Chapter 7 Bankruptcy
In these unprecedented times, many people are struggling financially and cannot pay all of their debts. Bankruptcy is one tool that can be used to alleviate these financial burdens, but the process can be incredibly complicated. Chapter 7 bankruptcy is an option for individuals who need assistance discharging their existing debts, and an experienced bankruptcy attorney can help navigate this difficult process to ensure that you are receiving the most relief possible from your financial distress. Attorney the Rachel M. Matos, is an experienced chapter 7 lawyer in Massachusetts and is prepared to offer top-tier legal representation throughout your bankruptcy proceedings. To learn more, call or contact us today.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is an option for both individuals and business entities that cannot pay their existing debts. This is also known as a liquidation bankruptcy, and during this process a bankruptcy trustee takes possession of all property. The real estate and personal property is identified as either exempt or non-exempt, and all non-exempt property is sold to pay off creditors on existing debts. Once the creditors are paid with the proceeds of the non-exempt property, those debts are discharged, and the debtor is no longer liable for them. Typically, the Chapter 7 bankruptcy process takes from three to five months.
There are many types of debts that can be discharged through a Chapter 7 bankruptcy filing. Credit card bills, hospital bills, doctors’ bills, overdue rent payments, utility bills, mortgage payments, and car loans can all be paid off through the Chapter 7 process as dischargeable debts.
What Debts Cannot be Discharged?
It is important to note that not all types of debts can be discharged in Chapter 7 bankruptcy. Some of these types of debts include the following:
- Certain types of taxes
- Spousal support
- Child support
- Student loans
- Debts incurred through fraud
- Debts incurred through the willful or malicious injury to person or property
- Debts incurred from a drunk driving charge
- Liens on property
An experienced attorney will be able to review the debts you owe to determine which may be discharged through a Chapter 7 bankruptcy filing.
How can a Bankruptcy Lawyer Help?
Many people are hesitant to hire a bankruptcy attorney to help with filing for Chapter 7 bankruptcy because they see it as another debt that must be paid. However, there are many benefits to using an experienced bankruptcy lawyer to handle your case. A bankruptcy attorney has an in-depth understanding of the process and can expedite your case, saving you time and money. A bankruptcy lawyer will also know whether you qualify for federal or state exemptions on certain property to help you keep as much as possible throughout this process.
An attorney will draft and file all of the bankruptcy paperwork, so you know that it is done correctly and will not get rejected by the court. A lawyer can also provide sound legal advice on issues like what type of bankruptcy is right for your situation, what to expect throughout the process, and what risks are involved in filing for bankruptcy in your case. Talk to a bankruptcy attorney today to learn more about the wide range of legal services offered to clients considering Chapter 7 bankruptcy.
Benefits of Hiring a Bankruptcy Lawyer
Hiring an experienced bankruptcy lawyer can be a great resource as every financial situation is different and you may not be aware of certain exemption that you may qualify for, or what type of bankruptcy to file for and if there are any other alternatives. If you or a loved one is struggling with debts, it is important to remember that you have legal options. To learn more about how Chapter 7 bankruptcy may help alleviate financial burdens, the Law Office of Rachel M. Matos is here to help. Call or contact the office to schedule a consultation today.
“Attorney Matos’s office got back to me right away when I called to have her review an issue for which I was to be compensated. Once Attorney Matos took the case it was immediately resolved in my favor. Than you so much! It was a pleasure working with you in holding the opposing party accountable!”