WAYS TO STOP HOME FORECLOSURE
Have you been falling behind on your mortgage payments? Received a foreclosure notice in the mail? If so, it’s important to take action immediately against it. While the potential of foreclosure can…Read More
When you need a fresh start and feel as if you have no more options, McCue Law Office in Bangor can help. We can educate you on your choices for debt relief, including filing for Chapter 7 bankruptcy. We offer free evaluations by phone, email, or in-depth consultations with an experienced bankruptcy attorney. If you can’t seem to get ahead, if you feel stuck, or if you feel like you are sinking further behind financially, we can help! We will answer any questions or concerns you may have about Chapter 7 bankruptcy, and help you plan for a brighter future. Contact us today to get started.
Chapter 7 bankruptcy means that your debts are discharged and you get a fresh start regarding your finances. In this type of debt relief, a trustee collects and liquidates any of your property that is not exempt. The total proceeds of your liquidation are distributed to your creditors, a commission is taken by the trustee, and your debt can be discharged. Certain types of debt, such as family support, certain taxes, and student loans cannot be discharged. The best way to understand your options is by calling McCue Law Office in Bangor. We can help you get your fresh start!
Certain property is exempt under Maine law, which means that it is not available for the trustee to take. This can include equity in your home, life insurance, family support income, pensions, personal property (clothing, household goods and furniture), public benefits, tools of your trade, and wages earned after you file bankruptcy. These exempted assets may be subject to value limitations.
If you are a farmer or fisherman in the state of Maine and need to file for bankruptcy, Chapter 12 may be the best option for you. This type of bankruptcy is only available for fishermen, lobstermen, and farmers and operates much like Chapter 13. However, Chapter 13 bankruptcy only allows for a five-year limitation on property payment, whereas Chapter 12 bankruptcy allows farmers and fishermen the option to stretch the payments over the useable life for a boat, farm equipment, or other type of loan.
Fishermen and lobstermen have the ability to exempt a boat up to 46 feet in length when filing for Chapter 12 bankruptcy in Maine. With the ever-changing laws, it is important to hire a knowledgeable and experienced bankruptcy attorney to help you through the legal process.
Let the dedicated professionals at McCue Law Office to help you understand every aspect of bankruptcy before deciding to file. We offer free consultations, whether over the phone, via email, or in-person, and we are always working to ensure the best outcome for you and your business. Contact us today.
Chapter 11 bankruptcy is an option available to individuals and businesses who either do not qualify for one of the other types of bankruptcy, or for whom one of the other bankruptcy chapters is not the best choice. It allows corporations, partnerships, other business entities and individuals to reorganize their debts. Chapter 13 is only available to individuals, so Chapter 11 may be the only way for other business entities to reorganize their debts. Chapter 11 is available to individual who may exceed the debt limits of Chapter 13.
Chapter 11 bankruptcies are typically more expensive than other types of bankruptcy. The Chapter 11 process can be complex and confusing, and should not be attempted without the help of an experienced bankruptcy attorney. It is important to understand all of your options, so contact McCue Law Office for a free consultation.
Have you been falling behind on your mortgage payments? Received a foreclosure notice in the mail? If so, it’s important to take action immediately against it. While the potential of foreclosure can…Read More
Bankruptcy is considered a last resort for businesses and individuals who are suffering financially. And for good reason — it’s a challenging process that can have long-lasting consequences. If yo…Read More
Personal Injury After an accident of any kind, you should be able to focus on healing without worrying about how you will pay your bills. Our law firm works on a variety of personal injury cases, incl…Read More