Filing Your Bankruptcy Petition
Oberhauser Law is committed to your financial success. Before we file your petition, we will ask you and your spouse to come in to our office for a final meeting to go over your petition and review your financial information. Even small changes can make a big difference in your bankruptcy case. During this meeting information regarding past or present jobs, forgotten creditors (all creditors must be listed on the petition in order to discharge the debt), or upcoming judgments will be added or changed.
After all changes have been made, a fresh, hard copy will be printed and you and your spouse will sign the petition under oath, swearing that all financial information printed in the document is true.
Approximately 10 days after you receive your docket number, you will then receive a notice from the Bankruptcy Court, called a Meeting of Creditors, which will require you and your spouse to attend a hearing in court.
Massachusetts Foreclosures and Short Sales – What Happens?
Once printed and signed, you will be given a copy of the petition, a copy will be kept on file, and then a third copy will be filed electronically through the court. Your case will be filed in one of the Massachusetts bankruptcy courts, depending on the county you live in. Your attorney will let you know ahead of time which court will handle your case.
Your case will be assigned a docket number (which we will also give you) and it will commence your Automatic Stay. This Stay lasts for 120 days from the day you file your bankruptcy petition. Once this begins, your foreclosure, pending short sale, judgment, or law suit is suspended. Additionally creditors are prohibited by law from contacting you in any way via phone, mail, in person, or any other means. Garnishments and frozen accounts will be lifted and you will have access to your bank accounts. Your home and your property will be completely protected during the time you are in the process of bankruptcy.
Bankruptcy Law – Creditors Who Will Try to Stop You
The Massachusetts bankruptcy law allows creditors to challenge your petition after you file for either a Chapter 7 or Chapter 13 bankruptcy. To challenge the petition they must file an adversary proceeding which requests that the court examine or look closely at specific debts you owe. To ensure that your bankruptcy goes through without a hitch the Oberhauser Law Group may file one of the following motions to protect your financial status:
- Vehicle We can challenge the true value of your vehicle, possibly lowering your monthly payment.
- Second mortgage We may be able to eliminate your second mortgage completely – reducing your monthly mortgage payment while increasing your home equity.
- Skeletal petition In certain circumstances bankruptcy law allows us to file the bare bones petition in order for a debtor to get relief immediately through an automatic stay. This is especially useful when a foreclosure or short sale on a home is imminent.
- Judgment liens If you have a judgment served against you it is possible to discharge the judgment completely.
Before you file your bankruptcy petition make sure you talk to your attorney about all your financial problems. He may be able to eliminate or drastically reduce some of your debts right away.
A Bankruptcy Lawyer in Lowell You Can Depend On
If you live near Lowell, or closer to Boston, we can accommodate your needs. Oberhauser Law caters to all types of individuals living throughout Massachusetts who struggle under the weight of financial debt. Attorney Greg Oberhauser will work with you to eliminate your debt and process your bankruptcy without an issue. No matter the situation, if you give him a call, he will meet with you for a free consultation to discuss your finances. You owe it to yourself to get your life back on track. Call us at 978-452-1116 to get started today.