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Bankruptcy Options


Culik Law’s Massachusetts bankruptcy attorneys help consumers start again, clear away debt, and manage debt more effectively using bankruptcy options. The right to file for bankruptcy is enshrined in the Constitution, and goes back to Ancient Babylon, the Old Testament, and Medieval England.


Some of our most revered American heroes have filed for bankruptcy, including Presidents Thomas Jefferson, Abraham Lincoln, and Harry S Truman. Other notable names like Walt Disney, Henry Ford, and Donald Trump have also filed for bankruptcy.


The right file for bankruptcy is there for a reason: because sometimes, debts are simply too much to ever pay back at once, and you need to be given a clean slate. In fact, bankruptcy can only be filed a few times over the course of a person’s life.


What does bankruptcy involve? You will need to provide a complete listing of all your income, expenses, assets, and liabilities. The bankruptcy law allows you to keep your home, your car, and standard amounts of other assets. You are required to complete mandatory credit counseling and debtor education courses which can be taken online or over the phone in about an hour. There is also a brief meeting with your lawyer and the bankruptcy trustee. The trustee is another lawyer who is appointed to oversee the case. It is extremely rare that you would ever have to appear in a courtroom.


There are two chapters of the bankruptcy code that are applicable to most consumers, Chapter 7 and Chapter 13. Under Chapter 7 of the bankruptcy code, a case is over within a few months. You then receive what is called a “discharge,” which is an order saying that you do not owe any of your old debts.


Under Chapter 13, you have a three-year or five-year repayment plan under which you make a single payment from your disposable income that is disbursed to pay off your creditors.


Culik Law attorneys belong to the National Association of Consumer Bankruptcy Attorneys, a professional organization dedicated to protecting the rights of consumer debtors in bankruptcy.