CHAPTER 7 BANKRUPTCY ATTORNEYS IN PEABODY HELP CONSUMERS DISCHARGE THEIR DEBT
Experienced bankruptcy lawyers in Peabody, MA.
Peabody Chapter 7 Bankruptcy Lawyer 01960 | (413) 224-2286 Contact Coleman & MacDonald to find out if bankruptcy is right for you.
“Even if you’re facing bankruptcy—even though it may feel overwhelming—it’s not the end of the world, and it won’t ruin your life. I also want to help cut through the overwhelming amount of information online and clear up the common misconceptions about bankruptcy. Gaining a clear understanding of your options is the crucial first step toward finding a solution.”
Donald J. MacDonald, Esq. Partner
(781) 654-5050
don@colemanmacdonald.com
Why File For Chapter 7 Bankruptcy?
Most people turn to bankruptcy as a last resort—overwhelmed by mounting credit card debt, missed mortgage payments, or the threat of foreclosure. Filing for bankruptcy in Peabody is often the only effective way to halt foreclosure proceedings and eliminate unmanageable credit card debt. Although concerns about credit scores are common, it’s important to note that those considering bankruptcy usually already have damaged credit. In many cases, bankruptcy provides a valuable opportunity for a clean slate and a fresh start to rebuild better credit. This fresh start is not just a possibility, but a reality for many who have successfully navigated the bankruptcy process.
Chapter 7 is a test for qualifying debtors.
Massachusetts Means Test Our attorneys in Essex County are highly experienced in Bankruptcy law, effective, and dedicated to helping you get a fresh financial start. To be eligible for Chapter 7 bankruptcy, you must pass a means test, which evaluates your income and expenses in relation to the median income in Massachusetts. If you do not meet the requirements for Chapter 7, you may still qualify for alternative options such as Chapter 13 bankruptcy. The attorneys at Coleman & MacDonald,can assess your financial situation, determine your eligibility for Chapter 7, and advise you on the most effective strategy for managing your debt.
Liquidation of assets and quick discharge of some, but not all, debts
It’s important to understand how liquidation and exemptions work when you think about bankruptcy. Liquidation means selling some of your things to pay off as much debt as you can before the court erases the rest of your debt. But the law lets you keep certain things, like your car, your clothes, and tools you need for your job. Our Peabody lawyers in Massachusetts can help you figure out what you are allowed to keep so you have the most protection possible. FAQs for Debtors | District of Massachusetts
What Can You Expect During the Bankruptcy Process?
After your important initial consultation, our bankruptcy attorney will guide you through every step of the process, ensuring you fully understand your options before making any decisions. We’ll determine whether you qualify for Chapter 7 bankruptcy in Peabody or if Chapter 13 is a better fit for your needs. From there, we handle filing your case with the bankruptcy court, gathering all required documentation, and submitting everything necessary to the assigned bankruptcy trustee to keep your case on track. Schedule your consultation today to get the information you need to move forward with confidence.
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Getting Ready for Your Bankruptcy Appointment
To help us start working on your case right away, please bring the following information to your appointment at Coleman & MacDonald,
- A list of your creditors, how much you owe each one, and the type of debt
- Your employer’s name and both your gross and net income
- Details about any other income you receive
- A list of everything you own with estimated values
- A list of your monthly bills and expenses
In most cases, bankruptcy can help you:
- Eliminate or reduce your debts*
- Keep exempt assets, such as your home, car, and retirement plans*
- Stop foreclosures and evictions
- Halt lawsuits and creditor harassment
- Get time and space to reorganize your finances
- Regain peace of mind and start sleeping again
Bankruptcy Representation and Services
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Chapter 7 vs. Chapter 13 Bankruptcy in Massachusetts
Chapter 7 Bankruptcy 01960 in Essex County
Chapter 7 bankruptcy offers immediate relief by wiping out most types of debt, including medical bills, credit cards, certain overdue taxes, and debts from vehicle repossessions. Filing in Essex County stops wage garnishments, bank account freezes, and legal actions right away. In many cases, you can keep important assets like your home and car, as long as you remain up to date on payments.
Chapter 13 Bankruptcy in Essex County
Chapter 13 bankruptcy lets you take control of your finances by combining your debts into one affordable monthly payment plan, helping you pay off your debts over time. Filing instantly halts lawsuits, garnishments, and bank freezes. Chapter 13 is often the best choice if you need to catch up on missed mortgage or car payments and want to prevent foreclosure or repossession, provided you can afford the payment plan.
Is Chapter 7 Bankruptcy Right for You?
Chapter 7 bankruptcy allows you to eliminate most unsecured debts, such as payday loans, medical bills, credit cards, personal loans, and debts from repossessions. Many people are able to keep their home and vehicle if payments are current. The moment you file, creditor harassment ends along with lawsuits, wage garnishments, and bank account freezes, giving you fast relief and a fresh financial start.
Debts Not Discharged by Chapter 7 Bankruptcy
Some debts, like federal or state taxes, child or spousal support, and most student loans, typically cannot be discharged with Chapter 7. However, by erasing other eligible debts, you’ll find it easier to manage any remaining obligations. If you’re considering Chapter 7, our experienced Essex County bankruptcy lawyers are here to help—contact us today to discuss your options.
Essex County Bankruptcy Lawyers – Massachusetts
Bankruptcy can be complex, but a knowledgeable attorney will guide you through the process. Our team will review your financial situation thoroughly and create a plan for lasting debt relief. Reach out today to schedule your consultation and take the first step toward a brighter financial future.
Requirements for Filing Chapter 7 Bankruptcy
To qualify for Chapter 7, you must pass a means test, which ensures your income is low enough for eligibility. This means test prevents high-income earners from quickly discharging debt through Chapter 7. Additionally, you’ll need to complete a financial counseling course within six months of filing. Meeting these requirements is necessary to proceed with your case.
Board-certified in Consumer and Business Bankruptcy
When the bankruptcy process is finished, the court will erase most of your debts. However, some debts cannot be erased, like unpaid child support and alimony, student loans, recent taxes you owe, and money you owe from hurting someone in an accident. Our lawyers will explain what debts can and cannot be erased so you can decide if Chapter 7 bankruptcy is right for you. Towns and cities within 10 miles of Peabody, MA include Salem, Lynn, Beverly, Danvers, Marblehead, Swampscott, Middleton, Saugus, Wenham, Wakefield, Melrose, Reading, Stoneham, Boxford, and Nahant. At Coleman & MacDonald, our Massachusetts bankruptcy lawyers offer understanding guidance and straightforward advice to help you achieve a brighter financial future.
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Perfectly executed Bankruptcy advice back in 2014, getting me in a position to not have to follow through with the BK and putting me in a much better financial position.
I had Don work for me a few years ago on a Patent and Trademark. Just this year Don took care of a Trust from start to finish and a Life Insurance matter(reviewing all forms on changing my beneficiaries).
They’ve introduced me to many professionals that I needed and will be needing for my invention soon to be hitting the market in early 2021.
Attorneys get a bum wrap, but this firm is without a doubt the best around and I thank God for getting me through their front door!
Thank you Coleman & MacDonald Law, you’re truly in a league of your own!
I would refer them because they work with you financially especially during these uncertain times.
