Best Bankruptcy Attorneys in Fall River

FAQs

• Where do I file for bankruptcy in Fall River, Massachusetts?

  Debtors from Fall River can file their bankruptcy petitions at the United States Bankruptcy Court for the District of Massachusetts. They can go to the John W. McCormack Post Office and Court House at 5 Post Office Square, Suite 1150, Boston, MA 02109-3945.

• Where can I get bankruptcy forms in Fall River, Massachusetts?

  Debtors from Fall River can get official forms from the website of the United States Bankruptcy Court for the District of Massachusetts at https://www.mab.uscourts.gov/code-federal-rules-forms-fees.

• What happens to your car when you file for bankruptcy in Fall River?

  It depends. If you do not have a loan on your car, you may get to keep it if it is worth within the $7,500 limit of Massachusetts Bankruptcy Exemption laws. If you have a loan in Fall River, you may have to surrender your car if you cannot keep up with the monthly payments. If you can continue paying the loan and the car is still in good condition, you can sign a reaffirmation agreement. There are also certain situations wherein it is best to let go of your car and get a new one after bankruptcy.

• Are there consequences of bankruptcy repeat filings in Fall River?

  Yes, repeat filings can affect the benefits you will get from bankruptcy. For example, the automatic bankruptcy stay could be shortened if you file for bankruptcy within a year after the first one was dismissed. Similarly, you cannot get an automatic stay if you are a debtor involved in two or more bankruptcy filings that were dismissed within the previous year. Therefore, it is important to properly file a bankruptcy case in Fall River on the first attempt and comply with the requirements.

• What can you do to protect your home in Fall River during bankruptcy?

  The value of your home could get protected by Massachusetts homestead laws for up to $500,000. File the Declaration of Homestead for Homes Owned by Natural Persons Form at the local Registry of Deeds office at 441 North Main Street Fall River, MA 02720. If you do not file, you automatically get protected only up to $125,000. Should you need more details about the filing process, call the office at 508-673-2910 or send an email to admin@fallriverdeeds.org.

• What are some bankruptcy mistakes a debtor in Fall River may make prior to filing?

  According to lawyers, debtors make bankruptcy mistakes such as improperly using their credit cards and transferring property to another person prior to filing. Some debts incurred 90 days before filing cannot be discharged. Property transfers negatively impact the debtor because the trustee may undo it and keep the property instead of the debtor having to keep it. Additionally, debtors tend to pay loans from their families and friends first, which can be retrieved by trustees and paid to creditors. They also sometimes do not respond to lawsuits against them, which may still persist even if the Fall River bankruptcy is approved.

• Will you go to jail in Fall River if you cannot pay your bills?

  Not really. If you received a notice from Bristol County Sheriff's Office because a creditor sued you in court, you need to attend the hearing, otherwise, the judge could issue an order for you to go to jail if you do not. The law also offers some protection such as when creditors break the law or your income is eligible for exemption. Filing for bankruptcy in Fall River may be an option if you cannot keep up with debt payments.

• What does a bankruptcy attorney do?

  Bankruptcy attorneys help clients understand whether they qualify for bankruptcy and what their best options are. They also prepare and file petitions, answer questions during the proceedings, and educate clients about potential best steps for a positive bankruptcy outcome. Bankruptcy attorneys might also file motions or paperwork if creditors dispute the bankruptcy, or to stop creditors from taking collections actions forbidden by the bankruptcy.

• What happens when you file bankruptcy?

  Bankruptcy is a formal process that individuals, married couples, or businesses can enact when they are no longer able to pay creditors. In a bankruptcy proceeding, filers are allowed to reduce debt to more manageable levels to best pay off money owed.

  Once the bankruptcy process is initiated, debt collectors can no longer seek repayments outside of the arrangements detailed in the bankruptcy settlement. Some forms of bankruptcy result in the liquidation of assets to pay back debts, while others allow filers to retain most of their possessions and investments. Many types of unsecured debt can be managed with bankruptcy filings, but not all.

• Can you file bankruptcy on student loans?

  Under most circumstances, student loans aren't dischargeable and aren't included in bankruptcy proceedings. In rare cases, it may be possible to eliminate student loans through bankruptcy, but only if the courts determine that continuing to pay the loans would impose an undue hardship. Meeting the criteria for undue hardship is challenging, and most bankruptcy filers don't qualify.

• What is bankruptcy fraud?

  Bankruptcy fraud is a blanket term that refers to any kind of dishonest bankruptcy proceeding, which can include:

  • Hiding assets by transferring them to another person or entity
  • Intentionally omitting assets when reporting to the court
  • Destroying or withholding required documents
  • Knowingly making false statements to bankruptcy trustees or creditors

• How long is bankruptcy on public record?

  How long bankruptcy stays on public record depends on the kind of bankruptcy filing in question. Chapter 7 bankruptcy remains on the record for 10 years as there isn't necessarily a repayment component. Chapter 13 bankruptcy remains on the record for seven years as some obligations are repaid following filing based on the terms of a discharge settlement.

• Does bankruptcy clear tax debt?

  Bankruptcy can clear tax debt, depending on the circumstances. Taxes are dischargeable under Chapter 7 bankruptcy, not Chapter 13, and only if the tax debt is:

  • Federal income tax debt related to current properly filed tax returns
  • Honestly incurred with no fraud or evasion
  • At least three years old
  • Assessed at least 240 days before bankruptcy filings

  Existing liens are not eliminated with bankruptcy.

  
  

• Can they take my car in Chapter 7 bankruptcy?

  In many cases, it's possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.

• How bad is it to file bankruptcy twice?

  Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn't recommended. Filing multiple times puts a serious burden on one's credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.

  Note that filing for bankruptcy isn't something that can be done at a filer's leisure. There are time limits following bankruptcy cases that dictate when it's permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.

• Can anyone file bankruptcy?

  Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.

• How will bankruptcy affect my credit score?

  Bankruptcies are noted on credit reports. How much a bankruptcy might drop a person's credit score depends on how high the score was to begin with, but generally speaking, the hit can be as much as 100 to 200 points. Often scores are already dropping because people filing for bankruptcy may have already missed payments on debts. Chapter 13 bankruptcies are listed on credit reports for seven years from the filing date, while Chapter 7 bankruptcies are listed for 10 years from the filing date. This is because Chapter 13 bankruptcies require at least partial payment of debts owed.

• What are the benefits of filing for bankruptcy?

  Filing a bankruptcy petition causes an automatic stay. This legally stops creditors from taking further action to collect debt, including garnishing wages or foreclosing on property. Going through a bankruptcy successfully means that debts included in the bankruptcy are discharged and don't have to be paid back, except as provided in a Chapter 13 repayment plan. Bankruptcy can help someone recover from financial duress so they can make better decisions and improve financial situations in the future. Disadvantages can include temporary lower credit scores and limitations on spending and financing.

• What's the difference between debt settlement and bankruptcy?

  Debt settlement occurs when people negotiate with individual creditors. The creditor agrees to take a payment that's lower than what someone owes and call the debt “paid in full.” Bankruptcy is a legal process that causes debts to be dismissed after someone proves they don't currently have the means to pay their debts as owed. Typically, someone can't enter into bankruptcy and also settle some debts, because the court would see that as favoring one creditor over another.