Helping Businesses And Individuals Across Western Massachusetts With Bankruptcy
Bankruptcy offers individuals and business entities a chance to start over with a clean slate. At Goldsmith, Katz & Argenio, P.C., we have helped thousands of clients get back on their feet through Chapter 7, Chapter 11 or Chapter 13 bankruptcy.
Our team of caring attorneys works with you through every step of the process. From filing the petition to meeting with your bankruptcy trustee, we never leave your side. As longtime members of the Greater Springfield community, we care deeply about setting you up for a positive future.
What Is Chapter 7 Bankruptcy?
Chapter 7, or liquidation bankruptcy, is what most people think of when they think of bankruptcy. In Chapter 7, you liquidate certain assets so you can repay your creditors a portion of your debt. Once you have done this, the court will discharge your remaining unsecured debt. You do not have to get rid of all your assets when you file Chapter 7. Usually, you can keep real estate, vehicles and clothing up to a certain value.
Chapter 11 Bankruptcy: What To Know
Commonly referred to as a reorganization bankruptcy, a Chapter 11 bankruptcy is typically used by business debtors who wish to continue operations but are hampered by the current structure of their debts and obligations. The bankruptcy attorney works closely with a Chapter 11 debtor to develop a bankruptcy plan to reorganize the company’s business operations and assets, and restructure its debt to allow the debtor to pay off the debt over the course of the bankruptcy plan by continuing to operate as a going concern.
How Does Chapter 13 Work?
In Chapter 13 bankruptcy cases, a petitioner who earns a regular wage has the option of working out a repayment plan with their creditor so they can make affordable payments over a period of three to five years. Once the three- or five-year period ends, the bankruptcy court discharges your remaining unsecured debts. Chapter 13 is popular among people who own small businesses, as it allows them to keep business assets instead of liquidating them to repay creditors.
Learn Which Type Of Bankruptcy Is Right For You
When you speak with one of our lawyers, we can determine which chapter you should file. Contact us at our Springfield office to discuss your situation in-depth and get our help. Please call 413-747-0700 or send us an email to set up a consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.