 allows for a repayment plan to take effect. The plan can be for 3 to 5 years and it is based on the debtors’ income and the size of their family household. During a Chapter 13 bankruptcy, the court takes the debtor’s disposable income and applies it to the debts incurred in order to come up with a payment plan. To qualify you for Chapter 13 Bankruptcy, our Newton bankruptcy lawyers will analyze your income to see if you meet the federal income thresholds as well as gauge any possible objections by the debtors.
People favor Chapter 13 bankruptcy over others because, if approved, and the payment plan is fully paid, the remaining debts (debts that remain after the payment plan) can be discharged; therefore, relieving the debtor of paying the remaining amount of debt, while keeping the exempt assets.
In comparing the two most popular forms of bankruptcy, we see that under a Chapter 13 bankruptcy you have to pay some of the “unsecured creditors” back (credit cards and wireless carriers). Secured creditors usually will have to be paid in full or risk loosing the asset that secures them. In some cases this is seen as a disadvantage. Another perceived disadvantage of filing for Chapter 13 is that you cannot miss payments on the agreed upon plan. Missing payments will risk loosing all the protection under the Bankruptcy laws as well as loosing access to subsequent filings later on.
The benefits and risks involved in filing for Bankruptcy are something that we discuss at length with our clients. It is very important to be forthcoming with our Bankruptcy lawyers in order to make sure that you don’t suffer adverse consequences later on. Start taking control of your finances by contacting our Newton Bankruptcy lawyers. We would love to have a call or videoconference to see if we can help. Give us a call or write to us today to setup a Free Consultation.