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Personal Bankruptcy

bankruptcy-headacheAttorney Nesson represents individual debtors. In today’s tough economic times, it makes more and more sense to consider all options including bankruptcy.  Bankruptcy is a legal process, regulated by the United States Bankruptcy Code. Bankruptcy is designed to help pay off debt and gain financial stability. Attorney Nesson is a debt relief agency in the greater Taunton area practicing bankruptcy law under the Bankruptcy Reform Act of 2005.

Attorney Nesson offers a free intial consultation with potential clients. He offers a simple flat rate on most matters.

Most bankruptcy deals with financial problems related to circumstances beyond individual control such as job loss, medical bills, divorce, death and other crisis. Attorney Nesson will help you regain your financial footing with a thorough examination of your income, assets and debt to determine the best option.  There should always be a determination whether a bankruptcy filing is the best alternative. There needs to be an examination of the client’s eligibility prior to filing.

Chapter 7 filing – Liquidation

Chapter 7 is the most common form of bankruptcy. The individual will receive a discharge relatively quickly, usually within four to five months after filing. In most cases, all of the individual debt is discharged with the exception of certain limited debt such as student loans, domestic support orders and some forms of taxes. A large amount of assets can be kept including up to $500,000 in the home.

A chapter 7 is usually the best alternative if you want a fresh start free from debt, if you have income less then the median family income as defined in 11 U.S.C.  section 101(39a), and other factors.

personal-bankruptcyChapter 13 filing – Reorganization

A chapter 13 can be used to save a home from foreclosures, stop repossession, deal with taxes, and lower car and installment payments. It may be beneficial if you have a regular income. With reorganization you are allowed to keep property and make monthly payments over a 3-5 year period in an effort to repay debt.

Bankruptcy is not always the answer to your financial problems.  Seeking a qualified attorney to explore the alternatives is a crucial first step.