Massachusetts Bankruptcy Attorney

Types of Bankruptcy Cases We Handle in Massachusetts

Bankruptcy is the legal process that can help facilitate the elimination or repayment of debt. Typically, bankruptcy is the most common way that individuals and commercial businesses discharge short-term and long-term debt. The general outcome of bankruptcy puts many people in the best position to reestablish a good line of credit and rebuild a stable financial situation. Our firm handles two types of bankruptcy that can help businesses and individuals alike.

Chapter 7 Bankruptcy: Liquidation for Individuals and Businesses

Chapter 7 bankruptcy can be filed by both individuals and businesses but is most commonly filed by businesses. Chapter 7 bankruptcy is also known as liquidation and typically lasts anywhere from three months to six months in Massachusetts. After filing for Chapter 7 bankruptcy, banks can liquidate - or seize and sell -the property of the debtor to pay back monies owed to banks, lenders, or mortgage holders.

Chapter 11 Bankruptcy: Reorganizing Business Debts

Under this chapter, you – the "debtor in possession" of your business – will sit down with your creditors and work out a repayment plan. This includes determining how long you have to repay your debts before the remainder is discharged. Once your plan has been determined, you must bring it before the bankruptcy court to be entered. You will then continue to operate your business and make payments on your debt (according to the plan) until the repayment term is complete. Your remaining eligible business debts will then be discharged.

Chapter 13 Bankruptcy: Keeping Your Property While Paying Debts

Chapter 13 bankruptcy is the most common type of bankruptcy for American consumers. Individuals typically file for Chapter 13 bankruptcy, which allows consumers to keep their property while discharging some debts and paying back most debts in monthly payments over a specified span of time. Chapter 13 allows people to pay back all debts owed or partial amounts of debt.

Contact Us for Financial Relief Today!

We know that one of the greatest priorities in life is being able to live in a way that is without stress or worry. Shedding your debt through the process of bankruptcy could be the long-awaited answer that you have been searching for. If you are experiencing financial strain, your financial relief could only be a phone call away!

We cannot overemphasize the importance of discussing your bankruptcy matters with an experienced and knowledgeable attorney. We can help you determine whether filing for bankruptcy is the right choice for you. Because each person has different circumstances, it is crucial that every detail be examined by a legal professional.

Local Bankruptcy Solutions for Boston Residents and Surrounding Areas

Living in Boston or its surrounding areas like Cambridge, Somerville, and Quincy, you understand the unique financial challenges that can arise. Whether it's the high cost of living, unexpected medical expenses, or job loss, financial strain can hit hard. The Law Office of Glenn F. Russell, Jr. is here to help you navigate these tough times with tailored bankruptcy solutions.

We are well-versed in the local regulations and resources available to Boston residents. For instance, the Massachusetts Division of Banks and the Boston Office of Financial Empowerment offer valuable resources for those struggling with debt. While we don't partner directly with these entities, we can guide you on how to utilize their services effectively.

One common pain point for Boston residents is the high cost of housing. If you're facing foreclosure or struggling to keep up with mortgage payments, Chapter 13 bankruptcy might be a viable option to help you keep your home while reorganizing your debts. Similarly, small business owners in areas like the Seaport District or Back Bay can benefit from Chapter 11 bankruptcy to restructure their business debts and keep their operations running.

We understand the local economy and the specific financial pressures you face. Our goal is to provide you with the most effective bankruptcy solutions to help you regain financial stability. Whether you're in the heart of Boston or in nearby communities, we're here to support you every step of the way.

Don't let financial stress overwhelm you. Contact The Law Office of Glenn F. Russell, Jr. today to discuss your options and take the first step towards financial relief.