Excessive debt is a life altering source of stress and frustration. Financial troubles often strike without warning due to loss of income, disability or a struggling economy. It’s a familiar story. You’re tired of receiving rude calls and letters from your creditors, and every attempt to negotiate a solution to your financial problems has failed. Now it’s time to speak with a bankruptcy attorney. A professional attorney will explain your legal rights and recommend a solution to solve your money woes once and for all.

Debt Solutions

A bankruptcy attorney is accustomed to dealing with serious financial issues. It should be noted that bankruptcy isn’t the only available means of resolving debt and credit issues. A knowledgeable attorney can often negotiate acceptable terms on behalf of a small business debtor, consumer debtor or creditor. There’s simply no substitute for sound legal advice when it comes to resolving a looming financial crisis.

A bankruptcy attorney understands that every financial crisis is unique. Negotiated settlements with credit card companies and other creditors can significantly reduce the debt of a consumer or business owner. Debt consolidation is another means of managing multiple debts. An attorney may also be able to convince a creditor to eliminate financial penalties or reduce interest rates.


Sometimes bankruptcy is the only available means of dealing with excessive debt. Bankruptcy is a sure way to get rid of wage garnishments and discharge unmanageable debts. A bankruptcy petition must be filed in a federal bankruptcy court. Bankruptcy petitions and related appeals may not be filed in a state court.

Federal bankruptcy relief is available to business, corporate and individual debtors. The available means of pursuing bankruptcy relief are listed below:

  • Chapter 7, also known as straight bankruptcy, allows business owners and individuals to seek liquidation in bankruptcy court.
  • Chapter 9 of the bankruptcy code is reserved for municipalities that have accumulated excessive debts.
  • Chapter 11 allows business corporations to restructure their debt. Business debtors can continue to operate in accordance with a court approved repayment plan. This portion of the bankruptcy code is also used by wealthy individuals to reorganize debts.
  • Chapter 12 makes it possible for family farmers and fisherman to continue business operations while observing an approved financial rehabilitation plan.
  • Chapter 13, also known as wage earner bankruptcy, allows petitioners to repay all or part of existing debt.
  • Chapter 15 is reserved for international bankruptcy petitions.

A bankruptcy attorney serves a vital role in the resolution of excessive debt. Unlike a credit counselor or legal assistant, the extensive knowledge of an attorney can result in significant financial savings when it’s all said and done.

Original Source: www.lawandlawyer.org

Bobbie Files, C.D.P.E., Realtor, SUCCESS! Real EstateBobbie Files


Contact me about Selling or Buying Your Home in Massachusetts

Bobbie Files is a Real Estate agent at SUCCESS Real Estate, covering the Bristol, Plymouth and Norfolk County areas.