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Is Chapter 7 bankruptcy the right option for you?

Do your finances look like they were hit by an Atlantic hurricane? Maybe you have lost your job or your business. Perhaps your credit cards are maxed out. Maybe unexpected medical expenses are mounting, or your student loans are heading into default. You've cut expenses to the bone, but your unpaid bills grow higher and higher.

Many Massachusetts residents who have faced similar financial challenges have sought shelter in Chapter 7 bankruptcy. Chapter 7 is a constitutionally protected tool that allows individuals and businesses to discharge debt, such as credit card bills.

Despite changes to the law in 2005, most people and businesses are still eligible for Chapter 7 bankruptcy. To qualify, filers must pass a means test that compares their income with their expenses. They must also complete credit counseling, prepare a debt repayment plan and document their income, property and expenses in great detail.

Although Chapter 7 permits filers to discharge debt through "liquidation" - the sale of some property to pay for money owed - many debtors emerge from the process without losing their most important personal property. For example, property exemptions exist for assets already subject to a mortgage or lien, such as a debtor's house or automobile.

For more than 37 years, the Law Offices of Kenneth E. Lindauer has helped clients like you achieve a fresh financial start through the bankruptcy process. Of the countless debtors we have helped successfully navigate Chapter 7 bankruptcy, many were able to keep their homes, cars or other important property while discharging their most pressing debt.

To determine if Chapter 7 is your best option, consult with a competent bankruptcy attorney. In doing so, you may discover that Chapter 7 represents a safe harbor from financial storms. For more information, please visit our Chapter 7 webpage.

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