Bankruptcy Lawyer MA Matthew T. Desrochers

How Do I Know If Bankruptcy Is Right For Me?

admin — Thu, 12 Aug 2010 21:35:34 +0000

Finding out if bankruptcy is the best option for you takes research, patience, and experience with bankruptcy laws. While there is a lot of information on the Internet about different bankruptcy options, the truth is that this is an area of the law that requires guidance from a skilled professional.

Whether or not you should file bankruptcy, and under which Chapter you should file, are all things that a bankruptcy lawyer can assist you with.

Bankruptcy is an excellent choice for many people and businesses. However, there are also many alternatives that may be able to help you manage your serious financial situation without having to resort to bankruptcy.

Generally, the best way to learn which option makes the most sense for you is to discuss your financial issues with a bankruptcy legal professional in your area.

The Importance Of Hiring A Massahcusetts Bankruptcy Lawyer

Commonly Asked Massachusetts Bankruptcy Questions

admin — Mon, 28 Jun 2010 17:13:15 +0000

What Exactly Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, sometimes known as a straight bankruptcy, is a liquidation proceeding. The debtor relinquishes all non-exempt assets to the bankruptcy trustee who then converts it to money for distribution to the collectors. The consumer receives a release of all dischargeable financial obligations typically within four months. In the majority of instances the debtor has no property that he would lose so Chapter 7 will offer that individual a relatively fast “fresh start”.

One of the main purposes of Bankruptcy Law is to give somebody, who is hopelessly mired with debt, a fresh start by clearing out their debt.

Individuals who file for chapter 7 bankruptcy will have to agree to attend credit counseling. After filing chapter 7 bankruptcy, it can be tough to get credit for a few years, and you will not be able to file for bankruptcy again for a set amount of time.

It has become more challenging to file for chapter 7 bankruptcy in the United states, thanks to laws and regulations which significantly stiffened the bankruptcy rules in the early 2000s. It is recommended that you speak with a bankruptcy attorney and an accountant before investing in a personal bankruptcy filing, because despite the fact that the professional charges for the consultation may be high, there might be an alternative that has not been considered. A professional consultation can also smooth the way to move ahead with bankruptcy filings, if a consumer decides to carry on with bankruptcy proceedings.

What Is Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy is commonly recognized as a reorganization bankruptcy. Chapter 13 bankruptcy is filed by consumers who would like to repay their financial obligations over a time period of three to five years. This kind of bankruptcy is of interest to individuals who have non-exempt property that they want to retain. It is also only an alternative for people who have predictable earnings and whose income is acceptable to pay their reasonable expenses with some amount left over to pay off their debt.

Is Bankruptcy The Right Choice For You?

admin — Fri, 04 Jun 2010 02:52:24 +0000

In the fall of 2009 the American Bankruptcy Institute (ABI) reported that more than 140,000 people in the United States filed bankruptcy in October, a 27.9% increase from the October 2008 filings (“just” 106,266 consumer bankruptcy filings occurred in October 2008).

If you feel you are struggling financially and your family will become one of the stories behind those statistics, an experienced and compassionate bankruptcy attorney can help you navigate the complicated bankruptcy process and help you keep as many assets — such as your home — if possible.

If you find yourself in need of competent and compassionate help by a bankruptcy lawyer, you needn’t feel shame. Many people are finding they need to file bankruptcy in these tough economic times. It is every common in these economic climate that the filing of your bankruptcy petition is through NO FAULT of your own. Many times the debt is related to medical bills, illness or stolen identity.

One couple fell into bankruptcy when the wife went on disability for a few months following back surgery, while the man had to take some time off from work for knee surgery (so that his knee wouldn’t give out and he could continue working.). both are back at work (and the husband is working two jobs), but their health bills far exceed their income. A quote from the story speaks volumes:

“I tell my wife that we beat the economy,” [the husband said]. “But health care beat us.”

A qualified bankruptcy attorney can help you decide if you should file Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy is the most common of bankruptcy filings. Once you have filed for protection with the Court, your creditors are required by law to stop all collection activity against you. No more telephone calls demanding payment, lawsuits, wage garnishments and best of all, no more debts! In general a Chapter 7 Bankruptcy will wipe out most of you debts, stop wage garnishments; repossessions and harassment which will allow you to control your financial future have peace of mind and get a fresh start.

A bankruptcy lawyer will also help you determine if filing a bankruptcy under Chapter 13 would be better for your situation. Often called a “debt repayment” or “reorganization” bankruptcy. Chapter 13 is a repayment plan for individuals and businesses with regular income that allows them to pay back all or some of their debts within 3 to 5 years.
Regardless, as you contemplate filing bankruptcy, be sure to find a good and experienced attorney from the many excellent bankruptcy attorneys available.

If you feel that bankruptcy might be an option that you would like to explore please contact Attorney Matthew T. Desrochers at 781-279-1822

Do I Need Boston Bankruptcy Legal Help?

admin — Mon, 24 May 2010 15:46:54 +0000

Simply How Do I Determine Whether To Hire A Bankruptcy Legal Professional Or File On My Own?

On any given day, we talk to a lot of diverse Boston residents regarding their individual Bankruptcy inquiries. During these talks, men and women regularly ask if whether or not it’s a good idea to file bankruptcy on their own. You may be thinking to yourself, well naturally a bankruptcy legal professional is going to tell me I need a legal professional to file for bankruptcy. Like many other areas of law, determining to deal with your bankruptcy legal matter on your own, is simply not a very good decision. Bankruptcy is very complicated. One small blunder can end up costing you much more than the fee you pay to your Boston bankruptcy attorney. Even worse, making recurring errors on your filings may subject you to significant penalties and delays.

Hiring A Boston Bankruptcy Legal professional May Actually Be Cheaper Than Handling Your Situation On Your Own

If you don’t don’t believe us, call us. You don’t have to search very long to come across a bad bankruptcy story. We’re happy to lay out all your alternatives and explain to you which direction we believe is the best for you specific situation. We recognize that each of our clients’ needs is different. One size fits all, do it yourself-style bankruptcy may end up costing you more than hiring an experienced bankruptcy law firm.

There Are Certain Things That A Bankruptcy Lawyer Can Help You With That You Simply Can’t Handle On Your Own

When you are hunting for a lawyer for your bankruptcy legal matter, make sure you are talking to attorneys that have experience handling bankruptcies in your state. There are aspects to filing for bankruptcy that a local bankruptcy legal professional may be familiar with that one from another state may not. If you’re facing serious debt issues, usually the best thing to do is to talk with a bankruptcy legal professional near you about all the different options that are available to you.

Should I enter bankruptcy?

admin — Mon, 17 May 2010 13:59:16 +0000

When to apply for bankruptcy is a very personal decision. Many men and women do not possess any possessions over and above what the law will allow them to keep, even if they do not pay their creditors. If this is true of you, then you may well not need a bankruptcy in order to protect your assets.

Some individuals find it beneficial to file a bankruptcy case anyway due to the fact their financial circumstance is causing them emotional stress or depression, or because they really want to free themselves of debt now, if legally allowed, and have their income and belongings to themselves in the future. Furthermore, several individuals could find that a bankruptcy is worth filing even if they do lose some of their belongings.

Should a number of of the following are true in your situation, you could possibly look at bankruptcy:

An Individual’s wages have been garnished or your bank account has been attached
Most of an Individual’s debts are unsecured debts like credit card bills, hospital or doctor’s bills, etc.
Your total debt, not including your car or house loan, is more than you could pay, even over five or more years
Collection agencies are calling you at home and/or at work
A person’s payments are more than 30 days behind on more than one bill
There are lawsuits pending against you
You have high medical bills not covered by insurance
You owe income taxes that you are currently unable to pay
You have few assets
You have little or no savings
You have had property repossessed (such as a vehicle)

Regulations handed down in 2005 make it a lot more complex to enter bankruptcy.

You need to seek out guidance of competent bankruptcy legal professionals prior to deciding whether to enter bankruptcy.

Law Office of Matthew Desrochers Announces Corporate Sponsorship With Boston Area Real Estate Investors Association

admin — Tue, 11 May 2010 15:38:11 +0000

We are proud to announce our corporate sponsorship with the Boston Area Real Estate Investors Association.

BostonAREIA is a group of like-minded real estate investors, entrepreneurs and professionals, coming together to discuss and share deals, investing techniques, contacts, methods, financing, strategies, education, motivation, training, mentoring and success.

Because we believe strongly in the power of networking, we join with other groups in the New England area to keep lines of communication and educational opportunities open for all members.

Inherited IRAs likely not subject to bankruptcy protection – Boston Globe

Should I File Chapter 7 Bankruptcy In Boston?

admin — Tue, 04 May 2010 21:34:28 +0000

You may be feeling the burden of the debt you face. You have bills that are piling up and can’t see the light at the end of the tunnel. One option worth exploring is filing for Chapter 7 bankruptcy.

Almost 65% of personal bankruptcy filings are Chapter 7 making it the most common type of bankruptcy. It is important that you understand what Chapter 7 bankruptcy is. In addition, this article will answer three common questions people have about Chapter 7 bankruptcy.

Chapter 7, or straight bankruptcy, is a good fit- if you are in a position to sell your nonexempt property and use the money made to pay your creditors. Of course, you want to make sure that you will have property left over after paying your debts to get a fresh start.

Here are a couple of common questions about Chapter 7 bankruptcy

1. Will I be harassed by people I owe money to after I file for bankruptcy? The answer is no. In fact, by law your creditors must cease all actions against you once you file. Filing for bankruptcy is a way to settle with your creditors and start over.

2. Are my bankruptcy filings made public? Yes they are public records. Although, most likely no one will find out you went bankrupt unless you choose to tell them. There are a substantial number of Chapter 7 filings that occur and most are not heavily publicized.

3. What are the most common reasons that people file for bankruptcy? Unemployment, medical expenses, overextended credit, and divorce to name a few. People often have unexpected, sudden, and large expenses that cause them to fall deeper into debt. Chapter 7 bankruptcy offers them a way to get their heads above water again.

If you think Chapter 7 bankruptcy might be a fit for you the next step is to consult with a bankruptcy attorney.

Declaring bankruptcy can be a stressful experience. Speaking with a Boston bankruptcy attorney can be a great first step. A local Boston Chapter 7 lawyer will help you decide the best path to take.

The Importance Of Hiring A Massahcusetts Bankruptcy Lawyer

admin — Wed, 28 Apr 2010 22:54:36 +0000

f you are planning to file bankruptcy, Massachusetts Bankruptcy lawyers can help you to have the best possible results.

Although it sometimes gets a bad name, bankruptcy exists to protect individuals as well as businesses who have had the unexpected happen. A Massachusetts bankruptcy attorney understands the laws and will fight to get the best possible settlement for you to protect your assets.

Individuals may file bankruptcy for any number of reasons. Sometimes the filing may be brought on because of a loss of a job, medical bills or just poor planning. By filing for bankruptcy, you can protect your home from debtors placing liens on the property and prevent wage garnishment. While you may need to enter into a repayment schedule, eventually, in three to five years, you can have the debts all satisfied.

With businesses, filing bankruptcy can help to keep debtors away while you rebuild a business after a difficult time. The protection may be what is needed to get your business back on track and allow you to start to see a profit made by the money you have already invested in that business.

Bankruptcy may have serious consequences to your credit and ability to borrow money in the future. It may limit your ability to buy a home. The mark remains on your credit report for up to ten years, so you will want to discuss these effects with the attorney before filing for bankruptcy.

Bankruptcy is no one’s first choice. However, if you find yourself in a situation where there seems to be no where else to turn, sometimes due to circumstances beyond your control, bankruptcy may be your only option. Consult with Massachusetts bankruptcy lawyer, Matthew Desrochers, who can help you through the process of bankruptcy. Call him today for a free consultation at (857) 244-1940. He can often help you to preserve more assets than if you had tried to file bankruptcy for yourself.

Discharge Student Loans in Massachusetts Bankruptcy?…..YUP!!!

admin — Mon, 26 Apr 2010 17:46:14 +0000

Current Bankruptcy law prevents debtors/clients from discharging any student loans except in cases of EXTREME hardship. Well things are changing!

Democrats Introduce Legislation to Make Private Student Loans Dischargeable in Bankruptcy

Democratic lawmakers introduced legislation yesterday that would allow private student loan borrowers to once again discharge their private student loans in bankruptcy. Since 2005, private student loans have not been dischargeable in bankruptcy. Before changes were made to the bankruptcy code in 2005, only federal student loans and private loans where substantially all of the funds were provided by a nonprofit institution were non-dischargeable in bankruptcy.

Senators Dick Durbin (D-IL), Sheldon Whitehouse (D-RI) and Al Franken (D-MN) cosponsored the legislation in the Senate and Representatives Steve Cohen (D-TN) and Danny Davis (D-IL) cosponsored the legislation in the House. “People who seek higher education to better their futures should not be dissuaded from doing so by the threat of financial ruin,” said Cohen in a press statement. “The bankruptcy system should work as a safety net that allows people to get the education they want with the assurance that, should their finances come under strain by layoffs, accidents, or other unforeseen life events, they will be protected.”

“One of the great inequities in student aid is the inability for private student loan borrowers to receive the same consumer protections that are provided to countless other types of borrowers,” said NASFAA Interim President Joan Crissman. “We support this legislation and urge lawmakers to do likewise.”

The bills in the House and Senate differ slightly. The House bill would return the bankruptcy law to the language that was in place before 2005, with minor tweaks. The Senate bill would allow all private education loans — including nonprofit loans — to be dischargeable in bankruptcy. Before changes were made to the bankruptcy code in 2005, only government issued or guaranteed student loans and private loans where substantially all of the funds were provided by a nonprofit institution were non-dischargeable in bankruptcy. This protection has been in place since 1978 and was intended to safeguard federal investments in higher education, according to lawmakers.

There are very few types of debts that the bankruptcy law subjects to a different standard, allowing for discharge in only the most extreme circumstances. For example, the bankruptcy code makes it especially difficult for people to escape child support responsibilities, overdue taxes, and criminal fines. Privately issued student loans should not be on that list, according to the lawmakers who introduced the bill.

Keep an eye out for these changes; they may help you get out of debt.

Hiring A Bankruptcy Lawyer In Massachusetts

admin — Thu, 22 Apr 2010 03:50:40 +0000

If you are unable to meet your monthly debt repayments, if your credit card statements are simply getting more and more in arrears and your medical bills remain unpaid for months on end, you might have only one alternative: file for bankruptcy. If you live in Massachusetts, contacting bankruptcy lawyer, Matthew Desrochers, is a great first step to understanding your options.

What precisely is meant by bankruptcy? This is a legal term which refers to someone applying to the courts to erase all his debt so he can start from scratch again. If you are therefore in a position to actually pay your debts, your application is unlikely to be successful. Reasons which the bankruptcy court normally accept are large and unexpected medical claims, losing your employment, or marital problems causing financial havoc in your life.

It’s highly inadvisable to try to handle the whole application without the help of a Massachusetts bankruptcy lawyer.

When your lawyer submits your application to be declared bankrupt to the court, they will inform all your creditors about this. A first meeting of creditors will then be arranged, more or less thirty to forty days after the application filing.

During this meeting your lawyer must submit to the court a complete overview of your financial matters. This has to clearly show your monthly expenses and income and also contain a list of everything you own and owe. From there on you can refuse to directly deal with your creditors.

If your application is approved, the terms will be made known to everyone involved. Unfortunately all your assets will form part of the now bankrupt estate. You will therefore not be able to keep anything, except those assets which have been exempted by the court.

To receive a free bankruptcy consultation, contact Matthew Desrochers at (857) 244-1940 or fill out the form on the right.