Massachusetts Chapter 7 Bankruptcy Lawyers
Massachusetts Chapter 7 Bankruptcy Law Firm – Serving Clients in Massachusetts and the Surrounding Areas
Chapter 7 bankruptcy may be the best option to help you get your finances in order. This bankruptcy allows you to eliminate a range of unsecured debts or loans that aren’t backed by collateral.
Our Massachusetts bankruptcy lawyers can help you with Chapter 7 bankruptcy. Coleman & Macdonald Law Office. Puts our clients first and never gives a case less attention than it requires. We meet every week to review case progress and give our clients the benefit of the knowledge and experience of our vast legal team. We can help you assess your situation and decide whether bankruptcy is the right option for you.
Our Massachusetts Chapter 7 bankruptcy lawyers can help you start your financial recovery. Call us at (781) 558-5172 or complete the simple online form.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is the process of clearing debts that aren’t backed by collateral. This bankruptcy option is for people who are behind on their bills and cannot afford to pay monthly living expenses.
Unsecured Debts: Chapter 7 bankruptcy pays the following:
● Tax debts*
● Support for children
● Personal injury lawsuits
● Medical debt
● Credit card debt
A person can have their assets liquidated during Chapter 7 bankruptcy to pay off debts like the one above. Creditors can no longer seek additional restitution payments from someone in debt after debts have been discharged under Chapter 7 bankruptcy. But, obligations such as child support, federal student loans, and income taxes cannot be lifted.
A Chapter 7 bankruptcy filing protects the person from garnishments, foreclosure of their house, repossession of property, eviction, and other repercussions. Once your debts are paid, the liquidation of your assets will be completed, and you’ll be free from all responsibilities.
The MA Means Test: Qualify for Chapter 7 Bankruptcy
A person must satisfy the Massachusetts Chapter 7 Means Test requirements to be eligible for Chapter 7 bankruptcy in Massachusetts. This test is designed to ensure that only the right people claim they cannot pay their bills. This test can be passed in two ways. First, any person whose income is lower than the Massachusetts median household income can file for Chapter 7 bankruptcy. But, having a lower median household income is not the only way to pass this means test, and a person with very little income can still meet the filing requirements.
These are the maximum annual incomes a household can have to file for Chapter 7 bankruptcy.
● Household 1: $67.119
● Household 2: $84,125
● Household 3: $108,130
● Family of Four: $134 418
● Household of 5 143,418
To determine the maximum income required to file Chapter 7 bankruptcy, for each household member greater than 4, add $9,000 to $134 418.
Am I required to hire a Massachusetts Chapter 7 Bankruptcy Attorney?
A lawyer is necessary for Chapter 7 bankruptcy. This will ensure that you have someone familiar with the law to help you protect your rights throughout the process. A Massachusetts Chapter 7 bankruptcy lawyer will be able to assist you with the following:
● Petition to the court
● Formulation Filling
● Organizing assets
● Organizing finances
● Meetings with creditors
Chapter 7 bankruptcy in Massachusetts involves the liquidation and seizing of assets. An experienced Chapter 7 bankruptcy attorney can help you decide what support you can keep and which assets you should liquidate.
Massachusetts Chapter 7 Bankruptcy FAQ
What is the cost to file Chapter 7 Bankruptcy in Massachusetts?
It costs $306 to file Chapter 7 bankruptcy in Massachusetts as of 2020. The costs associated with hiring a bankruptcy attorney to vary. Call Coleman & Macdonald Law Office to find out how much help you need Today.
Differences between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 bankruptcy is the liquidation of assets to pay off debt. Chapter 13 bankruptcy allows repaying your debts by restructuring them using a plan that can take a few years.
The average time it takes to rebuild credit after bankruptcy chapter 7?
The individual’s financial situation will determine how long it takes to rebuild credit following Chapter 7 bankruptcy. Experts believe it will take an average person between 18-24 months to rebuild credit after filing Chapter 7 bankruptcy.
Are Tax Refunds Part Of Chapter 7 Bankruptcy
A debtor may be able to have their tax refunds exempted under Chapter 7 bankruptcy if they do the right thing.
Is Chapter 7 bankruptcy able to erase all debts?
Chapter 7 bankruptcy can be used to eliminate most types of consumer debt. However, student loans and tax debts can be eliminated, and creditors can sometimes ask for debt relief.
Can I Declare Chapter 7 Bankruptcy if My Home Has Equity?
Sometimes, debtors might not have enough home equity to file for Chapter 7 bankruptcy. People who file for Chapter 7 bankruptcy usually have very little or no equity in their homes and are allowed to keep the equity.
What is the Chapter 7 Means test?
Chapter 7 means check determines if someone is eligible to file based on income. People can earn too much to qualify for Chapter 7 bankruptcy, so they must opt for Chapter 13.
Do I need a Chapter 7 Bankruptcy Lawyer to help me?
Although a Chapter 7 bankruptcy filing is not required, hiring a lawyer is brilliant. A bankruptcy lawyer will protect your rights and ensure the process goes smoothly. Although legal aid is more costly, it can be an investment that will help you protect your future and improve your financial recovery.
Call Coleman & Macdonald Law Offices now at (781) 558-5172 to get help from Massachusetts Bankruptcy Lawyers Coleman & Macdonald Law Office. is a Massachusetts law firm that focuses exclusively on bankruptcy matters in Massachusetts. For your protection, it is essential to have the assistance of a local lawyer as Chapter 7 bankruptcy can vary from state to state. This process can be challenging, and we are here to help. Our team will simplify the process by ensuring everything is done correctly. This will ensure your bankruptcy is booming and your exempt assets remain safe from liquidation.