100 Cummings Center
Suite 327g
Beverly, MA 01915
Call Us Now For A Personalized Case Evaluation
100 Cummings Center
Suite 327g
Beverly, MA 01915
Call Us Now For A Personalized Case Evaluation
Call Us Now For A Personalized Case Evaluation
Many people assume that filing for bankruptcy is a financial death sentence—that it’s something to be avoided at all costs, and which can only be undertaken at great peril to a person’s financial wellbeing. Many people believe that when you file for bankruptcy, you lose everything you own, as well as any future financial prospects.
Thankfully, those people are wrong. Bankruptcy gets a bad rap, but the fact of the matter is, it is nothing like the life-ruining disaster or shameful failure that lots of folks tend to make it out to be. Moreover, while it is possible to lose certain higher-value assets in a bankruptcy, many people are able to go through bankruptcy without losing any assets at all.
Bankruptcy a financial tool that is designed especially for people who have accumulated an unmanageable amount of debt and need a financial fresh start. As anyone who has lived through the past few years in the U.S. can tell you, there are many, many reasons why someone might find themselves with unmanageable debt, often through no fault of their own.
Most Americans live paycheck-to-paycheck, which means that one big unforeseen expense is enough to throw many American families into the red. Once that happens, it can be very difficult to get out from under your debt, as it snowballs with interest and fees and other impediments to financial solvency.
If you are considering filing for bankruptcy in Beverly, MA, you are not alone. Over 1.5 million people in the US file for bankruptcy every year.
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There are several types of bankruptcy out there, including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
Chapter 7 Bankruptcy: Sometimes known as “liquidation bankruptcy”, Chapter 7 Bankruptcy the most common type. It is most often used by individuals and is means-tested (i.e., your income must be at or less than the average income in MA for a household of a similar size to qualify). When you file for Chapter 7, all of your unsecured debts (debts that aren’t secured with collateral) will be discharged, meaning you will no longer be responsible for paying them. All non-exempt assets and properties will be liquidated to repay creditors (though many filers have all of their assets and properties exempted).
Chapter 13 Bankruptcy: This type of bankruptcy is most often used by small businesses and individuals who do not qualify for Chapter 7. Filing for Chapter 13 bankruptcy allows debtors to set up a payment plan to pay off all or part of their debt from their future income over the course of around 3-5 years.
Chapter 11 Bankruptcy: Sometimes called “reorganization bankruptcy”, Chapter 11 bankruptcy is the most complex and often the most expensive form of bankruptcy. It is used by businesses to reorganize their debts, obligations, business affairs, and assets so that they can stay in business while repaying its creditors.
Chapter 12 Bankruptcy: Chapter 12 bankruptcy is designed specifically for family farmers or fisherman with regular annual income. It allows them to propose and carry out a repayment plan for some or all of their debt, usually over the course of 3-5 years.
Call Us Now For A Personalized Case Evaluation(978) 355-1177
Attorney Levine is a knowledgeable, well-versed bankruptcy attorney with many years of practice experience in bankruptcy law. Based in Beverly, MA, Attorney Levine is closely familiar with Massachusetts bankruptcy law as well as federal bankruptcy law. He has acted as counsel to a number of large corporations as well as many small businesses and individuals, helping each of his clients get a financial fresh start under the most favorable possible circumstances.
Attorney Levine has the emotional as well as intellectual intelligence to guide his clients through tough financial times, which can be taxing on many levels. He is here to help and to advocate on your behalf, and can do so both efficiently and effectively. He prides himself on offering personalized, one-on-one service, and on giving each client the attention they deserve in order to get them back on the road to financial freedom.
Are you or a loved one struggling with unmanageable debt? Are you considering bankruptcy? If so, you don’t have to do it alone. Beverly, MA bankruptcy attorney Barry Levine is here to help. Reach out today for a free consultation on your case.
Call Us Now For A Personalized Case Evaluation(978) 355-1177