The Simplest Form of Bankruptcy Protection
A Chapter 7 bankruptcy is designed to give you a fresh financial start by wiping out debts such as credit card bills, medical bills and payday loans. Filing Chapter 7 bankruptcy will also:
- Put an immediate stop to creditor harassment, garnishments and repossessions
- Stop lawsuits and lawsuit judgments against you
- Discharge any deficiency following a mortgage foreclosure or vehicle repossession
- Discharge tax debts (as long as the debts are more than three years old and you filed tax returns for those years)
At UHLLAW, PC, we offer a free initial attorney consultation to discuss your financial situation and determine if filing Chapter 7 bankruptcy will solve your debt problems. We have offices in Worcester, Fitchburg, Boston, Orange and New Bedford in Massachusetts.
Can I Keep my Home or Car if I File Chapter 7 Bankruptcy?
You can keep your home as long as a homestead is filed with the Registry of Deeds and you continue to make your payments. Massachusetts allows you to protect up to $500,000 in equity in your homestead when you file bankruptcy.
Can I Keep my 401(k) or IRA Account?
You can keep up to $1million in retirement plan savings when you file bankruptcy.
Will I Lose Any Property if I File Bankruptcy?
Most people who file Chapter 7 bankruptcy do not lose any of their property. However, it is possible that you will lose some assets, such as non-homestead property and expensive vehicles that are paid for. Lawyer Christopher Uhl will review your assets and determine if you will lose any property by filing Chapter 7 bankruptcy.
If you have assets that you would lose by filing Chapter 7 bankruptcy, you may be able to save those assets and still obtain debt relief by filing Chapter 13 bankruptcy.
If I Co-sign a Car Loan for a Child, Will He or She Lose the Car if I File Bankruptcy?
Filing bankruptcy will remove your personal liability for the loan. Your child can keep the car if he or she continues to make payments.
Can Student Loans and Past-Due Child Support Payments be Discharged?
Student loans and child support cannot be discharged by filing bankruptcy. However, you may be able to put these debts in a Chapter 13 payment plan if you can pay off the debts in five years.
Learn more: Effect of bankruptcy on your credit.
Free Bankruptcy Lawyer Consultation
Come with questions and leave with answers about how Chapter 7 bankruptcy can eliminate your debt and give you a fresh financial start. Call 888-219-3993 or fill out our contact form to schedule a free initial consultation with a bankruptcy lawyer.
