Seeking an Experienced Bankruptcy Attorney in Springfield, Massachusetts?
Life can present unexpected challenges. From job loss, the death of a loved one, a catastrophic injury or illness, to other massive setbacks, certain circumstances can take a significant financial toll. Despite your best efforts to become and remain affluent and financially stable, you’ve reached financial instability and made the decision to file for bankruptcy.
Once you’ve decided to file for bankruptcy, you may feel nervous, confused, disillusioned and even hopeless. After all, the word “bankruptcy” has a negative connotation. Images of poverty and struggle may surface. So, what do you do? Where do you turn? How can you rebuild your finances to become the financially sound individual you once were?
Although no one ever plans to file bankruptcy in life, you can become a financially independent and even prosperous individual despite filing for bankruptcy. Bankruptcy is a federal and legal process that allows individuals and companies a “fresh” start from uncontrollable debt. As an individual, you declare that you are not able to meet your financial obligations and based on your financial burden, you may file for bankruptcy in one of two ways.
So, if you’ve decided to take the positive steps to dissolve your overwhelming and accumulated debt, it’s time to turn to a law firm that has the bankruptcy experience and tenacity to represent you with your bankruptcy case. It’s time to call the Law Offices of Hare, Stamm & Harris, LLC. Proudly serving clients in Springfield, Massachusetts, we have a keen understanding of the Bankruptcy Code and will treat you with the respect you deserve as you take propelled action to reorganize your finances and/or your company.
What is Bankruptcy?
While bankruptcy is a generalized name given for the legal and federal court procedure that helps individuals and companies dissolve debts, there are several types of bankruptcy filings that exist.
According to the United States Courts’ website: “Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity.” The site also adds: “All bankruptcy cases are handled in federal courts under rules outlined in the U.S. Bankruptcy Code.”
The US Courts website further defines the various types of bankruptcy: “Individuals may file Chapter 7 or Chapter 13 bankruptcy, depending on the specifics of their situation. Municipalities—cities, towns, villages, taxing districts, municipal utilities, and school districts may file under Chapter 9 to reorganize. Businesses may file bankruptcy under Chapter 7 to liquidate or Chapter 11 to reorganize.” Chapter 12 bankruptcy filing is designed for families and fishermen, while “Bankruptcy filings that involve parties from more than one country are filed under Chapter 15.”
Bankruptcy in Massachusetts
The United States Bankruptcy Court, District of Massachusetts defines bankruptcy as: “…a set of federal laws and rules that can help individuals and businesses who owe more debt than they can pay. In bankruptcy, the person, corporation, or partnership that owes money is called the debtor. Bankruptcy permits the debtor to work out a plan to repay some or all of the debt, to liquidate assets, or to have some of the debt forgiven (‘discharged’) in an effort to obtain a ‘fresh start.’”
The United States Bankruptcy Court further adds that the Bankruptcy Code, created in 1979, “[helps] businesses or persons in financial difficulty in the form of bankruptcy chapters. Chapter 7, 11 and 13 bankruptcies are the most commonly filed chapters. The Bankruptcy Code is available at legal libraries.”
Understanding Your Springfield, Massachusetts Bankruptcy Filing
Although filing for bankruptcy may appear as a dismal life decision to make, there are some benefits to filing for bankruptcy. For example, you may be able to erase debt obligations, end creditor’s pursuit of you and your money, and save your car, home and other personal assets by “wiping your financial slate clean” of debt.
Should I File Chapter 7 or Chapter 13 Bankruptcy?
Chapter 7 and Chapter 13 bankruptcy filings are different, but both are designed to help an individual regain a sound financial footing.
Chapter 7 bankruptcy is referred to as “liquidation bankruptcy.” This particular bankruptcy is the discharge and “wipe out” of unsecured debts. Unsecured debt includes credit card balances, personal loans and even medical bills. With a Chapter 7 bankruptcy filing, provisions will be implemented, allowing you to retain your car, home and even retirement savings, should they exist.
Chapter 13 bankruptcy may be referred to as “a wage earner’s plan.” It’s an organized and detailed arrangement that allows individuals to pay delinquent bills. Chapter 13 may also be beneficial for individuals facing debts reported to the IRS.
Why Choose the Law Offices of Hare, Stamm & Harris, LLC for Your Bankruptcy Case?
Let’s face it: filing for bankruptcy is not a pleasurable experience. Bankruptcy forces an individual to look at money differently and formulate a plan to obtain a sound financial future.
At the Law Offices of Hare, Stamm & Harris, LLC, you can be assured that your bankruptcy case and filing will be in the hands of knowledgeable and capable attorneys, who will never pass or execute judgment upon you. Instead, we will counsel you and empower you to take control of your finances, to regain financial strength and stability.
Feel confident again and contact the Law Offices Of Hare, Stamm & Harris, LLC. With one call to this competent team of trusted Springfield, Massachusetts bankruptcy attorneys, you’re one step closer to financial freedom. So, contact the Law Offices of Hare, Stamm & Harris, LLC for your bankruptcy filing and end your financial nightmare today!