Outstanding Expertise for Bankruptcy Matters
Castel & Hall, LLP. is proud to be at the forefront of helping multitudes of clients and families as well as businesses a like to restructure their finances through the various numerous instruments, be it either forms of Bankruptcy or general debt restructuring. Our team brings cutting edge solutions in debt restructuring, horned over several years of experience.
You can read on about some rudimentary information on the different forms of bankruptcy below. Don’t let your debts be a hindrance to your economic progress; wake up and know your rights especially when in Boston. Certainly, chapters 7 and 13 will help you to get relieved of your debt depending on your income status. Take advantage of the two chapters to change your situation.
Our Commitment to Zealous and Ethical Practice
Castel and Hall, LLP bring a great deal of zeal to each of our clients and any matters on which we are instructed, without compromising rules of ethics and canons of practice. After many years serving numerous clients, we have come to appreciate that no two matters or clients are the same. We understand that each single matter we handle, is representative of a myriad clients’ and people’s rights that depend on us to zealously fighting for your right, to the very end. Let us take it from here, click to schedule an appointment with Castel & Hall, LLP. A member of our team should reach out to you, momentarily.
Our capabilities in terms of working with Bankruptcy law matters:
- Chapter 7 filling
- chapter 13 filling
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is also known as a “fresh start” for those individuals who are overwhelmed with settling their debt. The debt could be in the form of credit card debt, personal loans, and medical bills among others. That is why you need to partner with a good lawyer so you may enjoy some privileges when you file chapter 7 on matters concerning bankruptcy.
The importance of joining hands with a good bankruptcy law firm when filing chapter 7
- Have a fresh start for your future financial plans
- Stop collection efforts as well as wage garnishment
- Relieved of your debts within the three months of filing
- Protection against your personal property
When you file chapter 7 bankruptcies as a resident of Boston; you will immediately get protection against collection efforts and also wage garnishment. Also, your personal debt is literally clean in three months after filing. But for you to qualify for chapter 7 bankruptcy when in New York; and it is mandatory that you have to pass the means test besides attending credit counseling sessions.
In most cases, chapter 7 requires you (a debtor) to liquidate your assets and pay back your debtors as much as you can before the remaining debt clears completely. However, there are some exceptions to that agreement and that is the reason you need to look for an experienced bankruptcy lawyer in Boston to get relieved of the burden of paying your debts while still keeping your valuable assets or property in general. That brings the question of what chapter 7 bankruptcy is, in this context.
What is the meaning of chapter 7 bankruptcy?
This is some type of debt relief aimed at helping you get a fresh start through the discharge of your overwhelming debt. Mostly, this chapter is referred to as “liquidation” bankruptcy due to the fact that some of your assets might be liquidated to settle your creditors. At some point, the chapter may be referred to as “fresh start bankruptcy” when a good portion of your debt is cleared without necessarily liquidating your assets.
When should you file bankruptcy?
If you find out that you are not able to pay your debts, it is prudent that you file chapter 7 bankruptcy, especially when staying in Boston. Once you have filed for bankruptcy, you stand a better chance of starting all over again provided that all your debts, whether personal or other types, are fully settled. In fact, this chapter will protect you against any form of harassment from your debtors or collection agencies, having your income garnished or at some point when you are subjected to judgment regarding your debts.
Why should you file chapter 7 bankruptcy in Boston?
- To be free of your overwhelming debts
- Relieved of personal loans, credit card debt and medical bills
- To protect you against wage garnishment or collection efforts
- Discharged your debts within three months
- Exempt your property from any legal situation
- To make you have a good credit score as well as be eligible for loans in the future
Is it really a bad idea to file Bankruptcy?
It is not a bad idea to file for bankruptcy in the first place. Protection against bankruptcy is a noble step towards stabilization of an economy and the overall well-being of the hardworking citizens who unfortunately find themselves in a situation where they cannot pay their debts. In this case, it is advisable to consider filing chapter 7 bankruptcy to help you have a new start with your finances.
On the contrary, there is some sort of stigmatization against those declared bankruptcy. As such, many people shy away from seeking a good bankruptcy lawyer for the fear of what others will think of them. This fear comes about from speculations against those affected which include myths and false information from unreliable sources. But you can rise above the occasion and file chapter 7 bankruptcy as the only reasonable way to solve your prevailing financial problems without caring what skeptics might say about you.
Even though it might not be necessarily the best option; filing for chapter 7 should be out of the question when you cannot pay your debts as agreed with your debtors. That is the main reason you need to hire an experienced bankruptcy attorney to guide you accordingly through the due process of having your debts or loans nullified to safeguard not only your livelihood but your future financial dealings.
Chapter 13 bankruptcy
It is commonly referred to as “reorganization bankruptcy” that aims at alleviating the debt situation of the married couples or individuals who are unable to pay their debts. In this case, those overwhelmed with paying the debt earn too much money to be considered for chapter 7 bankruptcy.
The importance of joining hand with a good bankruptcy lawyer regarding chapter 13
- Prevents wage or income garnishment, collection efforts and foreclosure
- Reduction of the total amount of your debt
- Keeps your assets
- Negotiates an interest-free repayment plan
In case, you are unable to clear your mortgage (if you are in Boston), hiring a bankruptcy lawyer could be a better idea. With chapter 13 bankruptcy, the law allows you to repay a certain percentage of your debt without any interest under the repayment plan that covers between three and five years. At the expiry date, the rest of the debt is discharge normally, but with a few exceptions including the student loans.
What is the meaning of chapter 13 bankruptcy?
This is a type of debt relief that targets those individuals who are behind their schedule of paying their debts such as a mortgage.
Unlike in the chapter 7 bankruptcy case scenario, chapter 13 bankruptcy takes the initiative of reorganizing an individual’s debt with a better repayment plan which extends from 3 years to 5 years. Afterward, the debtors receive the discharge of all debts to make them retain their assets.
Do you need to file for bankruptcy?
If you have a regular income but still cannot repay your debts in time, filing for chapter 13 bankruptcy is the only option you have. You can always book for a free consultation by reaching out to Ari F. Castel, a very renowned and respected Boston MA bankruptcy lawyer; with many years of experience in the legal matter regarding filing for chapter 13 or chapter 7 bankruptcy.
What are the benefits of filing for chapter 13 bankruptcy?
- It protects your home against foreclosure
- Prevents repossessions of your assets
- Prevents the accruing of interest on your tax debt
- Can petition the court for the loan mortgage modification
- Strips you of the second mortgage
- Elimination of the unsecured loans
- Protects your guarantors against collection efforts
- Reduction of payment and the amount of your debt
What is the repayment plan with chapter 13 bankruptcy?
At the time of filing for Chapter 13, it requires you to give out the repayment plan for approval by the court. This means that you will have to seek an attorney’s help; from Boston to overseer the approval of your repayment plan in your favor. The plan should indicate all the scheduled payments which you need to pay to the court trustee directly. In return, the court trustee will supposedly distribute the payment to various creditors accordingly.
How much is the cost of filing for bankruptcy in Boston?
The cost of filing for bankruptcy in Boston depends on filing fees, court fees, fees for obtaining all relevant information; and the presentation fee for the bankruptcy lawyer.
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