Boston Bankruptcy Lawyer Assists Clients Seeking Financial Relief Through Chapter 7
Massachusetts firm works to secure the discharge of nonexempt debts
Sometimes situations beyond your control can profoundly impact your earning potential and lead to overwhelming debt. If you find yourself hopelessly unable to pay your bills, you may want to consider filing for Chapter 7 bankruptcy. At The Law Offices of Richard N. Gottlieb in Boston, we represent Massachusetts residents who seek immediate protection from creditors and a fresh financial start. With more than 35 years of legal experience and Board-certified in both consumer and business bankruptcy, attorney Richard Gottlieb can identify appropriate solutions under the Bankruptcy Code to help you secure appropriate debt relief.
What is Chapter 7 bankruptcy?
Chapter 7 bankruptcy gives individuals the chance to eliminate many types of debt so they can return to living the life they want. If you successfully complete Chapter 7, you will have no longer carry the burden of credit card balances and most other debts. Depending on your specific financial circumstances, some of your assets might need to be sold in order to repay your creditors. This process is known as liquidation. However, the law allows for various exemptions to help you preserve vital personal property.
Understanding the process
From start to finish, a Chapter 7 bankruptcy case usually lasts between four and six months. Our firm will represent your interests effectively in every aspect of this process, including:
- Filing and imposition of automatic stay — We draft the bankruptcy petition on your behalf and file it with the court. Once the filing is accepted, the court enters an automatic stay, which immediately halts all collection actions against you. This means you will not have to worry about harassing phone calls or loss of services, such as utilities, while the matter is pending.
- Creditors’ meeting — In most bankruptcies, there is just one in-person appearance. This is the Section 341 creditors’ meeting convened by the trustee appointed to handle your case. Richard Gottlieb will advocate for your interests at the meeting, during which the trustee and your creditors seek information about your financial status and possibly assert claims.
- Liquidation — Qualifying assets, if any, are sold by the trustee and the proceeds are distributed to creditors. It is important to have a seasoned bankruptcy attorney who thoroughly understands the exemptions that exist under Bankruptcy Code Section 522. Richard Gottlieb has found numerous innovative ways to help shield clients’ property for liquidation.
- Debt discharge — When the liquidation process is complete, you are no longer is obligated to repay the discharged debts and creditors are barred from attempting to recover anything further.
Once your case is finalized, you can start rebuilding your credit without having to worry about the debts that have been eliminated through the Chapter 7 process.
Means test and other requirements
To qualify for Chapter 7 relief, you must satisfy the means test, which calculates your income and expenses compared to the median income in Massachusetts. If you earn too much to be eligible for Chapter 7, you can opt to file for Chapter 13 bankruptcy, which stops collection actions while you pursue a reasonable repayment plan. You are prohibited from seeking protection under Chapter 7 if you have received a debt discharge in the previous eight years.
Is Chapter 7 right for you?
Before seeking to have debts eliminated in a Chapter 7 proceeding, you should have a thoughtful conversation with a knowledgeable bankruptcy attorney. Certain types of obligations are usually exempted from a Chapter 7 debt discharge, such as student loan balances and past due child support. This form of bankruptcy also does not relieve secured debts, such as mortgages and car loans. If you’re most concerned about avoiding foreclosure and/or vehicle repossession, a Chapter 13 filing might be a better option. However, if a large part of your financial burden stems from unsecured, nonexempt debts, such as credit-card balances and medical bills, Chapter 7 could be the optimal solution.
Preparing for your appointment with our bankruptcy attorney
So that we can immediately begin analyzing your case, you need to bring certain information to your initial appointment, including:
- A list of your creditors’ names, amount of each claim and nature of the debt
- Your employer’s name and your gross and net income
- Other sources of income and amounts
- A list of property you own and estimates of the value of each asset
- A list of your monthly bills and details of each expense
This information can help provide an accurate assessment of whether Chapter 7 bankruptcy is appropriate in your case.
Contact an experienced Massachusetts lawyer to discuss a Chapter 7 bankruptcy
The Law Offices of Richard N. Gottlieb in Boston handles Chapter 7 bankruptcy matters for Massachusetts individuals and businesses. To discuss your situation and options, please call 508-545-9598 or contact us online.
