Getting Debt Relief Through Chapter 7 Bankruptcy

BankruptcyPeople's lives and financial circumstances change. All it takes is the loss of a job, a poor investment or a serious illness to erode your family's financial stability overnight.

At Panaggio Law, we help clients get back on their feet through Chapter 7 bankruptcy. Give us a call today to find out more about your debt relief options from an experienced lawyer. We have offices in Fall River and Newton, Massachusetts.

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is part of the federal bankruptcy law enacted by Congress to give individuals, married couples and businesses a fresh start. Chapter 7 is a straight debt liquidation bankruptcy that allows individual debtors to discharge (not pay) unsecured debts. Unsecured debts may include purchases made on credit cards.

Through Chapter 7 bankruptcy, a debtor's assets are sold off to pay creditors. Once assets are paid off, all remaining debts are discharged. Additionally, any wages earned after the date of bankruptcy filing can be kept by the debtor.

Who Can File For Chapter 7 Bankruptcy?

The courts consider many factors in deciding who can be granted Chapter 7 bankruptcy:

  • Income level — If an individual's income is too high, he or she may not be able to file. However, it still may be possible to file for Chapter 13 bankruptcy.
  • Ability to repay debts — If an individual has enough disposable income to repay a portion of the debts, Chapter 13 bankruptcy (or repayment bankruptcy) may be a better option. This is determined through a means test.

There is no minimum debt required to file for Chapter 7 bankruptcy. Individuals who are granted this type of bankruptcy will be discharged of their debt no matter what the amount.

Finding The Best Debt Relief Option For You

We may be able to help you stop creditor harassment, mortgage foreclosures, IRS wage garnishment — and give you peace of mind. It is never easy to make the decision to file for bankruptcy and bankruptcy may not be your best option. We will give you an honest assessment of your situation and provide you with debt relief options.

Contact Us

To arrange a meeting with an experienced bankruptcy attorney, please call us at 508-679-2295 or contact us online.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.