Boston Bankruptcy Lawyer

Bankruptcy FAQ

What is bankruptcy?

Bankruptcy is a legal process, under federal law that gives you the opportunity to have some or all of your debts forgiven.

Can I file for bankruptcy on my own?

You can, but you should know that an attempt to file on your own has serious risks. It is a difficult and complex process that has become more so with recent changes to the law. Errors or omissions can substantially worsen your financial situation, which is why it is recommended that you get help from an experienced Boston bankruptcy lawyer. Infinity Law Group can protect you from the pitfalls in the bankruptcy process.

Will I qualify for bankruptcy?

The qualifications for bankruptcy vary depending on the chapter you are pursuing. If you intend to file for Chapter 7, you will need to take the means test. This test has the purpose of verifying whether or not you actually have a valid financial hardship. If you intend to file for Chapter 13, you will need to make enough money to fund the payment plan that you use to pay off creditors. In general, if you possess overwhelming debt and limited resources, you are likely going to be found eligible to file.

What types of bankruptcy are available to me?

Most individuals file for either Chapter 7 bankruptcy or Chapter 13. Chapter 7 allows you to discharge your debts in an abbreviated time frame, and allows you to discharge your unsecured consumer debt . Chapter 13 consolidates your debt into one payment plan that you can actually afford.

Will I lose everything I own if I file for bankruptcy?

State bankruptcy exemptions allow you to prote ct some or all of your property and assets. In utilizing exemptions, it is possible that you will be able to complete your Chapter 7 proceedings without giving up any of your possessions, and this is often the case for those who we help to file.

How long will the process take?

This depends on the types of debt you have, your debt load, and the type of bankruptcy you file for. If you file for Chapter 7, you may be able to complete the process within a few months. If you file for Chapter 13, the process will not be completed for a period of 3 - 5 years, at which point the remaining debt is discharged.

If you have additional questions about bankruptcy and how it can help you, contact a Boston bankruptcy attorney today.