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Thank you for visiting our site.  We strive to give you some general information in your time of need.  We understand that filing Bankruptcy is a hard personal decision wrought with emotion.  We understand that many people experience a significant life event, like a medical issue or job loss, that has created a financial strain.  In many instances a divorce or the death of a loved one can also create problems making ends meet.  If you are overwhelmed, facing a mountain of debt, facing creditor lawsuits or even possibly facing foreclosure, we are here to help.  We would like to meet with you to discuss your options and help you move forward to a fresh new start.

For individuals, there are generally 2 types, also known as chapters, that they can file for Bankruptcy protection under.  The first is Chapter 7.  A Chapter 7 bankruptcy is commonly called a "liquidation."  Essentially, a person surrenders their non-exempt assets to the court to sell and pay creditors in exchange for a discharge (elimination) from most all of their debts. Massachusetts allows a person to choose between claiming state or federal exemptions.  Both the Massachusetts and the Federal exemption plans are listed by category and have differing values.   These exemptions generally cover most of an individual’s assets, meaning most people are allowed to keep all of their assets and discharge all of their dischargeable debts.  We will assess your property and claim the best exemption scheme for you.

The second type, or chapter, is a 13.  This is known as a debt repayment plan. In order to file a chapter 13 a person needs to have regular income, whose secured debts do not exceed $871,550 and whose unsecured debts do not exceed $290,525. When filing a Chapter 13, a person will be able to keep assets that would be liquidated in a Chapter 7 Bankruptcy. A plan is filed which outlines how the debtor's income over their necessary expenses will be used to pay his or her debts. We present this repayment plan, which must be approved by the Bankruptcy Court. The debtor pays the amount provided for in the plan, which is then distributed to creditors.  After all payments are made for the repayment term, usually 3 to 5 years, a discharge of most debts is granted.

In preparing your schedules and deciding what chapter to file, we are required to complete a form known as the “Means Test”.  Please see Means Test for more information.

To make an appointment....
Please contact us by phone at:  413-336-8300 or
Please email me using the contact form on the right.

Selecting the right attorney is an important decision and a sometimes daunting task. Choosing an attorney with the appropriate experience and knowledge will ensure that you are legally protected now and in the future. We are a Springfield law firm dedicated to helping you resolve your financial crisis.  Feel free to make an appointment for a free brief consultation at Naatz Law to determine if we are best suited to fit your legal needs.  

 

Naatz Law Office, 1012 Memorial Ave., West Springfield, Ma 01089. Disclaimer

Naatz Law Office--Bankruptcy Attorney & Bankruptcy Related Foreclosure.

 

 

Springfiield Ma Law office

 

 

 

 

 

We are located at
1012 Memorial Ave.
West Springfield, MA.

Our office is in the same building as the Monte Carlo restaurant...
across from the Big E. 

Parking is Free.
Handicapped Accessible.

 

 

 

 

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Banruptcy Law Firm Springfield Ma
Call us today at: 413-336-8300