Germani & Germani, bankruptcy, divorce, wills & personal injury lawyers for Massachusetts

Serving the greater Attleboro, Massachusetts area

Bankruptcy

The New Bankruptcy Law

The Bankruptcy Abuse and Consumer Protection Act (BAPCPA), the so-called “new” bankruptcy law, took effect on October 17, 2005. This Act creates several new requirements for people seeking debt relief, including new document requirements and mandatory credit counseling and debtor education. Despite these changes, however, the end result for most people will be the same as it would have been under the old law. Those people unable to pay their dischargeable, unsecured debts will receive relief; those able to repay a percentage of their debts will be able to create a workable Chapter 13 payment plan. Though the BAPCPA has increased the complexity and cost of filing for bankruptcy, it still remains a viable option for many people facing looming debts and creditor harassment.

Chapter 7 Bankruptcy

A Chapter 7 bankruptcy erases your debts in exchange for giving your creditors all your non-exempt property (which usually is little to nothing). If your income is more than the median for the state, based on household size, you will be subject to a means test to determine if you can file a Chapter 7 or a Chapter 13 bankruptcy.

Chapter 13 Bankruptcy

A Chapter 13 Bankruptcy results in the creation of a payment plan. This means you will have to make regular payments based on a repayment plan, rather than simply having your debts erased. The advantage of this plan, however, is that you can pay past-due mortgage bills and prevent the foreclosure of your home.

Bankruptcy Courts

A short meeting between you, your lawyer, and the bankruptcy trustee will be necessary. Residents of the Attleboro area will need to go to Brockton, if filing a Chapter 7 bankruptcy, or to Worcester, if filing a Chapter 13. Residents of certain areas may have their meeting in Boston.

Cost of Bankruptcy

The filing fee for a Chapter 7 bankruptcy is $299; for a Chapter 13, it is $274. Attorney's fees vary based on the complexity of the case.

As defined by federal law, Germani & Germani, P.C. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Call our Attleboro law offices at (508)222-5858 or for a free consultation.

This material may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. Copyright 2002 - Germani & Germani, P.C., a firm licensed in Massachusetts with main offices in Attleboro, MA. All rights reserved. Please read disclaimer. Contact us with inquiries.