The thought of filing for bankruptcy can be scary. What does it mean to you and your family? Will you lose your home? Are all of your debts eliminated? For some people, filing for Chapter 7 bankruptcy protection is the right answer – the answer that will get them back on their feet and working toward complete financial freedom and independence. Chapter 7 can be the solution to getting rid of your debt and reclaiming your future.
Filing for Chapter 7 bankruptcy in Massachusetts requires the assistance of an experienced bankruptcy attorney, like those here at Evans & Evans. We will help you review your financial situation, assess your debts, and explore your options. If you decide, along with your attorney, that Chapter 7 is the right option for you, we’ll take care of all of the paperwork and required legal filings.
How Chapter 7 Works in Massachusetts
In short, a Chapter 7 bankruptcy filing means that all of your debts – with a few notable exemptions – are wiped-out, allowing you a fresh financial start. It’s a relatively fast process and can be very straightforward. Within months, you could be free of debts and harassment from your creditors and debt collectors.
Bankruptcy Exemptions – What You Can Keep Away From Creditors
Chapter 7 starts with your bankruptcy attorney filing a court petition, which details your debts, assets, income and expenses, as well as any assets that have been identified as being claimed as exempt. Many people believe that everything they own will be sold as part of the bankruptcy process. That is completely false. In fact, most personal assets are protected by the bankruptcy exemptions set forth by either Massachusetts or federal law. For example, your cars, your furniture, clothing, 401(k), IRA , jewelry, life insurance policies, and many other personal assets can be shielded from creditors. Most importantly, the exemptions also protect your home from creditors. Call our experienced bankruptcy attorneys to discuss how we can protect your assets to the full extent of the law.
Exceptions – Some debt cannot usually be removed or “discharged” in bankruptcy. These include:
- Child support
- Certain tax debts
- Debt incurred by fraud
- Most student loan debt
We will analyze any debt of these types and prepare a strategy for dealing with debt that you are unable to discharge under these exceptions .
Deciding to File for Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy in Massachusetts is one method for discharging your debts. However, Chapter 7 isn’t the right answer for everyone and other options are available. If you’re in dire financial straits and are feeling like you’re trapped with no exit options, call us to schedule a free consultation. We’ll take the time to review your individual situation and then discuss with you all of your financial options so that you can make the decision that is right for you and your family.
Schedule your free case evaluation.
It’s time you reclaim your financial future. Call the Chapter 7 bankruptcy attorneys at Evans & Evans today. We handle personal and business bankruptcy matters and serve the Greater Boston and Boston’s North Shore region including the communities of Amesbury, Andover, Beverly, Boxford, Hamilton, Haverhill, North Andover, North Reading, Gloucester, Ipswitch, Manchester, Marblehead, Middleton, Newburyport, Salem, Topsfield, Wenham, Middlesex County and Essex County, Massachusetts.