Debt Relief Options For New Bedford, MA Families
Sometimes in life, through no fault of their own, families in New Bedford, MA may find it impossible to pay their bills or to make full payments on their car, mortgage, or other loans. When this happens, our Chapter 13 or Chapter 7 bankruptcy attorneys are here to help.
For most families, especially when there has been a drop in income or long term unemployment, simply catching up on payments through a consumer debt relief program is not an option. In these cases, filing for bankruptcy can provide true debt relief and allow you to start over.
Qualifying for Chapter 7 Bankruptcy in New Bedford, MA
Chapter 7 bankruptcy attorneys at our offices in New Bedford, MA will meet with you and complete the calculations necessary to determine if you qualify for a Chapter 7 bankruptcy.
This is sometimes called a liquidation bankruptcy, which means that some, but not all, of your assets are sold by a bankruptcy trustee and creditors are paid off from the proceeds of those sales. At the end of this procedure, your bankruptcy will be discharged and your eligible debts eliminated in full.
What Else is Possible?
For those that have the ability to make payments to catch up, Chapter 13 bankruptcy, which is a planned repayment over 3 to 5 years, will be the option our attorneys will discuss with you.
Both options can allow you to keep your home, and even stop foreclosure, as well as eliminate second mortgages and other types of debt. A Chapter 13 bankruptcy allows you to retain all your assets; however, our attorneys can explain to you which option you qualify for based on your income and other factors.
Please give us a call.
New Bedford, MA 02740
Phone: (508) 991-3111