A Chance to Start Over
Are you burdened with overwhelming debt? Frustrated with not being able to make payments on what you owe? Before you drain your 401k account or other retirement savings, speak with a knowledgeable lawyer about your circumstances. You might qualify for Chapter 7 bankruptcy relief.
At the Law Offices of Patrick M. Culhane in Holbrook, Massachusetts, we help clients facing unmanageable debt make a fresh financial start. Backed by 10 years of bankruptcy experience, we will evaluate your situation and advise you about your options. Our goal is to give you the tools to make sound decisions that will enable you to rebuild your financial life.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, or "liquidation" bankruptcy, is a type of debt relief in which you give up assets that are not exempt under the law. These items are then sold to pay your creditors.
The advantages of Chapter 7 bankruptcy include:
- Unsecured debt is discharged, including credit card bills, medical debt, personal loans and some taxes
- You can keep many of your belongings, such as your home, clothing, most furniture, retirement funds and your vehicle
- Creditor harassment immediately stops
- Foreclosure proceedings cease
- Most garnishments stop
At the Law Offices of Patrick M. Culhane, we will work to identify as many exemptions as possible for you, allowing you to keep more of your belongings.
The court considers your income level when determining if you are eligible for Chapter 7 bankruptcy, a process which it refers to as the means test. Often, people who seek Chapter 7 bankruptcy are only allowed to file for Chapter 13 bankruptcy. To discuss your specific situation, call our office at 781-767-7350 or 888-667-5698.
Can I Keep My Home?
Under the Massachusetts Homestead Act, you are entitled to retain your primary residence, as long as you are current with your payments and can continue to pay your mortgage. Also, you may keep your financed vehicle, provided you make timely payments.
When You Are Ready for a Fresh Start
To find out whether Chapter 7 bankruptcy is right for you, contact us online or call our office locally at 781-767-7350 or toll free at 888-667-5698 to schedule a free initial consultation with a knowledgeable attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
