Worcester Middlesex County Bankruptcy Law Attorney
What can Chapter 7 Bankruptcy do for me?
A Chapter 7 bankruptcy is considered to be a "straight bankruptcy"
or liquidation of all your assets in order to repay your obligations and
is filed in Federal Court. There are allowed exemptions of property that
you are allowed to keep. All other assets will be sold to satisfy the
creditors. Most individuals that file bankruptcy have a "no asset"
case meaning their assets do not exceed the exemptions. Most individuals
that file Chapter 7 bankruptcy keep all of their assets including their
home and cars.
Common debts that are discharged in bankruptcy include:
- Personal Loans
- Credit Card debt
- Medical bills
- Utility bills
- Department store debt
- Home or car loan deficiencies
- Older income tax debt
Certain debts cannot be discharged through bankruptcy, and include:
- Recent Income Tax debt
- Court-ordered fines or penalties
- Child support
- Alimony payments
- Most student loans
Many bankruptcy lawyers in Worcester, MA such as Robert Kovacs, understand
that even hard working people like you fall into debt at times. If you
find yourself in debt and have no means to be able to repay it, Chapter
7 bankruptcy allows you to get a fresh start. The process is short and
only takes several months. As soon as your case is filed, no creditors
or collection agencies contact you attempting to collect. Once your bankruptcy
is final, your debt is discharged and you no longer owe it.
If you or someone you know have overwhelming debt and have no means to
repay it, you are likely a good candidate for this type of bankruptcy.
It is important you contact a
Worcester Framingham bankruptcy attorney from the Law Office of Robert W. Kovacs, Jr. With the help of a skilled
bankruptcy lawyer, you can rest assured that the best course of action
for you will be determined.
Federal Bankruptcy laws were developed to help people such as yourself.
When someone finds themselves in a financial problem they cannot easily
get out of, these legal protections will help you to be able to resolve
the situation and go on with your life. However, you must qualify for
this type of a bankruptcy by passing a "means test", which basically
requires that you meet certain criteria to be able to file this type of
bankruptcy. Since 2005, the requirements for this type of bankruptcy have
become clearer, requiring that you show whether you have the means to
repay your debt or not. However, most individuals still qualify for Chapter
7 protection and the few that do not will be able to file for bankruptcy
Chapter 12 or
If you do qualify for this type of bankruptcy our caring and compassionate
staff will provide you with all the necessary advice, financial planning
and legal filings needed in order to have proper documentation for your
court dates. It is vital you have an experienced bankruptcy attorney at
your side due to the complexities that could arise. Errors made in preparing
the financial data could lead to a denial of your bankruptcy discharge
or loss of an otherwise protected assets. We urge you to call the Law
Office of Robert W. Kovacs, Jr. for a free consultation to review your
Contact a Worcester Framingham Bankruptcy Attorney from the Law Office of Robert W. Kovacs, Jr.
if you are considering filing Chapter 7 bankruptcy and need skilled legal counsel.