What Does Chapter 7 Bankruptcy Mean?

The goal of a Chapter 7 bankruptcy is to wipe out (“discharge”) your debts.  In exchange for having your debts erased, you might have to give some of your personal property to your creditors.  You might think that this sounds rather harsh, but the reality is not as bad as it sounds. In reality, you only need to give your creditors your “non-exempt” personal property, which for most people, once the proper exemptions are applied, amounts to giving their creditors nothing.  In other words, in most Chapter 7 bankruptcy cases, most or all of your personal property will be exempt.  This is called a “no-asset” chapter 7 bankruptcy case, and even though you may have some assets (like a house, car, retirement plan or household goods) all of your assets are exempt in a “no-asset” case.  Our office will tell you exactly what personal property of yours is exempt (and therefore safe) before we file your Chapter 7 bankruptcy petition.

For a FREE Chapter 7 bankruptcy consultation fill out the Free Evaluation form below, or call (508) 655-6085 today.

Free Evaluation Form

If you're struggling with debt, get help to today. Learn your options and your rights during a free consultation with a local bankruptcy lawyer. Just fill out the free case evaluation form below to get started right now.
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Chapter 7 Bankruptcy Information

Our Massachusetts bankruptcy lawyers have numerous years of experience handling Ch. 7 bankruptcies for Massachusetts residents, and we work with clients from anywhere in the State. Don’t get stuck with an inexperienced bankruptcy lawyer. You owe it to yourself to contact our offices for a totally free consultation and case evaluation. Let us help you get your life back on track if you are dealing with bills that are piling up, being sued by creditors, faced with having your paycheck garnished, or the bank is threatening to foreclose on your house.  Our office will match or beat the fee quoted to you by any other experienced bankruptcy attorney.  []

 

chapter 7 bankruptcy

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