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BANKRUPTCY LAW

 

Donna M. Quinn, Esq., a Metrowest Bankruptcy Attorney, provides clients with
informed and accurate assessments and advice of the potential bankruptcy petition filing.

Bankruptcy is a process created by Federal law that provides relief for debtors by eliminating their debts or restructuring these debts through a repayment plan.

Chapter 7 “liquidation” is the procedure by which debtors liquidate many of their assets to satisfy  creditors and discharge their debts.  Chapter 13 “reorganization” is the procedure by which  debtors structure a repayment plan with the bankruptcy court to satisfy the creditors.

Attorney Quinn, a Metrowest Bankruptcy Lawyer, will work with you to develop a plan once a decision has been made about which type of bankruptcy is the most advantageous for your individual circumstances.

 

CHAPTER 7 BANKRUPTCY

 

A Chapter 7 bankruptcy petition asks the bankruptcy court to declare your inability to repay certain debts.  Once the bankruptcy court approves a Chapter 7 bankruptcy petition, the court will eliminate repayment obligations for all eligible debt.  In order to be eligible for a Chapter 7 bankruptcy, you must pass a means test.  We will work with you to determine whether you are eligible for a Chapter 7 bankruptcy petition.  A Chapter 7 bankruptcy petition is the most common form of bankruptcy and commonly known as a liquidation allowing the debtor to start fresh.

A bankruptcy trustee is appointed in a Chapter 7 bankruptcy.  The trustee collects all the non - exempt assets and distributes the proceeds to the creditors.  A debtor may also sign a reaffirmation agreement to continue paying for a vehicle loan or home mortgage.  There are also exemptions, state and federal that will allow you to retain certain amounts of personal property. The bankruptcy code does permit debtors to retain some assets or property (exempt property).

A debtor may or may not be permitted to keep his home depending on the amount of equity in the home and the applicable homestead exemption law in the State of Massachusetts.  Not all debts can be discharged but most credit card debts, medical bills, unsecured personal loans and other consumer debt can be eliminated in a Chapter 7 bankruptcy filing.


CHAPTER 13 BANKRUPTCY

 

  A Chapter 13 bankruptcy petition proposes a debt settlement plan that allows the debtor to retain all of their property while the court approves a plan for repayment of the debts.

The United States Bankruptcy Code gives the debtor a five year window within which the creditors must be paid back.  A Chapter 13 Bankruptcy allows you to consolidate your past due debt into a manageable and court supervised repayment plan.  The creditors are not permitted to collect any claims from the debtor and must adhere to the repayment plan approved by the bankruptcy court.

Although both types of bankruptcy can be reported legally by the credit bureaus for 10 years from the date of filing, most major credit bureaus will remove a Chapter 13 bankruptcy filing after 7 years from the date of filing.

 

BANKRUPTCY CHECKLIST

 

LIST FOR YOUR INITIAL CONSULTATION –

 

  • Income - All income:  paystubs, unemployment, disability, social security, alimony/child support, bonuses, commissions, rental income, retirement and/ or pension income for last seven (7) months.  If you have your own business please provide a monthly profit and loss statement
  • Taxes - Last two (2) years of federal and state tax returns
  • Bank Statements - Last six (6) months bank statements for all bank accounts, certificates of deposit, etc.
  • Retirement Plans - Most recent statement of current value of Pension, 401K, IRA, Keogh, or other retirement plan
  • Credit Report - Recent copy of your Credit Report. This will assist our office in obtaining accurate creditor names, addresses, account numbers, balances, judgements, liens, overlooked debts, forgeries, mistakes, and cosignors
  • Life Insurance - Recent statement of cash value
  • Vehicle - Documents showing ownership, lease or finance, and payoff statements or other proof of payoff balance
  • Household Expenses - All account statements, mortgage, rent, taxes on property, utility bills, medical/dental, transportation /auto loans, insurance ( homeowner, rental, life, health, auto) child support, alimony, entertainment, charitable contributions, pet care, food, clothing, laundry/dry cleaning and any other monthly expenses you pay.
  • Account Statements – Statements for all debts including credit cards, medical bills, personal loans, auto loans and any other loan expenses you pay.
  • Real Estate - Deeds, tax assessment, loan payoff, proof of current value (appraisal,  brokers price opinion or FMV letter) and any foreclosure notices.

  • Identification - Official photo Identification and Social Security Card
  • Guaranties and Notes - Copies of documents signed as a principal, endorser or co-maker

  • Prior Bankruptcies - Discharge order & schedules if within last eight (8) years

Please bring these items with you to your initial free consultation with Attorney Donna M. Quinn, an experienced Bankruptcy Lawyer.  Please note that by forwarding the bankruptcy checklist to this office, we do not represent you and are not permitted to file a petition with the U.S Bankruptcy Court until a formal retainer agreement is signed along with payment of any legal fees and bankruptcy costs associated with your case.

Contact Attorney Donna M. Quinn, an experienced Bankruptcy Attorney, for a confidential consultation regarding your legal matter.

Massachusetts Real Estate Law
Federal Massachusetts Taxation
Estate Planning Wills Trusts
Massachusetts Corporations LLCS
Massachusetts Bankruptcy Law
Law Offices of Donna M. Quinn, P.C.
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