Boston Bankruptcy Attorney, Massachusetts Bankruptcy Lawyer

SERVING ALL OF
MASSACHUSETTS

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TELEPHONE:
617-407-2728
781-599-4011

BANKRUPTCY RELIEF:

  GET A FRESH START
  STOP HARRASSING PHONE CALLS
  OBTAIN PEACE OF MIND
  WE CAN SHOW YOU HOW TO START REBUILDING CREDIT
  LET AN EXPERIENCED BANKRUPTCY ATTORNEY HELP YOU THROUGH THIS
  DIFFICULT PROCESS

CALL FOR A FREE TELEPHONE CONSULTATION TO DISCUSS ANY QUESTIONS
YOU MAY HAVE. THERE IS NO NEED TO CONSTANTLY WORRY ABOUT YOUR
DEBT.

REASONABLE FEES

PURPOSES AND BENEFITS OF BANKRUPTCY

The United States Constitution provides a method whereby individuals, burdened by
excessive debt, can obtain a fresh financial start and pursue newly productive lives
unimpaired by past financial problems. It is an important alternative for persons mired
deep in financial difficulty.

The federal bankruptcy laws were enacted to provide debtors with a fresh start and to
establish a ranking and equity among all the creditors who are clamoring for the debtor's
limited resources.

Bankruptcy helps people avoid the kind of permanent discouragement that can prevent
them from ever reestablishing themselves as hard-working members of society. Also,
creditors are ranked so that the debtor's nonexempt property can be fairly distributed
according to established rules guaranteeing identical treatment to all creditors of the
same rank.

This discussion is intended only as a brief overview of the types of bankruptcy filings and
of
what a bankruptcy filing can and cannot do. Anyone considering this course of action is
encouraged to seek the advice and assistance of an attorney specializing in bankruptcy
law.

      What are the Different Types of Bankruptcy
The Bankruptcy Code is divided into chapters. The chapters which usually apply to
consumer debtors are chapter 7, known as a Liquidation, and chapter 13, known as an
Adjustment of the Debts of an Individual with Regular Income.

An important feature applicable to all types of bankruptcy filings is the automatic stay.
The automatic stay means that the mere request for bankruptcy protection automatically
"stays" or forces an abrupt halt to repossessions, foreclosures, evictions, garnishments,
attachments, utility shut-offs, and debt collection harassment. It offers debtors a breathing
spell by giving the debtor and the trustee assigned to the case time to review the situation
and develop an appropriate plan. Creditors cannot take any further action against the
debtor or the property without permission from the bankruptcy court.

Chapter 7
In a chapter 7, or liquidation case, the bankruptcy court appoints a trustee to examine the
debtor's assets and divide them into exempt and nonexempt property. Exempt property is
limited to a certain amount of equity in the debtor's residence, motor vehicle, household
goods, life insurance, health aids, specified future earnings such as social security
benefits and alimony, and certain other personal property. The trustee may then sell the
nonexempt property and distribute the proceeds among the unsecured creditors. Although
a liquidation case can rarely help with secured debt (the secured creditor still has the right
to repossess the collateral), the debtor will be discharged from the legal obligation to pay
unsecured debts such as credit card debts, medical bills and utility arrearages. However,
certain types of unsecured debt are allowed special treatment and cannot be discharged.
These include some student loans, alimony, child support, criminal fines, and some taxes.

Chapter 13
In a chapter 13 case, the debtor puts forward a plan, following the rules set forth in the
bankruptcy laws, to repay all creditors over a period of time, usually from future income. A
chapter 13 case may be advantageous in that the debtor is allowed to get caught up on
mortgages or car loans without the threat of foreclosure or repossession and is allowed
to keep both exempt and nonexempt property. The debtor's plan is a simple document
outlining to the bankruptcy court how the debtor proposes to pay current expenses while
paying off all the old debt balances. The debtor's property is protected from seizure from
creditors, including mortgage and other lien holders, as long as the proposed payments
are made. The plan generally requires monthly payments to the bankruptcy trustee over a
period of three to five years. Arrangements can be made to have these payments made
automatically through payroll deductions.

      What Bankruptcy Can and Cannot Do

Bankruptcy may make it possible for financially distressed individuals to:

1. Discharge liability for most or all of their debts and get a fresh start. When the debt is
discharged, the debtor has no further legal obligation to pay the debt.

2. Stop foreclosure actions on their home and allow them an opportunity to catch up on
missed payments.

3. Prevent repossession of a car or other property, or force the creditor to return property
even after it has been repossessed.

4. Stop wage garnishment and other debt collection harassment, and give the individual
some breathing room.

5. Restore or prevent termination of utility service.

6. Lower the monthly payments on debts, including secured debts such as car loans.

7. Allow debtors an opportunity to challenge the claims of certain creditors who have
committed fraud or who are otherwise seeking to collect more than they are legally
entitled to.

8. Bankruptcy, however, cannot cure every financial problem. It is usually not possible to:

A. Eliminate certain rights of secured creditors. Although a debtor can force secured
creditors to take payments over time in the bankruptcy process, a debtor generally cannot
keep the collateral unless the debtor continues to pay the debt.

B. Discharge types of debts singled out by the federal bankruptcy statutes for special
treatment, such as child support, alimony, some student loans, certain court ordered
payments, criminal fines, and some taxes.

C. Protect all cosigners on their debts. If relative or friend co-signed a loan which the
debtor discharged in bankruptcy, the cosigner may still be obligated to repay the loan.

D. Discharge debts that are incurred after bankruptcy has been filed.

Bankruptcy's Effect on Your Credit
By federal law, a bankruptcy can remain part of a debtor's credit history for 10 years.
Whether or not the debtor will be granted credit in the future is unpredictable. In some
cases it may actually be easier to obtain future credit, because new creditors may feel
that since the old obligationshave been discharged, they will be first in line. The also
recognize that the debtor cannot again file bankruptcy for at least the next eight years.

Debtors have the option after bankruptcy of voluntarily paying some creditors, such as a
doctor or hospital, with whom they wish to maintain credit. The payments are voluntary
and do not reaffirm the past obligation.

Boston, Massachusetts Bankruptcy Attorney helping clients burdened with debt. The emotional and physical toll brought about by the
  constant stress and worry over debt can be alleviated through the filing of a bankruptcy. Our Bankruptcy Lawyers can help you not only
  with the process but give you guidance in reestablishing your credit. You deserve a fresh start.

CONTACT US:
  781-599-4011
  617-407-2728

  JPK10000@yahoo.com

  Offices located in
   Boston, Essex and
   Middlesex County
   and throughout
   Massachusetts

Member of the:
  Massachusetts
  Bar Association

  Boston Bar
  Association

LAW OFFICES OF
ATTORNEY JOHN P. KEANE & ASSOCIATES

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ATTORNEY JOHN P KEANE
617-407-2728
781-599-4011