Assisting With Chapter 7 Bankruptcy Throughout Massachusetts
Despite the connotation that comes to mind when you hear the word “bankruptcy”, it’s actually a viable way to get your life back on track. Ultimately, it’s an effective solution to eliminating your debts once and for all. In particular, Chapter 7 bankruptcy is a practical and efficient way for an individual or family to eliminate their outstanding debts. If a person does choose to file, they will find that it effectively deals with all their creditors in an orderly and systematic fashion. As if that wasn’t enough, Chapter 7 bankruptcy is also a relatively fast process, typically only taking around 4-6 months to complete. By the end of that time period, the Chapter 7 filing will discharge all debts, with the exception of student loans, child support, spousal support, property tax, excise tax, and most income taxes.
What Chapter 7 Means For You
You don’t have to let your stress keep building to a boiling point while your debts continue to mount. By choosing to file a Chapter 7, the effects can be seen almost immediately. Upon filing, all creditors must cease contact with the debtor. This means no more interrupted dinners and no more threatening letters in the mail. Your life will be yours to live once again. While the harassment is not just limited to phone calls and letters, this also means no more wage attachments and lawsuits. With all that out of the way, a newfound peace of mind will come to stay. The process also comes along with a trustee that is appointed by the court to handle the case. Under their guidance, the trustee will liquidate all non-exempt assets and turn over the proceeds to your creditors as payment for the amount owed.
The good news is that, in most cases, all of your assets will be protected by these exemptions. For example, as long as you are current, your mortgage or car payment will not be affected. If you haven’t fallen behind on payments, you will continue to pay the monthly installments directly to the lender and you will not lose your car or home. Perhaps best of all, Chapter 7 bankruptcy is very cost-effective. It deals with all of your creditors at once, eliminating time-consuming and costly roundups off all your debts. For most people, they’ll be able to start their journey on the road to financial independence after one simple ten-minute hearing. By utilizing flat fees, our office is able to lower the costs and increase the customer’s peace of mind.
The Truth About Chapter 7 Bankruptcy
Bankruptcy isn’t always what it looks like in the movies, there are organizations actively working to help good, honest people get rid of their debt and move on with the rest of their lives. As enacted by Congress, the bankruptcy code is designed to give individuals and families a fresh start and a proper new lease on life. By taking advantage of this special form of filing, you will eliminate all dischargeable debts. Most importantly, you’ll still be able to keep your home, vehicle, future income, and most of your retirement savings accounts. That means that you can use your money to get ahead in life rather than spending it to service debts that keep you down.
To learn more about how Chapter 7 can help you and the ones you love, give the legal professionals at Benner & Weinkauf P.C. a call today at (781) 706-3228.