Chapter 13 Bankruptcy Lawyer Hyannis

If you're struggling with debt but don't qualify for Chapter 7, Chapter 13 bankruptcy may be an option. Chapter 13 is a reorganization plan that consolidates your debts into a manageable repayment schedule. At Massachusetts Bankruptcy Center, our experienced Chapter 13 bankruptcy lawyers in Hyannis can determine your eligibility and walk you through the process. We will work to protect your rights and interests by negotiating with creditors on your behalf to help you regain financial stability.

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What is the Purpose of Chapter 13 Bankruptcy?

Chapter 13 bankruptcy lets people with regular incomes make a plan to pay back some or all of their debts over three to five years. Chapter 13 focuses on reorganization rather than liquidating non-exempt assets to pay creditors, as Chapter 7 does. This approach allows debtors to keep their property while making up missed payments.

The primary goals of Chapter 13 include:

Preventing Foreclosure: If you are behind on your mortgage payments, Chapter 13 can stop the foreclosure process. It allows you to repay the debts over time.
Protecting Assets: By creating a repayment plan that addresses past-due payments, debtors can keep valuable assets such as their home or car.
Consolidating Debts: Chapter 13 combines multiple debts into a single monthly payment, making the repayment process easier.
Reducing Financial Pressure: By reorganizing debts, Chapter 13 can make monthly obligations more manageable based on your income.

At Massachusetts Bankruptcy Center, we can help you decide whether Chapter 13 is the best option for your financial situation. Our Hyannis chapter 13 bankruptcy attorneys will help you develop a feasible repayment plan that is customized to your specific needs.

What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

Knowing the differences between Chapter 7 and Chapter 13 bankruptcy is important for picking the right way to get your finances back on track.

Chapter 7 Bankruptcy:

Liquidation Process: The liquidation process involves selling non-exempt assets to settle debts that aren’t secured.
Eligibility Requirements: To be eligible, debtors must show that they have limited disposable income by passing a means test.
Debt Discharge: Most unsecured debts are forgiven, which means they don’t have to be paid back.
Impact on Assets: Property that isn’t exempt could be sold, which could mean the loss of valuable assets.

Chapter 13 Bankruptcy:

Reorganization Plan: This plan focuses on making a repayment schedule that lasts three to five years. It lets debtors make up payments that they missed.
Eligibility Requirements: To be eligible, you must have a steady income and debts that don’t go over a certain amount.
Debt Repayment: People who have debts pay off some or all of them through the repayment plan.
Asset Protection: Debtors can keep their homes, cars, and other property as long as they follow the repayment plan.

Which one to choose depends on your income, assets, and financial goals, among other things. Our bankruptcy lawyers in Hyannis can give you personalized advice to help you make a smart choice.

What are the Benefits of Hyannis Chapter 13 Bankruptcy?

For those in Hyannis who need debt relief, Chapter 13 bankruptcy provides numerous benefits:

Asset Protection: One of the best things about Chapter 13 is that it lets you keep your assets. Chapter 13 lets you keep your home, car, and other valuable things while paying off your debts over time. Chapter 7 may require you to sell non-exempt property.

Debt Consolidation: Chapter 13 lets you combine your debts into a single monthly payment that you can handle. This makes your financial obligations easier to understand and may help you keep up with your payments.

Foreclosure Prevention: If you are about to lose your home to foreclosure, Chapter 13 can stop it and give you time to make up payment on your mortgage. This gives you a chance to save your home while you get your finances in order.

Credit Score Improvement: In the long run, finishing a Chapter 13 repayment plan can be good for your credit score. Making payments on time shows that you are responsible with your money, which creditors may like.

Our skilled bankruptcy lawyer Hyannis at our Chapter 13 bankruptcy law firm are ready to help you through the Chapter 13 process. We’ll help you understand these benefits. We’ll come up with a way to pay back the loan that works with your budget.

Call Our Hyannis Chapter 13 Bankruptcy Attorneys

If you’re having trouble with your finances and are thinking about Chapter 13 bankruptcy in Hyannis, our experienced lawyers at the Massachusetts Bankruptcy Center can help. It’s not easy to understand bankruptcy law, but we’re here to help you through the process in a caring and professional way.
Our team of professionals will work closely with you to look at your finances, make a custom repayment plan, and make sure that your assets are safe. You can be sure that our services will help you reach financial stability and peace of mind. Get in touch with us right away to set up a meeting and start the process of getting out of debt.

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