Best Bankruptcy Lawyers in Plymouth, MA

Bankruptcy, despite its negative connotations, can offer several benefits for individuals and businesses facing overwhelming financial challenges. Here are some potential benefits of bankruptcy: 1. Debt Discharge: One of the primary benefits of bankruptcy is the discharge of certain debts. This means that the debtor is released from personal liability for most types of debts included in the bankruptcy filing, providing a fresh start financially. 2. Protection from Creditors: Filing for bankruptcy triggers an automatic stay, which prohibits creditors from taking further collection actions against the debtor. This can halt foreclosure proceedings, wage garnishments, repossession, and harassment from debt collectors, providing the debtor with some breathing room to reorganize their finances. 3. Reorganization of Debts: In Chapter 13 bankruptcy, individuals with regular income can restructure their debts into a manageable repayment plan spanning three to five years. This allows debtors to catch up on missed payments while keeping valuable assets like homes and cars. 4. Liquidation of Assets: Chapter 7 bankruptcy involves the liquidation of non-exempt assets to repay creditors. While this may seem daunting, many states have exemptions that allow debtors to protect certain assets such as their primary residence, car, and essential personal property.