Chapter 7 Bankruptcy Attorney in Hyannis, MA
Hyannis, MA Bankruptcy Law Firm
Debt collectors and creditors can seriously impact individuals and families, creating significant financial hardship and psychological strain. The skilled bankruptcy attorneys at Common Law Associates, LLP, can help put an end to the harassing phone calls and letters, and help safeguard your property, prevent foreclosure, and protect your assets.
Contact us at (508) 775-0815 for a free consultation, and learn more about how we can help get the debt collectors off your back.
If you’re considering filing for bankruptcy, it’s important to have an expert bankruptcy attorney by your side to guide you through the process. The attorneys at Common Law Associates, LLP, know Massachusetts law inside and out and are ready to help.
Our law firm will help you understand whether you are eligible for a bankruptcy filing. Eligibility depends on a number of factors, including your income, your debt, and whether you have filed another bankruptcy in the recent past, among other factors. Learn more about Chapter 7 bankruptcy below.
What Is Chapter 7 Bankruptcy?
Also called a “liquidation” or “straight” bankruptcy, Chapter 7 may be appropriate for people who have debts they will never reasonably be able to pay.
People generally keep all of their property as it is exempt from the reach of the Court
Examples of property that are exempt (in most states) include motor vehicles (up to a certain value), primary home, reasonably-necessary household furnishings and clothing, pensions, and government benefits/assistance, such as Social Security and unemployment compensation.
It’s important to know that there are debts that cannot be discharged in a Chapter 7 bankruptcy. They include (but are not limited to):
- Back child support
- Alimony obligations
- Student loans (with some exceptions)
- Income taxes that are less than 3 years past due
Advantages of Filing Chapter 7 Bankruptcy
- Chapter 7 bankruptcy filing is relatively quick—it usually takes 3 to 6 months to complete.
- You can keep your primary house or car, as long as you are current on your payments.
- You can keep most necessities, such as necessary household items, clothing, and other items not considered luxury goods.
- Many types of debt can be discharged with Chapter 7, including credit card debt, medical charges, utility bills, business debts, civil court judgments (except cases involving fraud), and others; it bears repeating that certain types of debt usually cannot be cleared by Chapter 7, including student loans, recent unpaid taxes, and child support.
Who Qualifies for Chapter 7?
Most people qualify for Chapter 7 bankruptcy. If you have a very high income, you will be put into the “means test” to determine if you can file a Chapter 7 bankruptcy. The bankruptcy “means” test was put in place to limit Chapter 7 filings to those who truly cannot pay their debts.
The first step in the means test evaluates income: If a person’s current monthly income is less than the median income for a household of their size in their state, they (preliminarily) qualify for Chapter 7—the bankruptcy court will look at other factors as well, including ratio of income to expenses.
Filing for bankruptcy is a big decision. There are many factors to consider, which could affect your financial health well into the future. Our attorneys can help you understand whether Chapter 7 or another bankruptcy filing is right for your situation.
Call the attorneys at Common Law Associates, LLP, today for a free consultation.
We’ve helped countless clients over the years get their lives back on track. Our Hyannis, MA office is located at:
805 West Main Street
Hyannis, MA 02601
We are bankruptcy lawyers covering Southeast Massachusetts Counties of Plymouth, Bristol and Barnstable including Cape Cod and the islands of Martha’s Vineyard and Nantucket, including the following towns and villages: AQUINNAH, BARNSTABLE, BREWSTER, BOURNE, CHATHAM, CHILMARK, DENNIS, EASTHAM, EDGARTOWN, FALMOUTH, HARWICH, HYANNIS, MASHPEE, NANTUCKET, OAK BLUFFS, ORLEANS, PLYMOUTH, PROVINCETOWN, SANDWICH, TISBURY, TRURO, VINEYARD HAVEN, WELLFLEET, WEST TISBURY, YARMOUTH.
DISCLAIMER: The information in this website is not legal advice, nor intended to be a substitute for legal advice. You should consult a bankruptcy attorney for individual and personal advice regarding the specific circumstances and facts of your case. No attorney-client relationship has been created between you and Common Law Associates LLP and no legal advice has been rendered by your use of this site. We are a debt relief agency and assist persons in the filing of bankruptcy under the Federal Bankruptcy Code. All information in this site may be considered advertising under the rule of the Supreme Judicial Court of Massachusetts”