Chapter 7 Bankruptcy For Immediate Debt Relief
I am a Massachusetts Bankruptcy Lawyer. For over 40 years I have helped people throughout southeastern Massachusetts obtain debt relief and a financial fresh start. Bankruptcy still remains a right provided to all Americans who have incurred debts that have become, for one reason or another, greater than their ability to pay. People often have questions about their Chapter 7 options.
One of the reasons people file bankruptcy is to get a “discharge.” A discharge is a court order which states that you do not have to pay most of your debts. Some debts cannot be discharged. For example, you cannot discharge debts for–
- most taxes;
- child support;
- most student loans;
- court fines and criminal restitution; and
- personal injury caused by driving drunk or under the influence of drugs.
The discharge only applies to debts that arose before the date you file. Also, if the judge finds that you received money or property by fraud, that debt may not be discharged.
Deciding If Bankruptcy Is Right For You
It is important to list all your property and debts in your bankruptcy schedules. If you do not list a debt it will not be discharged. The judge can also deny your discharge if you do something dishonest in connection with your case, such as destroy or hide property, falsify records, lie, or disobey a court order.
There are two types of bankruptcies individuals can file. In Chapter 7 individuals receive forgiveness of their debts outright. In Chapter 13 individuals prepare a “Plan” where they arrange to make set payments to their creditors over time (customarily 3 to 5 years). No one type of bankruptcy is right for everyone. Generally people with moderate asset holdings will prefer to file for Chapter 7 and people with larger asset holding, and higher levels of income, may file Chapter 13.
The majority of bankruptcies we file are Chapter 7s.
The type of bankruptcy that will be best for you, and its cost, can only be determined after an office conference. If you are interested in additional information, or would like us to evaluate your situation, please download our free informational materials and fill out the worksheets you will find at the end of the brochure. At the free conference we will review your debts and finances and explain, in a general way, the type of relief bankruptcy may offer. Not all bankruptcy situations are the same and the cost of service varies upon the complexity of the case.