Chapter 7 Bankruptcy Attorney in Lowell, MA
- Do you have large amounts of credit card debt, personal loans and other unsecured debt?
- Are you struggling to bring in enough income to live, let alone pay your bills?
- Do you want to rid yourself of most of your debt?
- Are you looking for a way to obtain a fresh start?
If you answered yes to any of these questions, then Chapter 7 Bankruptcy may be right for you.
At Oberhauser Law, we help people file for bankruptcy relief. When you come to us for debt relief assistance, we listen to your concerns and review your financial situation to help determine if bankruptcy is the best option for you. If it is, we will assist you during the bankruptcy process: from the initial filing and the 341 hearing to the final discharge of your debts.
Is Chapter 7 Bankruptcy Right for You?
If you are looking to wipe the slate clean and start again, then Chapter 7 bankruptcy may be right for you. It is an ideal solution for individuals who wish to discharge most, if not all, of their unsecured debts. If you own a home or a car, however, then Chapter 13 bankruptcy may be a more appropriate choice.
The downside to Chapter 7 bankruptcy is that these actions will affect your credit scores and your ability to obtain future loans. Typically, individuals who file bankruptcy will experience a drop in their credit status, normally anywhere between 50-70 points.
While this may not seem like an excessive amount, it is important to remember that a discharged bankruptcy will stay on your credit report for 10 years. During this time, however, you will still be eligible to receive loans for houses, cars, and credit cards.
Chapter 7 is often referred to as “no asset” because the debtor does not own a home or any valuable property. Unlike in Chapter 13 Bankruptcy, a debtor does not make payments to a trustee, but rather the debt is discharged upon the completion of the bankruptcy.
It is important to know that filing Chapter 7 bankruptcy will not discharge all of your debts. There are some items that cannot be discharged, including:
- Child support and spousal support
- Secured debt (house and car payments)
- Fines owed to government agencies
- Student loans
- Debts obtained through criminal activity
- Association dues
- Personal injury settlements
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Do I Qualify for Chapter 7?
In 2005, changes were made to federal bankruptcy laws that made it more difficult for individuals to qualify for Chapter 7 bankruptcy. Despite these changes, many people can still file, as long as their income is below the median income for their state. Please refer to the Massachusetts median income table below to see if you are in this category. For additional information, contact Oberhauser Law immediately.
Median Income table
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Related information: Passing the Chapter 7 Means Test
Keep Your Property after Chapter 7 Bankruptcy
Attorney Oberhauser will ensure that your property is safeguarded throughout the bankruptcy process. When you file Chapter 7 bankruptcy, you will be required to claim all of your assets. There are exemption laws in place to protect your assets and provide a better standard of living.
Both Federal and Massachusetts State Laws allow individuals who are filing bankruptcy to protect their homes, wages, pensions, personal properties, and insurance policies. There are limitations, however, on the amount of property you can keep.
You are allowed to use either the Massachusetts state exemptions or the federal bankruptcy exemptions. Keep in mind, however, that you are not allowed to mix and match from each list.
If you are a couple that is married and you are filing bankruptcy, each spouse can claim the full amount of each exemption.
Contact Attorney Oberhauser and Get started Today
Are you looking for quality and affordable bankruptcy service? Are you tired of living with the stress of debt? Are creditors knocking at your door?
Bankruptcy Attorney Gregory Oberhauser helps clients obtain the debt relief they need for a fresh start in life. You have more options than you may believe—and you do NOT have to live in debt! Call Oberhauser Law today for a free initial consultation. We are a Massachusetts debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.