As bankruptcy laws become more complex and eligibility requirements become more stringent, if you are considering filing for bankruptcy, it is critical to enlist the help of an attorney who understands the complexities of Bankruptcy Law, and can get you the results you need.
As experienced and accomplished Boston, Massachusetts Bankruptcy Attorneys, our firm focuses its practice on bankruptcy, debtor/creditor relations, collection law, and litigation. Our goal is provide first rate service and the solutions our clients deserve.
We are not here to judge you; we are here to help you. Our firm treats everyone with courtesy and respect, whether our clients, other counsel or court personnel. We are easy to talk with, and maintain an appropriate manner which serves to lessen the stress of what can be a difficult situation.
Contact our firm today if you need legal assistance with any of the following:
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Chapter 11 Bankruptcy
- Debt Relief
- Foreclosure Prevention
- Loan Modification
- Avoiding Garnishment
- Avoiding Repossession
- Stop Creditor Harassment
- Stop Lawsuits
- Erase Credit Card Debt
- Rebuild your Credit
- Court Protection
- Creditors Rights/Collection
Filing for bankruptcy is a big decision. However, bankruptcy may be your best option to get a fresh start and rebuild towards a stable financial future.
Bankruptcy was designed to give debtors a second chance, and it is important to make that second chance count. Let us show you how we can help.
Verdicts and Settlements:
- In a case of first impression in the U.S. First Circuit Court of Appeals, we successfully defended the commencement of a Chapter 11 bankruptcy case against the challenge of the landlord asserting that the case had not been filed in good faith. Shortly thereafter the Bankruptcy Court confirmed the Chapter 11 plan of reorganization despite objection from the landlord. In re: Capitol Food Corp.
- Obtained recognition of the defacto merger doctrine in the Massachusetts Supreme Judicial establishing liability of a successor corporation for the obligations of its predecessor. Citizens Energy vs. Cargill.
- Established the liability of corporate officers for intentional misrepresentations/unfair and deceptive acts in violation of M.G.L. c. 93A and awarded actual damages plus exemplary damages where the corporate defendant’s actions were found to be knowing or willful. Tropical Banana Company v. Joshua Tree, Inc., et al.
If you or someone you know needs the assistance of an experienced Boston Bankruptcy Lawyer, call Osborne & Fonte today at 866-731-9217, or complete the contact form provided on this site to schedule a free consultation.
Practice Areas and Legal Definitions
Bankruptcy Laws:
Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as liquidation or reorganization. Under a liquidation bankruptcy (Chapter 7), a debtor files to eliminate debt through the bankruptcy court. Under a reorganization bankruptcy (Chapter 13), a debtor files a plan with the bankruptcy court proposing how to repay creditors.
In 2005, the requirements under which a debtor could file Chapter 7 bankruptcy changed with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act. Debtors are now required to seek budget and credit counseling within six months of filing, financial “testing” is required to determine the debtor’s capacity for debt repayment, Chapter 7 cannot be filed if the household income is greater than the median household income as deemed by the state, and state exemptions cannot be applied unless the debtor has resided at current residence for over two years.
Due to the imposed requirements for Chapter 7 bankruptcy as set forth by the new laws, debtors who were eligible to file under Chapter 7 may now have to file under Chapter 13 bankruptcy instead, in which individuals and creditors agree to a court-imposed plan that requires some or all debts be repaid over five years, with an appointed trustee assigned to monitor the repayment process. Bankruptcy filings will continue to be recorded on an individual’s credit report for seven years in the case of Chapter 13, and up to ten years for Chapter 7.
Chapter 7:
Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under Chapter 7 may result in the loss of property.
Chapter 13:
A Chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 permits individuals to keep their property by repaying creditors out of their future income. It is not available to corporations or partnerships. After completion of payments under the plan, Chapter 13 debtors receive a discharge of most debts.
Foreclosure:
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien".
A Foreclosure by Sale ends in the posting of a sign advertising the auction of your home on the sale date. The only ways to stop a foreclosure are full payment of the arrearage, or the filing of a Chapter 13 bankruptcy. Full Payment: If you are able to obtain and tender the full amount of your arrearage, including fees and costs, you can stop the foreclosure of a standard residential mortgage. Most people lack the money to make full payment. This process stops the foreclosure and allows you to repay your arrearage over a three-to-five year period. The arrearage is paid through a court-appointed official, while you resume your regular monthly payments to the bank in order to keep your home. A Chapter 13 can be filed at any time prior to the law day or sale date, and it is often the only avenue to save your home.
Debt Consolidation:
Contrary to popular belief, debt consolidation is not a loan. Debt consolidation is a process in which debt is restructured into one low monthly payment. It further enables a consumer to reduce the amount owed and thereby eliminate interest. Very often a consumer can detect warning signs of being in too much debt long before any collection notices are received. If more than two of the following signs apply to you, you are probably in too much debt:
- You have begun charging to your credit card essential expenses like food and daily expenditures
- You are making only the minimum payments on your credit cards each month
- You are near the limit of your credit cards
- You have too many credit cards
- You are unsure how much money you owe creditors
Chapter 11:
Chapter 11 is typically used for business bankruptcies and restructuring. It is not commonly used by individual consumers since it is far more complex and expensive to pursue. It allows businesses to reorganize themselves, giving them an opportunity to restructure debt and get out from under certain burdensome leases and contracts. Typically a business is allowed to continue to operate while it is in Chapter 11, although it does so under the supervision of the Bankruptcy Court and its appointees.
If you or someone you know needs the assistance of an experienced Boston Bankruptcy Lawyer, call Osborne & Fonte today at 866-731-9217, or complete the contact form provided on this site to schedule a free consultation.
ADDRESS OF THE FIRM:
Osborne & Fonte
20 Eastbrook Rd.
Suite 304
Dedham, MA 02026
Phone: 866-731-9217
Hours: M-F, 8:00AM-5:00PM
Services provided after-hours
MEMBERS OF THE FIRM:
- Attorney Andrew M. Osborne
Attorney Andrew M. Osborne practiced law in Boston, Massachusetts for over ten (10) years before starting the firm of Osborne & Visconti as a founding partner in 1988. The firm was renamed as Osborne & Fonte in 2006. He serves as corporate counsel for a number of companies and has considerable experience and expertise in the areas of bankruptcy, debtor/creditor relations, collection law as well as business transactions, planning, reorganization, corporate affairs, transportation claims and defense, surety bond claims, financing, real estate development, land use, local regulatory and related issues.
Attorney Osborne is licensed in both the state and federal courts of Massachusetts and has extensive experience in bankruptcy and the litigation of collection, commercial and construction disputes, Stockyards and Packers Act, Perishable Agricultural Commodities Act and transportation loss and damage claims. He frequently appears pro haec vice with local counsel in neighboring states. His practice, while concentrated in the areas of creditors' rights, bankruptcy and general corporate and business affairs and transactions, also serves the individual needs of business people and consumers in the areas of real estate transactions, wills and estates. Mr. Osborne also serves as a trustee and advisor for several non-profit organizations.
- Jurisdictions Attorney is Licensed in: Massachusetts, State and Federal
- Date Admitted to the Bar: 1977
- Colleges Attended, Degree & Year Graduated: Boston University, B.A., 1974; Boston University School of Law, Juris Doctor, 1977
- Professional Memberships & Achievements: Massachusetts Bar Association, Bar Association of Norfolk County, Commercial Law League and several commercial law lists.
- Attorney David J. Fonte
Attorney David J. Fonte, after graduating from Cornell University in 1984, began his career at the Department of Radiology and Neurology at the University of Rochester School of Medicine and Dentistry. During the years 1989 to 1993, Mr. Fonte was an embryologist and chair of the Ethics Committee reviewing research and treatment protocols at the IVF America program in Boston.
Following graduation from Georgetown University Law Center in 1996, he was a research consultant dealing with the interrelated issues of law and health. Mr. Fonte is licensed in both the state and federal courts in Massachusetts. He maintained a solo practice in Brookline, Massachusetts for two years before joining Osborne & Visconti in 1999. His current areas of concentration include bankruptcy, commercial and retail collections, small business issues, and civil litigation.
- Jurisdictions Attorney is Licensed in: Massachusetts, State and Federal
- Date Admitted to the Bar: 1997
- Colleges Attended, Degree & Year Graduated: Cornell University, B.S., 1984; Georgetown University Law Center, Juris Doctor, 1996
- Professional Memberships & Achievements: Member MLGBA, 1997 to present.