People often suffer financial setbacks at no fault of their own. It is not uncommon to have financial problems stemming from the loss of employment, individual or family medical issues, divorce, excessive student loan debt, foreclosure, back taxes or a failing business. Our legal system allows individuals and corporations to obtain a fresh start. Our nation’s founders included this idea in the United States Constitution. Article 1, Section 8 instructs Congress to “establish uniform laws on the subject of Bankruptcies throughout the United States.” If you feel overwhelmed by your debts and worry you may never be able to pay them off, you have the ability to seek a fresh start. It is part of our system. Contact our team to discuss your situation with a Boston bankruptcy lawyer.
Types of Bankruptcy
Bankruptcy permits consumers and businesses to eliminate their debts and repay their creditors in an orderly manner. Navigating the process can be complex but an experienced bankruptcy attorney in Boston can help. If you can prove that you are entitled to file for bankruptcy protection, the court will provide you or your business with various protections while your case is ongoing. Individual and small business bankruptcies tend to fall under two categories:
- Chapter 7 – Liquidation
- Chapters 11 and 13 – Reorganization and Repayment
Most individuals and businesses file under Chapter 7 and Chapter 13. Liquidation typically occurs in Chapter 7 bankruptcies. While Chapter 7 permits you to keep essential property and assets needed for living, some of your property may be sold to pay your debts. With a few specific exceptions, most of your debts will go away. This often occurs in three to six months after filing your bankruptcy. Chapter 13 permits you to reorganize your debts, and potentially keep more of your property, but requires a repayment plan that is likely to last between three and five years. During that time, you will repay some or all of your debts.
Chapter 7 Bankruptcy
Individuals and businesses are eligible to file under Chapter 7. Depending on the value and type of your assets, some of your property may be sold to repay your debts. In return, your unsecured debts go away. The term “unsecured debt” refers to debt that is not backed by collateral. The most common example is credit card debt. Mortgages are secured debt and will usually remain after your bankruptcy. Property required for everyday living is exempt or not subject to sale under this process. If you have property that is not fully exempt due to its value, you may need to repay a portion of the value to your creditors in order to keep the asset.
To be able to file under Chapter 7, you must show that you do not earn enough income after consideration of specific monthly expenses to repay your debts. This is referred to as the “Chapter 7 Means Test” or the “Means Test.” If you have questions, a dedicated team member could help you prove that you qualify under chapter 7.
Chapter 13 Bankruptcy
This is commonly referred to as the “wage earner” bankruptcy. Individuals with regular and reliable income may submit a proposed repayment plan to repay all or some of their debts over a time period of three or five years. Plans are based on income, and the amount and types of debts. Chapter 13 repayment plans allow for the payment of past due mortgages or car payments and back taxes to avoid foreclosure or repossession. A skilled legal representative could help pursue the Chapter 13 bankruptcy option.
Non-Dischargeable Debts (Debts that will remain after a Chapter 7 Bankruptcy)
Debts such as child support, alimony, student loans, certain back taxes, and other specific debts are not discharged in bankruptcy, and may be paid through a Chapter 13 repayment plan.
Other Resources
Contact a Boston Bankruptcy Attorney about Your Situation
If you need relief from debt and are out of options, a Boston bankruptcy lawyer could help you and your family get back on your feet. You deserve a compassionate team member to take charge of your case, and Geller Benjamin LLP is here to help. Call today to schedule your initial consultation.
DEBT RELIEF AGENCY – GELLER BENJAMIN, LLP IS A FEDERALLY RECOGNIZED DEBT RELIEF AGENCY THAT OFFERS LEGAL REPRESENTATION UNDER THE UNITED STATES BANKRUPTCY CODE.
Attorney Benjamin won my respect right from the introductory meeting and continues to deliver great solutions every step along the way. His acumen has earned my complete confidence in him.
One question is often asked when you divulge your divorce: “You have a good lawyer?”. I have a good lawyer.
Attorney Benjamin always returned an inquiry whether by phone or email, which I greatly appreciated. I was always informed every step of the way. Meeting in person was always friendly and informative. I highly recommend him.
James Benjamin was my attorney for a divorce that was long and complex.
He is professional, kind, and very good at explaining the different options and what he thinks is the right way to tackle something.
He helped me get through a very difficult situation and helped me to advocate for the best interest of my child. I found him to be honest and straightforward in figuring out what to do.
I can’t say enough good things about him and highly recommend him!
The firm was always available to address my concerns. My email and phone calls were replied to /answered promptly. They have my utmost recommendation. My case went smoothly and timely.
I had a complicated and acrimonious divorce that had been lingering in the courts for over 2 years. Within a few months of taking on my case, James was able to reach a settlement agreement. He was also the only attorney I dealt with, over the course of the case, who I felt truly understood how important it was for me to continue to be an active parent for my children, and also understood what this practically entailed for the settlement terms. I will be forever grateful for his considerate and professional management of my case.
Attorney Geller and the Geller Benjamin, LLP legal team helped me understand the requirements and procedures every step of the way during my immigration filings and wait times. Attorney Geller is responsive to questions and accessible for consultation throughout the petition process. I am very appreciative of the team’s legal services.
James handled the sale of a property for us. It was a difficult transaction but he kept us informed and continued to submit changes to the buyer as needed. He has also taken care of my family’s wills. He is very easy to work with and his follow through is impeccable.
Jacob is a very knowledgeable lawyer who is punctual and extremely responsive. Jacob expressed professionalism during my application process to become a U.S. citizen, keeping me informed and up to date every step of the way. Thank you so much Jacob for all of your hard work!
Attorney Benjamin comes highly recommended! He is knowledgeable in family law and relentless in his defense of your rights. He recently represented me in a child support matter and did so effectively. I will be seeking his services in other upcoming matters as well.
Jacob helped me during one of the most difficult time in my life. His understanding and dedication to my divorce helped to make it a little easier. He is also fluent in Spanish which was a big plus; do to my emotions every time I couldn’t explain myself he would talk to me in Spanish and that would make me smile and it would help me relax. Jacob is not only a great attorney but an excellent human being.
I was fortunate to find James. He recently helped me with complex family financial legal issues. He is very technically knowledgeable and(as the review below states): “he is impeccable in his follow through” – he never left me hanging without returning calls or getting things done and was very always supportive. I have been a CPA for over 35 years and have worked with many lawyers. He is unquestionably one of the most competent attorneys I have met, while, at the same time, also being the most responsive to his clients’ needs. I felt protected and understood.
I hired Jacob D. Geller to help me to remove the conditions of my Green Card, based on divorce (divorce after a good-faith marriage). Jacob was transparent, confident, and accessible through the entire process. At the end, I had the conditions removed, even without the need to go for the famous interview with an immigration officer, which saved me a lot of worries. I am deeply tankful for his professionalism and commitment with my case. I highly recommend Jacob D. Geller and his team to work on your case.
James Benjamin served as my mother’s divorce lawyer in Boston, MA. From the very start he presented us with various options on how to tackle it while always giving his guidance on what he felt was the best option for her, but still allowed her to make the final decisions.
My mom is extremely happy with the end results and would highly recommend his services to anyone. He always responded promptly whether by email, text, or phone call. He explained the situation and any terms, new vocabulary and even the possible outcomes of how the case could go. He dealt with everything so we would not have to and we are extremely appreciative of it!
I would like to send Jacob my sincerest and heartfelt gratitude and pray for his commitment and assistance towards my successful green card application. I would not have been able to achieve my complex goal of US legal permanent residency without Jacob’s help and expertise. It was only through his high competence level, expert knowledge of the field, seemingly tireless work days (and nights!), incredibly ardent attitude, and positive energy throughout the process moving forward that my wife and i were able to stand where we do now. I have nothing but high remarks and reviews for Jacob and his firm. Jacob all I can say is thank you and you’re the best at what you’re doing. I will recommend Jacob Geller a zilllion time for your immigration case. and he is a super nice Guy.🙏🙏🙏 Much respect mister Geller Jacob.
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