Chapter 7 bankruptcy is an accelerated debt relief process designed for people whose income is irregular and/or is below a certain threshold. This form of bankruptcy is also known as consumer bankruptcy or liquidation bankruptcy.
Often, people who are underemployed or unemployed find that Chapter 7 is the best way to get a fresh financial start, as do people affected by divorce or mounting medical costs.
How Chapter 7 Works
Under Chapter 7, your assets are inventoried, valued and sold by an assigned trustee to repay a portion of your debt. Not all assets are liquidated; in fact, most are exempted by state or federal law in what is called a no-asset case. In the end, most or all unsecured debts (i.e. debts that are not secured by collateral) are permanently eliminated by the discharge.
Debts typically discharged under Chapter 7 bankruptcy include:
- IRS debt
- Medical debt
- Credit card debt
- Utility bills
- Qualifying second mortgages
- Personal loans
Lawyers at Liss Law, LLC, are experienced in Chapter 13 bankruptcy as well, which allows the debtor to keep certain assets while he or she repays outstanding debts over a payment period of three to five years. Your lawyer will help you determine which form of bankruptcy to file.
Protecting Consumer Interests In The Aftermath Of The Recession
Liss Law, LLC, of Brookline, Massachusetts, is a law firm dedicated to helping individuals to manage their financial affairs and investments, and the future of their estates. Our lawyers practice in the areas of bankruptcy and debt relief, real estate transactions and estate planning throughout the Greater Boston area.
When you contact our firm, one of our experienced bankruptcy attorneys will consult with you regarding the state of your finances, assets and debt, and will help you properly file under the federal Bankruptcy Code if it is in your best interest to do so. We've helped countless consumers to file bankruptcy, effectively stopping creditor harassment and obtaining the requisite conditions for renewed financial stability.
Contact Our Brookline Office
Call 617-505-4113 or submit an online contact form for your free consultation with a Chapter 7 bankruptcy attorney. Your attorney will work with you at all stages of the process, from start to finish.
We speak Greek, Cantonese and Mandarin.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.