Zaheer Law Group is a Full-Service Bankruptcy Law Firm Located in Lynnfield, MA
Bankruptcy Lawyer in Lynnfield, MA
Zaheer Law Group has been helping people who have financial legal problems in Lynnfield, MA for the last 20 years. The firm’s attorneys have successfully represented thousands of clients in a wide range of bankruptcy issues, including Chapter 7, 9, 11, 12, 13, and Chapter 15 cases. We provide services to individuals, all sorts of businesses, and corporations. We put in the time to get to know our clients, so we can come up with a legal strategy that works best for them, whether they’re facing bankruptcy, a lawsuit, reorganization, or any other financial crisis.
Zaheer Law Group’s Bankruptcy Services
We have been serving people of all sorts in the matter of bankruptcy for more than decades. We are happily providing our best service to you in this serious financial situation. The main and known types of bankruptcy services are given below:
- Chapter 7: For liquidation
- Chapter 9: For municipalities
- Chapter 11: For large re-organization
- Chapter 12: For family farmers
- Chapter 13: For a repayment plan
- Chapter 15: For use in foreign cases
Zaheer Law Group’s Bankruptcy Law Practice Areas
We practice in various types of bankruptcy areas here at Zaheer Law Group. Including liquidation, municipalities, reorganization of businesses, family farmers, the repayment plan, foreign cases, and so on…
Liquidation is also called Chapter 7 bankruptcy. Chapter 7 bankruptcy is used when an individual or business is unable to pay its debts. It is used most often by individuals, but businesses can also file for chapter 7 bankruptcy.
The Chapter 9 bankruptcies are used by municipalities as repayment plans. This allows cities, school districts, towns, and other municipalities to reorganize their debt and then pay back what is owed.
Reorganization of Business
A Chapter 11 bankruptcy is basically used to reorganize a business or corporation so that it can continue running and operating while paying off its debt in a plan agreed for both the court and the creditors.
Chapter 12 is a bankruptcy law that is reserved for family farmers and fishermen and acts as a repayment plan, allowing the debtor to avoid selling all of their belongings or property, and it has higher debt limits.
The Repayment Plan
If you have a large amount of debt, you should think about using a repayment plan. The Chapter 13 process requires the court to approve a monthly payment plan for you, so as the debtor, you pay back a portion of your unsecured debt and your secured debt over the decided time by the court.
Chapter 15 bankruptcy is a legal proceeding that is usually initiated by a business or individual who has lost his or her assets through no fault of his or her own. The goal of a Chapter 15 bankruptcy is to prevent the debtor from continuing to make payments on a debt that he or she cannot pay.
Chapter 7 Bankruptcy – Liquidation Under the Bankruptcy Code
Chapter 7 liquidation is the most prevalent type of bankruptcy. This option is offered to people who are unable to keep up with their required minimum monthly debt payments. Chapter 7 is also an option for companies looking to wind down operations. No amount of debt is too large or too little for a debtor to seek relief under Chapter 7. In Chapter 7 bankruptcy, a trustee is appointed to liquidate the debtor’s assets and distribute the proceeds to the creditors.
Do not continue to rack up new debt if you want to take full advantage of bankruptcy rules and start over with a clean slate. Increase your withholding and/or anticipated tax payments if you plan to file for bankruptcy because of unpaid federal tax arrears.
Why Choose Zaheer Law Group as your Bankruptcy Lawyer?
Zaheer Law Group’s lawyers are specialized in the law of bankruptcy. Our lawyers will listen to you about the case and will analyze which strategy is best for your case. Through our lawyers’ expertise, we will help you on your way to achieving your goals. Our lawyers will act in the best process to see that you receive justice in the matter of your financial causes. Our expert lawyers will go through these steps to bring the best possible outcome for you:
- Assembling the evidence required to support your allegations
- Using specialists to support your claims
- On your behalf, we will take the bank details and the creditor’s details which will help us
- Guiding you through the process to obtain the best possible result for you
Zaheer Law Group’s lawyers will be with you step by step to do their best procedure to clear problems regarding bankruptcy.
Frequently Asked Questions About Bankruptcy Law
What is Bankruptcy?
The federal government enforces the bankruptcy law. Debtors who are in genuine need of debt relief may qualify if they have amassed substantial debt due to unforeseen circumstances (such as a divorce, a significant illness, loss of work, or excessive credit card spending).
Do I Need a Bankruptcy Lawyer to File for Bankruptcy?
No, technically speaking; bankruptcy law is quite intricate. Having legal representation during the bankruptcy process may help you get the most out of your debt relief, protect most of your property, and head off any potential snags. Petitioners who attempt to represent themselves in court (known as “filing pro se”) sometimes run into difficulties and have their cases rejected
Does Filing for Bankruptcy Ruin My Credit Forever?
Filing for bankruptcy will have an effect on your credit, but depending on which chapter you file under, the mark will be removed after a set period of time.
If you file for Chapter 7 bankruptcy, for example, the mark will remain for 10 years. However, a Chapter 13 bankruptcy will remain on your credit report for seven years after the case is closed.
Multiple Bankruptcy Filings: When Can You File Again?
To avoid losing your eligibility for a bankruptcy discharge, you should wait at least eight months before filing for bankruptcy again. Find out how often you can declare bankruptcy and have all of your obligations discharged.
Ready to connect?
Get a free 15-minute consultation to learn how we help entrepreneurs and businesses grow.