Exemptions in a Chapter 7 Bankruptcy
Get Help From an Experienced Attorney
Too many debts can lead to harassing creditor calls, lawsuits and other legal actions that can cause a considerable amount of stress and anxiety. Bankruptcy is a legal remedy that can help a person in financial trouble resolve their debt problems. A Worcester Chapter 7 exemptions lawyer can explain the debt process, and establish your eligibility for Chapter 7, the liquidation of assets to pay creditors. When you file your petition, the court will put a stop to creditor collection activities, as well as foreclosure, repossession and wage garnishment.
Most Chapter 7 exemptions attorneys in Worcester, MA such as Robert W. Kovacs, know that it is a common myth that you will lose all of your assets when you file for Chapter 7. The truth is that most and typically all of your assets will be exempt from liquidation under either Massachusetts or federal laws. Types of exempt property can include:
- Your primary residence
- Your car
- Bank accounts
- Food
- Utilities
- Furniture
- Heirlooms
- Burial plots
- Disability benefits
- Personal injury benefits
- Retirement savings
- Unemployment insurance
- Workers' compensation
- Veteran's benefits
- Wages that have been earned but not paid
An attorney from Kovacs Law, P.C. can review your finances and discuss which of your assets will be exempt in more detail, including any monetary or value limits that may apply. It is important that you have a thorough understanding of bankruptcy laws before making any decisions regarding your financial situation. Once you are fully informed, you will know which type of debt remedy is right for you.
Federal Bankruptcy Exemptions
When a person files for Chapter 7 bankruptcy, they will be allowed to apply various federal exemptions in addition to exemptions allowed by the state of Massachusetts. Assets that will be exempt under federal law include federal death and disability benefits, retirement benefits and survivor benefits. Our office will answer any questions you have regarding exemptions, and can be depended on to protect your rights and interests if you chose to file bankruptcy. We have helped many clients complete the bankruptcy process, and are committed to your rapid financial recovery.
Contact a Worcester bankruptcy exemption lawyer for advice if you are looking for a way to get out of debt.
Real Stories From Real People
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“Bankruptcy expert very easy to deal with, friendly service, took care of all Communication and scheduling with the courts. I didn’t have to deal with anyone but him. I really enjoyed dealing with him.”- Colin D.
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“If you need someone to be straight forward with you, tell you like it is, and help guide you through the bankruptcy process, this is the guy. We are very thankful!”- Christina P.
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“Very thankful to Robert and his office staff. Very professional and thorough and I would highly recommend Kovacs Law, P.C.”- Michael K.
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“Mr. Robert Kovac did an excellent job with my parents bankruptcy case. The year process was easy and stress free and he helped us in every way.”- Carolina R.
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“Due to Robert's compassion, I no longer have the stress and worry about my finances. Thank you, Robert, for giving me my life back!”- Lynn C.
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“He walked me through the bankruptcy steps slowly and answered all of my questions. Even on days he was clearly extremely busy, I never felt rushed with him. Would recommend, 100%.”- Nina G.
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“His very attentive and shows empathy towards his clients and does not treat you just like another case load.”- Nuh M.
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“Robert Kovacs and his firm did a thorough job and I was completely satisfied with him and his staff. He handled all the details and there were no surprises.”- Elizabeth
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“From the time I started my process to the time it was finished I was always treated with respect and consideration.”- Former Client