Chapter 7
Filing for Bankruptcy in Massachusetts
Qualifying individuals or married couples choose to file Chapter 7 because it is fast and affordable. The filer will not pay anything back to his or her creditors, and all eligible debts are discharged within about four months of the petition date. Bankruptcy offers a fresh start for the honest debtor. It is a federal statute that allows individuals and businesses the opportunity to eliminate or restructure some or all of their debts.
For individuals, Chapter 7 and Chapter 13 provide immediate relief by stopping foreclosure, lawsuits, wage garnishment, repossessions, phone calls and letters, among other benefits. Individuals in these chapters must disclose all of their income and expenses, and all of their assets and liabilities.
What is Chapter 7 Bankruptcy?
Although it is sometimes called "straight bankruptcy" or "liquidation bankruptcy," the reality is that most people filing under Chapter 7 do not lose any property. The bankruptcy laws allow categories of property to be exempted from liquidation. An experienced attorney will analyze your property to ensure it is exempt. If it is not, there are other options available.
For an individual or married couple filing Chapter 7 bankruptcy, it typically requires only one appearance at a "meeting of creditors" within about 30 days from the date the case was filed. The meeting is conducted by a trustee, appointed by the court, and involves a brief examination of the individual’s paperwork. Once concluded, a discharge enters within approximately 60 days.
Who Can File for Chapter 7 Bankruptcy?
To be eligible for Chapter 7, an individual must disclose all of their income, expenses, and all of their assets and liabilities. They do this by using tax returns, pay stubs, bank statements, and other financial documents to give the court a full financial picture. They must also pass a "means test," which is a standardized evaluation of a person’s income and living expenses.
A person who falls below the median income for their family size automatically qualifies for Chapter 7. A person whose income is above the median income for their family size must rebut a "presumption of abuse" by completing some additional steps. The means test does not apply for people who have primarily business ("non-consumer") debts.
Chapter 7 does not discharge the following categories of debt:
- Tax debts
- Domestic support obligations like child support and alimony
- Student Loans
- Criminal Restitution
- Debts arising from the injury or death of another person
Experience Counts
Our experienced team specializes in a wide range of legal matters, including asset protection, Chapter 13 bankruptcy, Chapter 7 bankruptcy, debt relief, foreclosure prevention, loan modification, short sales, wage garnishment, credit card debt relief, debt collector harassment, eliminating second mortgages, levy garnishment, rebuilding credit, debt settlement, lien release, repossession, tax matters, and family law, wills, and trusts. We understand the overwhelming challenges that financial difficulties can bring, and we are here to provide you with expert guidance and representation. Trust Attorney Logan Weinkauf to advocate for your rights and help you navigate through these complex legal processes with confidence.
In conclusion, Attorney Logain Weinkauf offers a comprehensive range of services aimed at providing effective solutions to your financial and legal challenges. Whether you are seeking asset protection, debt relief, foreclosure prevention, or assistance with tax matters, our experienced team is dedicated to guiding you through the complexities of bankruptcy law. We are committed to helping you regain control of your finances, protect your assets, and find the best possible resolutions for your unique situation. With Attorney Logain Weinkauf by your side, you can trust that your case will be handled with expertise, compassion, and a commitment to achieving your desired outcomes. Contact us today to schedule a consultation and take the first step towards a brighter financial future.
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You shouldn't have to tackle all of the stress and frustration associated with these common individual and small business financial issues alone. Contact Attorney Weinkauf if you are facing serious financial trouble, and we will provide you with professional advice on what you can do to get out from under it all. Tell us about your concerns and the problems that you are facing, and we can explore your legal options together and find a solution that is right for you.
Logan Weinkauf has advised clients on creditor and debtor matters across many diverse areas of law, including corporate law, real estate, and family law issues in addition to bankruptcy. His experience puts him at the leading edge of debtor's rights, asset protection, and litigation, working as a trusted advisor to individuals, families, entrepreneurs, and business owners throughout Massachusetts. Call 508-375-3878 to schedule a consultation today and take the first step toward financial freedom.