Legal Blog

Contact us with any questions you have about the stories shared on our legal blog.

Restructure Debt with Chapter 13

Bankruptcy in Beverly, MA | Image:

Choose to work with an experienced bankruptcy attorney at The Law Offices of Christopher W. Parker LLC when you are interested in restructuring your debts by filing for a Chapter 13 bankruptcy. Chapter 13 is specifically designed to allow you to restructure the different payments or debts you owe. This form of bankruptcy in Beverly, MA, does more than simply consolidate personal loans, credits cards, and other types of unsecured debt. It is a viable option for individuals with regular incomes because it allows debtors to propose installment plans to repay some or all of their debt in a specific amount of time. Some of the items that may not be able to be discharged in a Chapter 13 case include alimony, child support, and student loans.

When you file for Chapter 13, you can alleviate financial strain and guarantee future stability. Our lawyer can create reorganization plans that must meet a certain set of requirements. Some of the features and benefits of a Chapter 13 bankruptcy filing include the following:

  • Limited Time Listings: After seven years the bankruptcy is removed.
  • Holding onto Assets: You don’t have to sell your assets to pay your debts.
  • No Income Tests: You are not required to prove your income level.
  • Time to Make Payments: You have an extended amount of time for the restructuring process.
  • Favorable View from Future Lenders: A reorganization of debt is not viewed as unfavorably as some bankruptcy filings because you are making payments and taking responsibility for the debt.



The Benefits of Chapter 7 Bankruptcy, Part 2

Chapter 7 Bankruptcy in Beverly, MA |

Once your Chapter 7 bankruptcy has been filed, a meeting with your creditors typically follows in around six weeks. Your attendance is required at this meeting to answer questions under oath regarding your finances. Your bankruptcy attorney from The Law Offices of Christopher W. Parker attends the meeting with you. In approximately two months after your meeting with creditors, you receive your discharge order and the order closing your case. When you hire the right lawyer for your Chapter 7 bankruptcy in Beverly, MA, he or she ensures that everything filed with the court is correct and that you meet all of the requirements to qualify for a bankruptcy discharge.

Contrary to popular myth, you don’t lose everything when you file a Chapter 7 bankruptcy. Most Chapter 7 cases are “no asset” cases, which means that debtors do not lose any of their property. If you have a car loan, you must continue to make the loan payments, and you may be required to sign a Reaffirmation Agreement by the creditor. Reaffirmation Agreements must also be approved by the bankruptcy court.

By filing a Chapter 7 bankruptcy, it’s possible you can be debt free in 120 days or less. When your debts are discharged, your legal team should do everything possible to ensure your bankruptcy case moves forward as quickly as possible.

The Benefits of Chapter 7 Bankruptcy, Part 1

Chapter 7 Bankruptcy in Beverly, MA |

Filing for a Chapter 7 bankruptcy has many benefits, but it is also a big decision that you should not make until you have all of the facts. You may be highly motivated to file for Chapter 7 to reduce the stress in your life because too much stress can cause high blood pressure, fatigue, insomnia, and depression. Financial stressors cause some of the most life-threatening kinds of stresses especially when there doesn’t appear to be an affordable solution to the mounting debt problems.  With a Chapter 7 filing, your unsecured debt is gone, and you have a fresh start without the burden created by aggressive creditors that threaten and harass you about your unpaid debts. However, it pays to understand exactly what is required before you file.

Filing Chapter 7 bankruptcy involves filing other documents in addition to your bankruptcy petition. When you work with the knowledgeable and experienced staff at The Law Offices of Christopher W. Parker, you will be given the information needed to help you complete all of the necessary forms. As specialists on Chapter 7 bankruptcy in Beverly, MA, we make sure the information on each page is correct before our office files the forms with the court.

We are often asked about the timeline in a Chapter 7 bankruptcy case. Once you have had your initial consultation with a bankruptcy lawyer and decided to file a Chapter 7 bankruptcy, your case should begin to move forward that day.

Restructure Business Debt with Chapter 11 Bankruptcy

Chapter 11 bankruptcy in Beverly, MA |

In a Chapter 11 bankruptcy, a company is protected from creditors making debts or claims that arose before the bankruptcy petition was filed. Under Chapter 11, the business has the right to file a reorganization plan. Also, the business has up to 180 days to convince creditors to accept its plan. There are many benefits to filing Chapter 11 bankruptcy in Beverly, MA, with the help of the Law Offices of Christopher W. Parker LLC. Mr. Parker is an experienced lawyer who has satisfactorily represented many clients in litigation with state and federal courts. The following are some of the positive reasons to choose a Chapter 11 filing:

  • In Chapter 11 you can keep possession of your assets and operate your business under the supervision of the court and for the benefit of your creditors.
  • If a debtor, as a fiduciary for the creditors, is not managed effectively or is less than honest, a trustee may be appointed.
  • With the appointment of a creditors’ committee, all creditors are represented by the committee, which provides oversight of the debtor’s operations. The debtor may also work with the committee to negotiate an acceptable plan of reorganization.
  • The creditors vote to confirm a Chapter 11 plan.
  • The debtor has a chance to ensure a plan is confirmed by creditors despite their opposition if the debtor meets certain statutory tests.

Considered the most flexible of all the bankruptcy chapters, Chapter 11 is also the hardest to generalize about. It may also be a bit more expensive to the debtor than other bankruptcy filings. There are also a number of complex rules and requirements in Chapter 11, which call for the presence of a knowledgeable bankruptcy attorney.

Welcome to Our Blog

Declaring Bankruptcy in Beverly, MA |

Welcome to our blog. Here you will find information that may help you when it’s time to make critical decisions in your life or the life of your loved ones. Our focus is on the area of personal and business finances, as these are the endeavors in which it is most important to have an experienced profession by your side. Our law firm specializes in the following areas:

  • Bankruptcy
  • Workouts
  • Commercial Law
  • Corporate & Business Law

Our goal is to help you know your options so you can feel confident about the decisions you make for yourself, your family, or your business.

The Law Offices of Christopher W. Parker LLC are based in Beverly, MA. We are ready to help you through an assortment of legal issues, no matter how simple or complex. You can depend on our compassionate staff to help you get through a difficult situation. Rely on Christopher Parker and his staff to provide you with the legal representation you need to result in a favorable outcome that best suits your needs.

Contact us if you are considering declaring bankruptcy in Beverly, MA. Reach out to our reputable firm when you are looking for helpful legal guidance from an experienced and compassionate lawyer. We are known for assisting clients who are seeking solutions to their financial problems.