If you are considering filing for bankruptcy, you are not alone. Many families in Peabody and on the North Shore are finding themselves overwhelmed by debt and facing bankruptcy or foreclosure, often due to medical bills or the loss of a job. But before you commit to filing for bankruptcy, it is important to discuss your options with a qualified bankruptcy attorney to help you weigh the potential advantages and disadvantages of all options.
Achieving Debt Relief in Essex County & the North Shore
At Konstantilakis Law, we know that there are countless circumstances that can leave individual and commercial clients with overwhelming debt. Accordingly, each client needs a tailored legal strategy to help them eliminate debts and move forward to a stronger, more secure financial future. Our Peabody bankruptcy lawyer is ready with comprehensive solutions, helping you examine and resolve all aspects of your financial life so you can truly achieve a fresh start.
Qualified to Help You
Why our bankruptcy attorney is qualified to take your case:
- Proven Experience — For more than a decade, our bankruptcy lawyer has provided clear and knowledgeable guidance to clients.
- Client-Centered Service — We are committed to always being available to talk with you, providing the personable, responsive service you deserve as we craft a solution that’s custom-made for you.
- Cost-Effective Counsel — Starting with a free consultation, we not only ensure that we are tailoring a legal strategy to your unique case, but we are also focused on accommodating your budget.
What is Bankruptcy?
Filing for bankruptcy allows an individual or couple to eliminate or reduce their debts (often called “discharging debt”). In bankruptcy there are two types of debt: Secured debt (such as taxes, alimony, child support, student loans, or criminal fines or restitution), and unsecured debt (such as credit card debt, medical bills, old income taxes, civil judgments, or personal loans). For individuals and couples, there are two common types of bankruptcy.
We can help you determine if Chapter 7 bankruptcy, Chapter 13 bankruptcy, or an alternative solution is right for you. And then we work closely with you at each step until you reach financial freedom.
If, according to the IRS, your annual income is below the median income for your area, you are probably eligible. If, however, your annual income exceeds the median income for your area, eligibility is mostly determined by the “means test”, which is a complex calculation based on your income. This means test is used to determine if your financial situation qualifies you for bankruptcy at all, or to determine whether you must file under Chapter 7 or Chapter 13.
Filing for bankruptcy under Chapter 13 can be much more complex than Chapter 7, and it is important to speak with an experienced bankruptcy lawyer to help make sure that Chapter 13 is your best option under your particular financial circumstances. Since there tends to be a lot of financial planning involved with structuring the repayment plans for Chapter 13, it can be beneficial to seek representation from a law firm that provides debt counseling.
The Time to Take Action Is Now
Take action now, and we can start helping you regain control of your financial situation. Our Peabody bankruptcy lawyer is ready to protect your assets and assert your legal rights at every step of your debt relief case.
From fighting debt collector harassment and foreclosure proceedings to determining your eligibility and crafting a bankruptcy plan, we can help you find peace of mind and a way forward. Contact us today to start getting the answers and advice you deserve.