The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

  • Facebook Social Icon
  • Twitter Social Icon

© 2018 Murray Law

CHAPTER 7 BANKRUPTCY

MASSACHUSETTS BANKRUPTCY LAWYER

ELIMINATE DEBT WITH CHAPTER 7 BANKRUPTCY

Chapter 7 Bankruptcy normally allows a person, or business, to eliminate debt in a quick and painless manner. It is the type of bankruptcy that grants the average American the ability to get a fresh start on their finances.

 

Commonly referred to as a "liquidation bankruptcy," Chapter 7 Bankruptcy is a federal court process that liquidates a consumer's debts. Although this type of Bankruptcy eliminates most consumer debt, it also gives consumers the ability to retain assets, such as real estate, retirement accounts, and even cash, through exemptions. 

ASSET TREATMENT IN CHAPTER 7 BANKRUPTCY

An asset can be anything you own, or may have a right to own, at some future date. During Chapter 7 Bankruptcy, depending on how the type and amount of assets you own, there is a good chance that most of your assets will be covered by a Bankruptcy Exemption. This means that you will be able to retain your assets even when eliminating your debts. It is very important to consult a lawyer to determine how to properly assign the exemptions so that the Bankruptcy Trustee cannot sell assets to pay your creditors.  

 

Massachusetts Bankruptcy Law provides two separate sets of exemptions that an individual can choose from: the Massachusetts Bankruptcy Exemptions and the Federal Bankruptcy Exemptions. Massachusetts is one of the few states that allows debtors to examine both sets of exemptions and elect the exemptions which are better suited to their needs.

CHAPTER 7 BANKRUPTCY COSTS IN TIME AND MONEY

The whole Chapter 7 Bankruptcy process takes about four to six months, costs $335 in filing and administrative fees, and commonly requires only one trip to the courthouse. Our fee is in addition to this and is determined on a case-by-case basis. An attorney will sit down with you at your free case evaluation, discuss your specific situation, and together we can come up with a fee that is reasonable. Contact Murray Law today and get a fresh start!

MURRAY LAW

39 Union Avenue

2nd Floor

Sudbury, MA 01776

Tel: (978) 579-9800

Fax: (978) 579-9800

Click Here to Find Us!