For some people or businesses with out of control debts, filing for bankruptcy can help them reorganize their finances and get back on their feet. The type of bankruptcy you file will determine if you can dismiss some of your debt or potentially reorganize it. If you’re considering filing for bankruptcy, you need to consult with an attorney specializing in bankruptcy law in New Bedford, MA.
Consulting an Attorney
Even though bankruptcies cases are handled in federal court, the states also have laws affecting bankruptcies. To better understand how state laws may affect your case, you need to schedule an appointment with a bankruptcy attorney at the Law Offices of Tara M. George, PC. An attorney will help you determine which type of bankruptcy is best for your situation.
Chapter 11 Bankruptcies
If you have a small business in financial trouble, then filing for bankruptcy may help you reorganize your finances so you can stay open. Almost any type of business can file for a Chapter 11 bankruptcy, but to find out if you’re qualified, you need to consult with a lawyer experienced in handling these types of bankruptcies. Since this it can be complicated, you need someone well versed in bankruptcy law to help you.
Chapter 13 Bankruptcies
A credit counselling course must be completed within 180 days of filing for a Chapter 13 bankruptcy. According to MA bankruptcy law, this type of bankruptcy gives you up to five years to repay unsecured debts, though you can also choose to do so in three years. Due to the consequences of filing for bankruptcy, you need to consult with a Chapter 13 attorney to help you with the process.
There are means tests to determine which type of bankruptcy is best for individuals. To receive help with this determination, hire an attorney experienced in bankruptcy law.