The Basics of Bankruptcy Law in New Bedford, MA

The Basics of Bankruptcy Law in New Bedford, MA

There are a few basic kinds of bankruptcy. Each kind of bankruptcy is categorized as a chapter. If you have more debts than you can pay, you need an expert in bankruptcy law in New Bedford, MA. The law can be incredibly complicated and difficult to navigate. It’s complicated because there are local, state, and federal regulations. Also, the law has been developing and evolving for a very long time. That makes it very complicated. However, you don’t need to be intimidated. You should keep in mind that the people to whom you owe money want you to repay them as effectively as you can. They want to work with you.

Hire an Attorney

The people to whom you owe money want to work with you to help you pay your debts. You should hire the Law Offices of Tara M. George, PC to help you navigate your bankruptcy issues. They’ll tell you which kind of bankruptcy you should file. They’ll also help argue for different repayment plans. A bankruptcy law firm is a great choice. Just make sure that you hire a very good bankruptcy attorney.

They will help you navigate the murky waters of bankruptcy law. The first thing that you need to ask is about choosing a chapter.

Choose a Chapter

There are several chapters of bankruptcy law. Chapter 11 bankruptcy is reorganization bankruptcy, which is typically used for a business to reorganize itself and its debts. The other common type of bankruptcy is chapter 13. Chapter 13 bankruptcy is often called wage earner’s bankruptcy. It allows a person to negotiate a payment plan for three or five years. Your payments will be bundled; that will make them easier to pay and more consolidated. A lawyer is important so that you can be sure that you get the right payment plan for you.