Debt Relief Lawyer
Massachusetts Bankruptcy Attorney: Michael Goldstein.
If you are overwhelmed by debt, facing collection lawsuits, wage garnishment, foreclosure, or simply trying to figure out whether bankruptcy is the right option, the first step is understanding which type of relief may fit your situation.
Attorney Michael Goldstein helps individuals and families throughout Massachusetts evaluate Chapter 7 and Chapter 13 bankruptcy, understand what property may be protected, and determine whether bankruptcy or another debt-relief strategy makes the most sense.
The right bankruptcy option depends on your income, assets, debts, arrears, and goals. Chapter 7 is generally used to discharge qualifying unsecured debt, while Chapter 13 allows individuals with regular income to reorganize debt through a court-approved repayment plan, usually over three to five years.
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How to evaluate your debt relief opportunities
What Bankruptcy Options Are Available in Massachusetts?
For most individuals, the two primary consumer bankruptcy options are Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy
Chapter 7 is a liquidation form of bankruptcy designed to discharge many qualifying debts without requiring a three- to five year repayment plan. Certain property may be protected through bankruptcy exemptions, while nonexempt property can potentially be administered by the Chapter 7 trustee.
Chapter 7 is often worth considering when you have substantial unsecured debt, limited disposable income, and property that can be protected through available exemptions.
Learn more: Chapter 7 Bankruptcy in Massachusetts
Chapter 13 Bankruptcy
Chapter 13 allows individuals with regular income to keep property while repaying debts through a court-approved plan that generally lasts three to five years. It can be particularly useful when you need time to catch up on a mortgage, vehicle loan, tax obligation, or other secured or priority debt.
Learn more: Chapter 13 Bankruptcy in Massachusetts
How Do I Know Whether Chapter 7 or Chapter 13 Is Better for Me?
The answer usually depends on what problem you are trying to solve. Chapter 7 may be a stronger option when your primary problem is unsecured debt such as credit cards, medical bills, or personal loans and you do not need a repayment plan to catch up on secured debt. Chapter 13 may be more appropriate when you need to stop a foreclosure, catch up on missed mortgage or vehicle payments, protect property that may be exposed in Chapter 7, or repay certain debts over time.
Speak With a Massachusetts Bankruptcy Attorney
Choose a convenient time to discuss your situation with Attorney Michael Goldstein.
Please do not include Social Security numbers, account numbers, or other sensitive financial information.
Bankruptcy BENEFITS
What Problems Can Bankruptcy Help With?
Bankruptcy can address more than credit-card debt. Depending on your situation, filing may help with:
- Credit cards and unsecured personal loans
- Medical bills
- Collection lawsuits
- Wage garnishment
- Foreclosure
- Vehicle repossession risk
- Certain older income-tax debts
- Some student-loan issues under limited circumstances
- Overwhelming creditor calls and collection activity
Filing a bankruptcy petition generally triggers the automatic stay, which stops most collection activity while the stay remains in effect. Creditors generally may not continue lawsuits, wage garnishments, or collection calls during that period, subject to statutory exceptions.
Can Bankruptcy Stop a Foreclosure in Massachusetts?
Chapter 13 can often stop an active foreclosure through the automatic stay and may allow a homeowner to catch up on mortgage arrears through the repayment plan while maintaining required ongoing payments.
Timing matters. If a foreclosure sale is approaching, waiting too long can significantly limit the available options.
Learn more: Can Chapter 13 Stop Foreclosure in Massachusetts?
Will I Lose My House, Car, Bank Account, or Retirement Savings?
Not necessarily.
Bankruptcy law allows debtors to protect certain property through exemptions, and Massachusetts law provides exemptions for categories including household property, certain cash, vehicles, and other assets. The protection available depends on the asset, its value, liens against it, and which exemption system applies.
These are some of the questions clients commonly ask before filing:
Can Bankruptcy Eliminate Tax Debt?
Sometimes.
Certain older income-tax debts may be dischargeable when specific filing and timing requirements are satisfied. Other tax debts may need to be paid through Chapter 13 or handled outside bankruptcy.
Tax debt is one of the areas where small differences in filing dates, assessment dates, and whether a return was timely filed can completely change the result.
Learn more: Can I Discharge Tax Debt in Bankruptcy?
What Happens After I File Bankruptcy?
Although each case is different, a consumer bankruptcy generally includes:
- Reviewing your debts, income, property, and recent financial activity.
- Completing required pre-bankruptcy credit counseling.
- Filing the petition, schedules, and supporting documents.
- Receiving the protection of the automatic stay.
- Attending the meeting of creditors, commonly called the 341 meeting.
- Completing the remaining requirements for discharge or, in Chapter 13, making payments under the confirmed plan.
A bankruptcy discharge releases an individual debtor from personal liability for qualifying debts and prevents creditors from continuing collection of discharged obligations. Some debts are not dischargeable, and valid liens may survive even when personal liability is discharged.
Learn more: What Happens at a Chapter 7 Meeting of Creditors?
Why Work With Attorney Michael Goldstein?
Michael Goldstein is a Massachusetts bankruptcy attorney who has represented individuals in Chapter 7 and Chapter 13 matters and has handled hundreds of bankruptcy cases over the course of his practice.
He works directly with clients to determine whether bankruptcy is appropriate, identify potential risks before filing, protect assets where legally available, and choose the chapter that best addresses the client’s financial situation.
The goal is not simply to file a case. It is to understand what the filing will accomplish before the petition is submitted.
Common Questions About Bankruptcy in Massachusetts
Will filing bankruptcy stop creditor calls?
In most cases, filing triggers the automatic stay, which generally stops creditors from continuing collection calls, lawsuits, and wage garnishments while the stay remains in effect.
How long does Chapter 7 take?
A typical Chapter 7 discharge is often entered relatively early in the case, generally 60 to 90 days after the first date set for the meeting of creditors when no objection or other complication delays the case.
Do I have to lose property to file bankruptcy?
No. Bankruptcy exemptions protect certain property, and many consumer cases are structured so that the debtor keeps the property that is protected by applicable exemptions. Whether any property is exposed depends on the facts of the individual case.
Can bankruptcy stop wage garnishment?
In many cases, yes. The automatic stay generally stops ongoing wage garnishment after the case is filed, subject to exceptions.
Should I file Chapter 7 or Chapter 13?
That depends on your income, property, debts, arrears, and what you need the bankruptcy to accomplish. Chapter 7 focuses primarily on discharging qualifying debt, while Chapter 13 uses a repayment plan and can be useful for catching up on secured obligations.
Speak With a Massachusetts Bankruptcy Attorney
If you are considering bankruptcy, the most useful first step is to determine what Chapter 7 or Chapter 13 would actually accomplish in your situation.
Attorney Michael Goldstein can review your debts, income, assets, collection activity, and financial goals and explain the available options before you decide whether to file.