Top Rated Longmeadow, MA
Chapter 7 Bankruptcy Lawyers
Trust the Expertise of Coleman & MacDonald, Your Chapter 7 Bankruptcy Lawyers in East Longmeadow, MA
The “fresh start” that Chapter 7 bankruptcy promises people who have more debt than they can pay, is not guaranteed.In Chapter 7 bankruptcy, a trustee collects and sells some of your things that aren’t protected by law. The money from selling these items is then given to the people you owe money to. After this, most of your debts are erased, so you don’t have to repay them.
Donald J. MacDonald, Esq. Partner
(781) 654-5050
don@colemanmacdonald.com
Here’s what happens in simple steps:
- Debt Relief: Chapter 7 offers a significant relief by removing most of your debts, providing you with a fresh financial start.Selling Things: The court appoints a trustee to assess your possessions, sell items that you can’t retain, and collect funds to settle your debts, ensuring a fair and transparent process.Paying Creditors: The money from selling your things goes to the people or companies you owe, following special rules.
- Who Can Use It: Chapter 7 is available if your income is below a certain threshold and you pass a means test that evaluates your income and expenses, ensuring that it is a viable option for those in financial need.
- Best For: Chapter 7 works best for people who don’t have steady incomes and cannot make regular payments to pay off their debts.
- Debts Disappear: In most cases, your debts are wiped away after the process.
- Credit Report: If you file for Chapter 7, it will appear on your credit report for 10 years.
Why File for Chapter 7 Bankruptcy?
Many people file for bankruptcy because they’re overwhelmed by credit card debt, have missed payments, or face foreclosure. In East Longmeadow, filing for Chapter 7 bankruptcy in Peabody is often the best way to stop foreclosure and wipe out unmanageable credit card debt. While it’s normal to worry about your credit score, most people considering bankruptcy already have poor credit, which offers them a real chance to start fresh. For many, bankruptcy isn’t a setback but a new beginning, a chance to reset and rebuild their financial future.
Why Can Bankruptcy Be Denied?
Bankruptcy is a complicated process; sometimes a judge says “no” to someone’s case. This is called a denial or a dismissal. Most of the time, bankruptcy is denied because the person made a mistake, didn’t follow the rules for Chapter 7, or wasn’t honest.
The court’s decision on whether to erase your debts hinges on your honesty. It’s crucial to provide all the information the court and the bankruptcy trustee ask for, meet deadlines, and ensure nothing is left out. Any oversight could lead to a denial of your case and your debt not being wiped out.
The bankruptcy process is intricate, involving numerous steps, paperwork, and crucial dates. Any mistake or omission could result in a denial of your bankruptcy.
To get your bankruptcy approved, you must:
- Be honest and tell the whole truth
- Give the court all the facts and paperwork they ask for
- Follow the rules and meet deadlines
- Listen to your lawyer if you have one
Common reasons bankruptcy can be denied:
- Filling out the papers wrong
- Filing for bankruptcy too soon after a past one
- Not passing the Chapter 7 Means test
- Not paying court fees or making payments
- Lying or hiding information (fraud)
- Not going to the required credit counseling
Your debts can be erased through bankruptcy, but only if you adhere to the rules and procedures. It’s essential to do things the right way to ensure a successful outcome.
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 East Longmeadow 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.
Chapter 7 Bankruptcy and the Massachusetts Means Test
To qualify for Chapter 7 bankruptcy in Massachusetts, you must pass a “means test.” This test looks at your income and expenses compared to the state’s median income to see if you’re eligible. If your income is too high to qualify for Chapter 7, you might still have other options, like Chapter 13 bankruptcy.
At Coleman & MacDonald, our experienced attorneys can review your finances, determine if you qualify for Chapter 7, and recommend the best strategy to manage your debt. Our team in Essex County is dedicated to helping you get the fresh financial start you deserve.
Liquidation and Exemptions in Chapter 7
Chapter 7 bankruptcy usually involves the liquidation of some assets—this means selling certain belongings to pay your creditors before any remaining eligible debt is wiped away. However, the law allows you to keep some property, such as your car, clothing, and tools you need for work. Our East Longmeadow lawyers will guide you through what you can keep, ensuring you have the maximum protection when filing for bankruptcy.
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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
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Chapter 7 vs. Chapter 13 Bankruptcy in East Longmeadow Massachusetts
Chapter 7 Bankruptcy in Essex County (ZIP 01960)
Chapter 7 bankruptcy gives you fast relief by wiping out most debts, such as credit cards, medical bills, some overdue taxes, and debts from repossessions. As soon as you file in Essex County, wage garnishments, bank freezes, and legal actions stop right away. In many cases, you can keep important assets like your home or car if your payments are current.
Chapter 13 Bankruptcy in Essex County
With Chapter 13 bankruptcy, you can combine all your debts into a single, affordable monthly payment plan, making it easier to pay off what you owe over time. Filing immediately stops lawsuits, garnishments, and bank account freezes. Chapter 13 is a good option if you need to catch up on missed mortgage or car payments, and it can help you avoid foreclosure or repossession—as long as you can follow the payment plan.
Is Chapter 7 Bankruptcy Right for You?
Chapter 7 helps you eliminate most unsecured debts, including payday loans, credit cards, medical debt, and some personal loans. Many people can keep their home and car if payments are up to date. When you file, creditor harassment and collection actions like lawsuits and wage garnishments stop immediately, providing fast relief and a chance to start fresh.
Debts That Can't Be Wiped Out in Chapter 7
Certain debts usually cannot be discharged in Chapter 7, like most federal or state taxes, child or spousal support, and most student loans. However, removing other eligible debts can make it easier to manage anything that remains. If you’re thinking about filing, our experienced Essex County bankruptcy lawyers are ready to help—contact us to discuss your options.
Essex County Bankruptcy Lawyers – Massachusetts
Bankruptcy can be complicated, but our skilled attorneys are here to guide you. We’ll carefully review your finances and develop a plan for lasting debt relief. Schedule a consultation with us today and start your journey toward a better financial future.
Requirements for Filing Chapter 7 Bankruptcy
To file for Chapter 7, you must pass a means test, which checks that your income is low enough to qualify. This ensures only those who truly need Chapter 7 can use it. You’ll also need to complete a financial counseling course within six months before filing. Meeting these requirements is necessary to move forward with your case. Towns and cities within 10 miles of East Longmeadow, MA include Salem, Lynn, Beverly, Danvers, Marblehead, Swampscott, Middleton, Saugus, Wenham, Wakefield, Melrose, Reading, Stoneham, Boxford, and Nahant.
Towns and Cities Near East Longmeadow, MA (with ZIP Codes):
- Longmeadow, MA – 01106
- Springfield, MA – 01103, 01104, 01105, 01107, 01108, 01109, 01118, 01119, 01129, 01151
- Hampden, MA – 01036
- Wilbraham, MA – 01095
- Enfield, CT – 06082
- Somers, CT – 06071
- Agawam, MA – 01001
- Chicopee, MA – 01013, 01020, 01022
- Southwick, MA – 01077
Other Nearby Towns (Almost 8 miles away):
- West Springfield, MA – 01089
- Ludlow, MA – 01056
- Monson, MA – 01057
- Suffield, CT – 06078
GOOGLE REVIEWS
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.
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