We Understand How Bankruptcy And Divorce Work Together
Dividing assets and negotiating the debts during divorce can be a complex and emotional process. We use our experience and knowledge of the bankruptcy code to help our clients discharge eligible unsecured debts and move forward with their lives.
Our Salem, Massachusetts, law firm provides divorce and bankruptcy advocacy throughout Greater Boston and the North Shore. We understand the bankruptcy issues you may be facing with your high net worth divorce and will work to help you reach a favorable outcome.
Chapter 7 bankruptcy allows individuals to discharge significant and specific debts based on income and other factors. Chapter 13 protection allows you to repay your creditors over a three- to five-year period, and potentially discharge any remaining debt after the repayment plan has ended. Both chapters carry strict guidelines which outline the types of debt individuals can seek to eliminate or reduce.
Filing for Chapter 7 or Chapter 13 bankruptcy can provide debt relief and prevent creditor harassment. Filing a bankruptcy petition creates an automatic stay, or stop, to creditor collection actions. It is important to consult our law firm to determine which bankruptcy protection suits your needs. We can determine whether you can discharge your debts under Chapter 7 or reorganize your debts under Chapter 13.