Easton Chapter 13 Bankruptcy Lawyer

File for Chapter 13 Bankruptcy in Bristol County, MA

Making the decision to file bankruptcy in Massachusetts can be difficult. It can also be the best thing that you ever do for yourself.

Our goal at Morrison & Associates is to help you explore every available option and thoroughly educate you, so that you can make a final and informed decision.

Financial hardship can feel like an endless burden, but Chapter 13 bankruptcy offers a structured way to regain control of your financial future. At Morrison & Associates, PC, we have guided countless Easton residents through the complexities of Chapter 13 bankruptcy, helping them rebuild their financial lives while protecting their assets. Whether you're facing foreclosure, struggling with overwhelming debt, or simply seeking a fresh start, our experienced attorneys are here to help.

Our Chapter 13 bankruptcy lawyers in Easton, can instruct you in permissible credit card balances, life after bankruptcy, permissible transactions and the effect upon credit, and will address each and every issue that you have. We are committed to ensuring that clients obtain a successful financial restart through bankruptcy and through relationships with new, unexplored entities.

Contact our Easton office today to learn how a Chapter 13 bankruptcy attorney near you can help!

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, also known as a "wage earner’s plan," allows individuals with a reliable income to reorganize their debts into a manageable repayment plan. The plan spans three to five years, enabling you to catch up on missed payments and potentially discharge some unsecured debts at the end of the term.

Unlike Chapter 7 bankruptcy, which involves liquidating assets to pay creditors, Chapter 13 helps you retain your property, including your home and car, while addressing your financial obligations.

Who Qualifies for Chapter 13 Bankruptcy?

To file for Chapter 13 bankruptcy, you must meet specific eligibility requirements:

Debt Limits:

• Your secured debts (e.g., mortgage or car loans) must not exceed $2,750,000.
• Unsecured debts (e.g., credit cards, medical bills) must not exceed $2,750,000.

Steady Income:
You must have a consistent source of income to support your repayment plan. This can include wages, Social Security, pensions, or other verifiable sources.

Current Tax Filings:
You must provide proof of filing federal and state tax returns for the past four years.

Steps to Filing Chapter 13 Bankruptcy

1. Consultation with an Attorney:
   Meet with an experienced bankruptcy lawyer to assess your eligibility and determine if Chapter 13 is right for you.
2. Filing the Petition:
   Submit your bankruptcy petition along with detailed financial information, including debts, assets, income, and expenses.
3. Developing a Repayment Plan:
   Work with your attorney to create a feasible repayment plan.
4. Court Approval:
   Attend a confirmation hearing where the court reviews and approves your repayment plan.
5. Making Payments:
   Begin making payments to a court-appointed trustee, who will distribute funds to creditors according to the plan.
6. Discharge:
   Upon successful completion of your plan, remaining eligible debts may be discharged.

What Debts Can Be Included in Chapter 13 Bankruptcy?

Chapter 13 bankruptcy covers most types of debts, including:

• Secured Debts: Mortgage arrears, car loans.
• Unsecured Debts: Credit cards, medical bills, personal loans.
• Priority Debts: Taxes, child support, and alimony must be fully repaid within the plan.

Certain debts, such as recent tax obligations, criminal fines, and student loans, may not be dischargeable.

How Does Chapter 13 Bankruptcy Protect My Assets?

One of the key benefits of Chapter 13 is asset protection. The automatic stay, which goes into effect immediately upon filing, halts foreclosure proceedings, repossessions, and creditor harassment. This gives you time to reorganize your finances and propose a repayment plan that addresses past-due amounts.

How Does Chapter 13 Bankruptcy Impact My Credit?

Filing for Chapter 13 bankruptcy does impact your credit, and it will remain on your credit report for seven years from the filing date. However, many people find they can start rebuilding their credit soon after filing by making on-time payments and managing their finances responsibly.

What Happens If I Can’t Complete My Chapter 13 Plan?

If you’re unable to complete your repayment plan due to unforeseen circumstances, you may:

1. Request a Hardship Discharge for qualifying situations, such as severe illness or job loss.
2. Convert your case to a Chapter 7 bankruptcy if eligible.
3. Modify your repayment plan with court approval.

Your Easton Chapter 13 bankruptcy attorney will work with you to explore the best options based on your circumstances.

Take Control of Your Financial Future

At Morrison & Associates, PC, we understand that financial struggles can take a toll on every aspect of your life. Our compassionate and experienced Easton Chapter 13 attorneys are here to guide you through the Chapter 13 bankruptcy process with confidence and care.

Don’t wait—take the first step toward financial freedom today. Let us help you protect your assets and regain control of your future.

Contact Morrison & Associates at (508) 928-3038 to schedule your free initial consultation with a Chapter 13 bankruptcy lawyer near you.

FAQs About Chapter 13 Bankruptcy

Q: Can I keep my house in Chapter 13 bankruptcy?
A: Yes, Chapter 13 is specifically designed to help homeowners catch up on missed mortgage payments and avoid foreclosure.

Q: How long does a Chapter 13 repayment plan last?
A: The plan typically lasts three to five years, depending on your income and financial situation.

Q: Will all my debts be discharged after Chapter 13?
A: Unsecured debts may be partially or fully discharged upon completion of the repayment plan, but certain debts, such as child support and recent taxes, cannot be discharged.

Q: Can I include my car loan in the repayment plan?
A: Yes, you can include your car loan and potentially reduce the interest rate or balance owed through the plan.

Q: What happens if my income changes during the repayment plan?
A: You can request a plan modification to adjust payments based on changes in income or expenses, subject to court approval.