CHAPTER 7 BANKRUPTCY

Massachusetts Chapter 7 bankruptcy lawyers | Boston Metro | Braintree | Brockton | Randolph | Stoughton | Quincy | Weymouth | Massachusetts

Our bankruptcy attorneys will determine if your qualified for Chapter 7 and discuss the benefits and disadvantegous with you as it pertains to your situation.

CHAPTER 7 LIQUIDATION

Chapter 7 is also known as “straight bankruptcy” or “liquidation”.  This does NOT mean that your assets are liquidated leaving you with nothing.  In fact, most Chapter 7 filings turn out to be “no asset” cases.  Although everyone has some assets (clothing, furniture, computers, appliances, automobiles, etc) most times, the assets you own are “exempt”.  This means you get to keep them, even if you file a Chapter 7.  Our Massachusetts Bankruptcy Lawyers are skilled and experienced in maximizing your exemptions. 

For example, under the Massachusetts exemptions statute:

• Your 401k or IRA is fully exempt, no matter its value;
• The equity in your home is exempt up to $500,000.00 if properly homesteaded;
• Your equity in your automobile is exempt up to the value of $3,225.00;
• Your household goods are exempt in value up to $10,775.00

QUALIFICATIONS TO FILE

To file a Chapter 7, you must qualify.  Generally, your gross income cannot exceed the “median” or average gross income for your family size in your state. 

BENEFITS OF CHAPTER 7

If you do qualify, Chapter 7 affords you the most protection from creditors and allows the strongest “fresh start”.  In a Chapter 7, your debts are simply “discharged” or eliminated by Court order.  You don’t have to make plan payments to a trustee.  Debt most commonly discharged includes credit card balances and medical bills.  Some debts are not dischargeable in a Chapter 7, such as child support obligations and certain student loans. 

Since non-exempt property can be collected and sold to pay off creditors, resulting in a loss of personal property, it is best to have qualified counsel.  At Nashawaty & Rand, our Massachusetts Bankruptcy Attorneys are eminently qualified to provide you the proper guidance and representation to accomplish your goal…elimination of debt while keeping your property.   We will pursue your rights under the Massachusetts Bankruptcy Laws aggressively and obtain for you outstanding results.

Contact our Massachusetts Bankruptcy Lawyers today for a free consultation.

The Massachusetts bankruptcy attorneys at Nashawaty & Rand serve clients throughout the Greater Boston Massachusetts region including Abington, Avon, Boston, Braintree, Brockton, Bridgewater, Canton, Dedham, Dover, Easton, Hanover, Hingham, Hollbrook, Marshfield, Medfield, Milton, Norwell, Norwood, Quincy, Randolph, Rockland, Sharon, Stoughton, Walpole, Westwood, Weymouth, Whitman, Massachusetts.