Chapter 7 Bankruptcy Boston

Is retaining a Chapter 7 Bankruptcy Boston lawyer the Right Option for You?

Is retaining a Chapter 7 Bankruptcy Boston lawyer the Right Option for You?

1) Most folks considering a Boston lawyer w/ the option of filing bankruptcy are facing severe difficulties financially. When it comes to Chapter 7 bankruptcy, many people fear the worst in terms of what might happen to their home; a Chapter 7 bankruptcy, also known as a “liquidation” bankruptcy, erases all deficit that is legal to erase. A Chapter 7 bankruptcy in Boston may remain on your credit report for up to 10 years.

2) You must attend credit counseling before filing for Chapter 7. Property in Boston that you don’t own will be sold by the bankruptcy trustee. Some of your most valuable possessions may be lost. After a debtor has filed and completed all of the paperwork necessary for a Chapter 7 bankruptcy in Boston, the trustee will schedule a creditors meeting.

3) All your credit cards will be lost. If you fail to complete Chapter 7 requirements, a Bankruptcy Court can convert the case to a Chapter 13 bankruptcy.  You need to qualify for Chapter 7 by meeting specific criteria.

4) If you don’t have a mortgage, bankruptcy will make it almost impossible to obtain one.

5) If something happens, declaring bankruptcy now may make it more challenging to do so later. If you file for Chapter 7 bankruptcy in Boston, you cannot file for Chapter 7 again for six years. The six-year period is when you filed your last bankruptcy petition.

6) You will still be responsible for paying alimony and/or support.

7) Student loan debt can’t be forgiven by bankruptcy. A bankruptcy will remain on your records for many years. However, it takes about 3-6 months to complete Chapter 7 bankruptcy, from filing to relief from debt.

8) Chapter 7 Eligibility requires determining whether a filer’s income is too high. The “means test” whether a debtor qualifies for Chapter 7 is determined. If you have been through bankruptcy proceedings under Chapter 7 and Chapter 13 in the past six years, you cannot file for Chapter 7 bankruptcy.

9) The bankruptcy court in MA appoints a trustee for bankruptcy cases. The trustee oversees the case to ensure that the debtor files the appropriate documents. If a Chapter 7 or Chapter 13 case has been dismissed in the last 180 days, you cannot file for Chapter 7 bankruptcy 1) You broke a court order or 2) After a creditor requested relief from the automatic stop, you asked for the dismissal

10) You may still be obligated to pay some debts, such as a mortgage lien, even after completing bankruptcy proceedings.

11) If you are eligible for Chapter 7 relief and have sufficient disposable income, the bankruptcy court can convert your Chapter 7 case into a Chapter 13. This will allow you to eliminate most of your debts in as little as four to six months. You will then be required to repay your debts over three to five years.

Advantages of Chapter 7

1) An automatic stay protects you from a creditor’s attempt to collect on a debt. Once you retain our Boston bankruptcy lawyer to file for bankruptcy, the bankruptcy court will issue an automatic stay or an “Order for Relief.” Many state exemptions will allow you sufficient coverage to keep most of your property. You’ll also get to keep any salary or wages that you earn and any property you purchase after you file Chapter 7

2) After the creditor’s meeting, A few months later, the bankruptcy court will hold a discharge hearing so that (debt unsecured by the property) is discharged.

3) Another option is to apply for credit lines within one to three years of filing bankruptcy. However, the interest rate will be much higher.

4) Lenders specialize in home buying and lending to people who have been through bankruptcy.

5) Chapter 7 can only be filed once every six years. However, you can always file for a Chapter13 plan in Boston in case of another catastrophe. Although you can file multiple Chapter 13 plans, each will appear on your credit report. Revere Chelsea Lynn Saugus Peabody Springfield East Longmeadow

6) While bankruptcy can relieve many of your financial obligations, only a family court order can suspend alimony or child support obligations.

7) Your lenders will not be able to collect aggressively if you file for bankruptcy near me in Boston.

8) The six-year limit does not apply if you have a Chapter 13 discharge granted in good faith and paid at least 70% of your unsecured creditors.

9) These strict limitations on refiling for bankruptcy can be avoided by following all court orders and court regulations and not asking for relief from the stay when a creditor requests. These limitations don’t apply forever, even if they do. Refiling is only prohibited for six months. Revere Chelsea Lynn Saugus Peabody Springfield East Longmeadow

10) You don’t have to pay money for debts that survive bankruptcy. The amount and number that bankruptcy courts can free you from are virtually limitless.

11) To file for Chapter 7, you don’t need to have any debts. Even if your case is converted to chapter 13, you can still improve your financial position by getting more favorable terms to repay your debts. You can keep all your property with Chapter 13.

Bankruptcy Lawyers in East Longmeadow MA

Let an attorney in Boston guide you through the Chapter 7 bankruptcy process.

There are many factors to consider when deciding to file for bankruptcy. However, there are also advantages and disadvantages to Chapter 7. If you need to file in Boston for bankruptcy, you will want to consider whether it is possible to avoid it. Talk to a local Boston bankruptcy lawyer about how the law can help your financial problems.


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