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When should you file for Bankruptcy?
You should consider filing for bankruptcy when you owe more debt than you can repay. Some examples of this are:
- You are paying for day to day necessities with credit cards.
- You are forced to pay one credit card with another.
- You are missing payments and suffering from increased interest’s rates.
Each situation is different and you should consult an attorney before making any decisions to file for bankruptcy.[/fusion_text][fusion_text]
How do I get started?
- Step one is a simple phone call. Attorney David Brunelle will tell you immediately if it makes sense to set up a meeting.
- Step two is a complimentary 30-minute consultation with David to review your financial situation and learn about your options and the pros and cons of filing for bankruptcy. It is at this point that we’ve heard countless clients say, “I’ll be able to sleep tonight for the first time in a long time.”
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What is Bankruptcy?
Bankruptcy is a set of federal laws and rules that help a business or individuals eliminate some or all of the debt they owe. Being bankrupt is when a person or business owes more debt than they can pay.[/fusion_text][fusion_text]
What is the Bankruptcy Code?
The different types of bankruptcy are referred to by their chapter in the U.S. Bankruptcy Code. These codes vary based on if you are individual or a business.
- Chapter 7 and Chapter 13 are the most common codes used by individuals filing for bankruptcy.
- Chapter 9 is filed for municipalities like towns, cities, and school districts.
- Chapter 11 is often called reorganization bankruptcy and allows a person or business to stay alive and repay the creditors over time.
- Chapter 12 is specifically designed for the “family farmer” or “family fishermen.”
- Chapter 15 is a new chapter that was added in 2005 and deals with jurisdiction between the U.S. and other countries.
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Where can you locate the Local Rules?
Click to view Massachusetts Local Rules and Standing Orders:
Massachusetts Local Rules & Standing Orders
Click to view Connecticut Local Rules and Standing Orders:
Connecticut Local Rules & Standing Orders[/fusion_text]