The whole Chapter 7 Bankruptcy process takes about four to six months, costs $335 in filing and administrative fees, and commonly requires only one trip to the courthouse. Our fee is in addition to this and is determined on a case-by-case basis. An attorney will sit down with you at your free case evaluation, discuss your specific situation, and together we can come up with a fee that is reasonable.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy normally allows a person, or business, to eliminate debt in a quick and painless manner. It is the type of bankruptcy that grants the average American the ability to get a fresh start on their finances.
Commonly referred to as a "liquidation bankruptcy," Chapter 7 Bankruptcy is a federal court process that liquidates a consumer's debts. Although this type of Bankruptcy eliminates most consumer debt, it also gives consumers the ability to retain assets, such as real estate, retirement accounts, and even cash, through exemptions.
Chapter 13 Bankruptcy
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
Chapter 13 bankruptcy differs from Chapter 7 bankruptcy because it doesn’t involve the liquidating of a person’s assets to settle debts. Chapter 7 bankruptcy is reserved for those with low incomes and who wouldn’t be able to sustainably pay off their debts.
Are you having difficulty paying debt or meeting other financial obligations? If so, then you are likely having difficulty with your mortgage as well.
As an experienced local foreclosure defense attorney in Massachusetts, Chris Murray has assisted numerous homeowners facing foreclosure. We know that there are legitimate reasons that prevent you from making your payments. From job loss and divorce to personal illness and property depreciation, there are many reasons why housing becomes suddenly unaffordable. Schedule a consultation at our office to discuss your case.
Is Your Home Loan in Default?
Today’s unfortunate reality is that many homeowners can no longer afford to remain in their homes according to the existing terms of their mortgages. Often, property values have depreciated to less than the amount still owed to pay off the loan. There is still hope, however, and depending on your particular situation, you may benefit from a loan remodification, short sale, or deed in lieu of foreclosure.
You Cannot Get Clear Answers from Your Lender
You Risk Losing Your House
You Owe More on Your Loan than Your House Is Worth
Your Lender Has Issued a Notice of Foreclosure
Your Mortgage Payments Are Past Due
Your Monthly Payment Is Too High
Your Lender Is Not Properly Processing Your Modification Request
The Court Has Served You Papers