Bankruptcy Law Firm
Attorney Maria Ioannou-Begin understands your tough financial position. Personal bankruptcy can be an overwhelming and frightening experience.
Attorney Ioannou-Begin is comfortable helping clients with Chapter 7 and Chapter 13 consumer bankruptcy issues. Because of changes in federal law, the process for filing bankruptcy has changed; however, the outcome remains the same: bankruptcy protection is still available.
Bankruptcy is governed by Title 11 of the United States Code. (11 U.S.C.) Different chapters denote different forms of bankruptcy for individuals, municipalities, farmers, or corporations according to their financial condition. For example:
Chapter 7 Bankruptcy (Liquidation)
A Chapter 7 bankruptcy is designed for debtors who do not have the present ability to pay their outstanding obligations. In a Chapter 7 case, a debtor can claim property as "exempt" meaning, property that the creditors can not reach. In Massachusetts, a debtor can claim either the State or the Federal Exemptions, depending on the assets they own. A bankruptcy trustee is appointed who takes title of most of the debtor's assets - the property which is not exempt. The trustee can sell the non-exempt assets and distribute the proceeds to the creditors. If the debtor has no assets above the assets that have been "exempted" then no assets can be sold by the trustee. In the process, a debtor discharges most debts. However, certain obligations, such as child support, or student loans are not dischargeable. In addition, if a debtor is found to have committed certain acts, the discharge may be denied altogether.
Chapter 13 Bankruptcy (Debt adjustment of an individual with regular income)
A Chapter 13 bankruptcy is designed by the United States Bankruptcy Code to "rehabilitate" the debtor. This means that the debtor is afforded the opportunity to repay some or all of his/her debts, but under generally better terms (lower or no interest). As such, the debtor is allowed to use future income to pay off his/her creditors. The Code allows the debtor to pay back these debts for a period of three to five years. This process is closely monitored by the trustee and the bankruptcy court.
Upon filing a Chapter 13 Bankruptcy petition, an automatic "stay" is imposed by the court, which forbids the creditors from the continuation of any collection activity against the debtor. The debtor's counsel has to propose to the court and all interested parties a Plan, which explicitly states how the debts are to be repaid, and whether 100% of the debts will be repaid by the debtor. This plan must be approved by the court , and the debtor begins to make payments within thirty to forty-five days after the case has begun. Unlike a Chapter 7 Bankruptcy, in a Chapter 13 petition, the payments are made to the trustee who will in turn pay the appropriate creditors. After the plan has been completed, the court will issue a discharge to the debtor.
Contact attorney Maria Ioannou-Begin to discuss whether or not bankruptcy is your best legal option for debt relief.
Attorney Ioannou-Begin is a Debt Relief Agency as is defined in 18 USC Section 101 of the US Bankruptcy Code. Her firm assists people who file for bankruptcy protection.
The Law Office of Maria A. Ioannou-Begin
118 Union Avenue, 1st Floor
Framingham, MA 01702
phone: 508-561-5419
fax: 508-877-3630
The Law Office of Maria A. Ioannou-Begin represents clients throughout Massachusetts, including those in Framingham, Ashland, Attleboro, Bolton, Brockton, Concord, Dorchester, Fitchburg, Franklin, Hopkinton, Lowell, Marlborough, Milford, Natick, Needham, Newton, Northborough, Norwood, Shrewsbury, Southborough, Sudbury, Taunton, Walpole, Waltham, Wayland, Wellesley, West Concord, Westborough, Worcester, Essex County, Middlesex County, Norfolk County, Suffolk County, and Worcester County.
