Massachusetts Bankruptcy Protection

Bankruptcy Protection law

Imagine Yourself Debt-Free, With a Fresh Start

While it may not be easy to decide whether or not to file for bankruptcy, it can offer you a way to eliminate your debt burden when it has become too great to handle on your own. Under the current economic conditions, bankruptcy no longer has the negative “stigma” associated with it many years ago. The rich and famous as well as the poor and unknown have filed for bankrupcy protection in the federal courts and as foreclosures and unemployment continue to degrade the economy, individuals and businesses alike will continue to seek a “fresh start” through bankruptcy.

There are two main types of bankruptcy cases individuals use, Chapter 7 and Chapter 13. While both provide relief from debt and a fresh financial start, there are distinct differences and at Wright & Associates, we are committed to making sure you understand what they are and what options are available to you.

Chapter 7

Chapter 7 is commonly referred to as “straight bankruptcy,” and is the most common type of bankruptcy filing. Petitioners who invoke Chapter 7 have few or no assets available to pay creditors, and the discharge applies to most debts.

Important things to know about Chapter 7 are:

You must qualify to file Chapter 7 based on your income and a means test set out in bankruptcy law. If you can afford to repay a portion of your debts, you may have to use Chapter 13

Your available assets, called nonexempt property, may be sold by the bankruptcy trustee to pay your creditors

You are permitted to keep exempt property, which is protected from the reach of your creditors

The Chapter 7 discharge applies to most common unsecured debt types, including medical bills and credit cards

Most Chapter 7 cases are “no-asset,” meaning there’s nothing left to pay creditors after accounting for your property exemptions. State or federal law control property exemptions, and this is why bankruptcy cases can be different from state to state.

Bankruptcy Protection law

Chapter 13

Chapter 13 is commonly referred to as a “re-organization” because it essentially re-organizes and prioritizes your debts. That is, you make partial or full payments according to a court-approved repayment plan, and remaining debts are discharged once you complete the repayment plan. If you have a set amount of stable disposable income after paying for life essentials, Chapter 13 may be your only bankruptcy option.

The repayment plan is the main part of a Chapter 13 case and property exemption laws factor into figuring out repayment plan details.

Key features of Chapter 13 cases:

  • You have mortgages or loans you want to bring current through the repayment plan, allowing you to keep the property
  • Your debts are ineligible for a Chapter 7 discharge, such as taxes, child support or student loans
  • You’re driven to pay off debts by personal values or morals

Mortgage Modification

Mortgage Modification

A loan modification can be the best solution for a struggling homeowner. A loan modification can stop a foreclosure sale date and save your home. It can also lower your monthly payment by reducing your interest rate and or extending the term of you loan, and result in your loan being reinstated so that you are current without the need to pay all the missed mortgage payments. It is generally a very simple process to begin, and the lenders generally make it very simple to file a Massachusetts Loan Modification application. This has an unfortunate effect on the homeowner. To many it seems as though they have found the solution to their problems. Unfortunately, this simple-to-get-started approach disguises the complexity of getting an application for modification approved. Many homeowners complain about getting the run around, being strung along for months and sometimes years while the lender “processes the modification”. In some cases, homeowner applicants are given “TRIAL LOAN MODIFICATIONS” that string them along further, and are then denied after complying with all the requirements of the trial. Only then do they find out that they never really qualified for the Trial Loan Modification. That they were only given the trial modification because the bank personnel that approved the trial did not do the right job. Some have concluded that government incentives paid to the bank for the number of homeowners that are put into trial modifications have created an incentive for banks to put unqualified homeowners into a trial program. The good news is that our group can help.


Motor Vehicle Accidents

Motor Vehicle Accidents

The Insurance Company May:

1. Tell you that you don’t need a lawyer.

2. Ask you to sign documents that you don’t understand.

3. Tell you that you don’t have a case.

Auto accidents have become a daily occurrence on the roads and highways of America. Victims of car accidents that are the result of another driver’s negligence or wrongdoing may be entitled to damages for personal injury, medical expenses, pain and suffering, and property damage. There may be a time limit to when you can file your claim, so it is imperative that victims of car accidents in Massachusetts contact our lawyers as soon as possible.

More here @

p style=”text-align: justify;”>Even though victims who suffer injuries in accidents caused by other drivers may be able to recover compensation through personal injury claims, many victims of car accidents are so shaken after the incident that they do not take the time to gather evidence or document the specifics of the accident. It is important to remain coherent so that you can organize your thoughts and make strong mental notes of the accident scene. There are certain things victims of car accidents in Massachusetts can do to strengthen their case, including:

    • Gather names and addresses of the other driver(s) and passengers
    • Gather names and addresses of anyone who witnessed the car accident. If someone saw the accident, make sure you get their name and telephone number.
    • Gather insurance information, including the name of the insurance company and policy number. It is important to call you insurance company right after the accident. Do not wait more than 24 hours.
    • Always call the police so a report will be made. When the police arrive, tell the officer what happened. The other driver may try to spin the facts differently so you need to be heard.
    • Document damages to your vehicle and the vehicle that hit you. Take photographs of the scene and any traffic signals or signs that are there. Try to use a camera rather than a cell phone, if possible.
    • Document any injuries sustained as a result of the car accident, including head injury, lacerations or bruises to the body.
    • NEVER admit fault after an accident, especially to the police.
    • DO NOT tell the police you are okay after the crash. Many times soft tissue injuries exhibit none or very few symptoms but ususally get worse later on. Also bear in mind that the excitement and confusion of the accident may mask any symptoms or stiffness that you may be having.

Motor Vehicle Accidents

  • If you think you may be injured, seek treatment as soon as possible. Delays may lead the insurance company to claim that you were not really hurt in the accident. Think carefully before you relate your symptoms to your healthcare provider. Sometimes only the major area of immediate pain is related to the health care provider and other minor injuries become problematic later bu were not mentioned at first.

If an accident has changed your life, we can and will seek justice for you and your family and ensure you receive the compensation to which you are entitled and will fight hard for your legal rights.

Just Remember: insurance adjusters are trained to gather information that is detrimental to your claim, settle the case for as little as possible, and with as many delays as they can.