Chapter 7 Bankruptcy

It’s not about shame or blame. It’s a fresh start.

Chapter 7 bankruptcy, referred to as a liquidation bankruptcy, can discharge, or eliminate, consumer, debt such as credit card and medical debts, as well as business loans and debts owed to trade creditors.

In general, here’s how it works:

  • You file a formal petition for bankruptcy. The petition itemizes your debts, expenses, and income.
  • The filing of bankruptcy creates an automatic stay, which denies your creditors the right to continue collection calls, repossessions, or collection lawsuits.
  • You attend a meeting with a Chapter 7 Trustee, who reviews your bankruptcy papers to determine if there are assets that can be liquidated and distributed to your creditors.
  • Immediately upon the filing of bankruptcy, the Court contacts your creditors to see if any of them object to discharging your debts.
  • If none of your creditors objects, you are well on your way to finalizing the bankruptcy and seeing your debts eliminated.

If you do not own a home or have little equity in your home, Chapter 7 may be a good option. People must meet certain income criteria to qualify for a Chapter 7 bankruptcy. The criteria change periodically. To find out if you qualify, it is best to speak with an experienced bankruptcy attorney.

Vladimir von Timroth, Esq., understands that comprehensive and current knowledge of Chapter 7 bankruptcy or Chapter 13 bankruptcy laws is necessary to provide professional legal advice. With his knowledge and experience, he will help ensure that:

  • All collection actions on the part of creditors stop immediately.
  • Interest charges on credit cards freeze.
  • Foreclosure actions cease.

Keep Your Home and Your Car

If you file under Chapter 7, the possibility of losing your home is often a great concern. It’s important to know that, under the Bankruptcy Code and the Massachusetts Homestead Law, most people who file bankruptcy can keep their primary residence as long as they are current with their mortgage payments and can continue to pay the mortgage.

The first step in addressing this important matter is a free consultation. All Massachusetts residents interested in more information about Chapter 7 bankruptcy can reach Attorney von Timroth at 508-753-2006.

You will be able to arrange a free initial consultation, where you can learn more about the role that bankruptcy can play in protecting you from creditors.

Vladimir von Timroth has two offices in the Boston, MA and Worcester, MA areas:

405 Grove Street, Suite 204
Worcester, MA 01605

251 Harvard Street
Suite 4, Brookline, MA 02446