Determining whether you qualify for Chapter 7 bankruptcy depends on your particular financial situation, and the amount of debt you owe. Usually, you will need to fill out various bankruptcy forms to determine your eligibility. You will be required to provide facts about your finances such as how much property you own, your current income, how much you spend in monthly expenses, and the amount of debt you currently owe. You will also need to declare which possessions you own that are “exempt” according to state law and also describe any property you have owned, spent, sold, or given away during the last two years.
One of the main advantages of filing for Chapter 7 bankruptcy is that your unsecured consumer debts are discharged. This means that if you successfully file for Chapter 7 bankruptcy, you will be free from all unsecured debts such as credit card bills, medical bills, and utility bills. Some debts however, will still remain. These include student tuition loans, spousal support and child support payments, court-ordered fines, and income taxes. The process of filing for Chapter 7 bankruptcy takes about four to five months.
Initiating the process of filing for bankruptcy helps your financial situation because it puts an automatic stay on your creditors. Once you begin the filing process, your assets and property are put under the control of the bankruptcy court. This prevents your creditors from trying to collect on the debt through wage garnishment, freezing your bank account, cutting off your utilities or your welfare payments, or other forms of extreme debt collection. In addition, debt collectors are no longer allowed to call you or to pursue foreclosure, eviction, or litigation.
Contact Buckley Law Offices. We provide assistance for Massachusetts & New Hampshire!
A bankruptcy attorney from our firm can help you examine your options and show you whether or not you are likely to qualify for bankruptcy, and if so, under which chapter you can and should file. Since 1992, our firm is caring, compassionate, knowledgeable, and ready to help you resolve your debt problem. Don’t hesitate to call our firm. if you live in Massachusetts or New Hampshire and have questions about bankruptcy law and how it applies to you. We offer free consultations, so contact us today.