Legal Question in Bankruptcy in Massachusetts

Bankruptcy depending on the chapter will dictate the outcome of your situation. My experience with Credit Consolidation Companies are that they serve a purpose for very few. In doing bankruptcy, I have seen many of their Credit Consolidation clients end-up at my door.

Hello,

A credit consolidation company will help with consolidating all of your credit cards and other unsecured creditors and coming up with a payment plan for you to pay until the balance has been paid in full.

Bankruptcy works very different. Depending on what the specifics are iwth regards to your financial situation you would file a Chapter 7 (which would result in a discharge of all of your unsecured debt) or a Chapter 13 plan which depending on what your monthly income is would be a 36 to 60 month partial payback plan of your unsecured creditors. At the end of that time period any additional unsecured debt is then discharged.

I suggest that you consult with a bankruptcy attorney to see if Bankruptcy is a possibility for you and if that is the best way for you to proceed.

If you are interested in a free consultation, please contact me at 617-523-3200 or via email at [email protected].

Thank you,

Consolidation vs. Bankruptcy is essentially Repay vs. Erase. Also, vast majority of people lose nothing when they go through bankruptcy. An attorney can explain to you how to use the law of exemptions to retain all your property. On the other hand, if you want to walk away from your house or a car with a bad loan, bankruptcy gives you the option to do so, if you wish.