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Chapter 7

Chapter 7

Cambridge, Massachusetts, Bankruptcy Attorneys

Guiding Clients Through Chapter 7 Bankruptcy

People and businesses can become overwhelmed with debt through no fault of their own. Business circumstances and the economy can change. People experience health issues, unforeseen emergencies or accidents that can result in huge medical expenses and a loss of income. Individuals sometimes don't make as much income as anticipated. Lives change, and as a result finances may be affected.

At Frisoli Associates, P.C., in Cambridge, Massachusetts, we know that good people can get in financial trouble. We offer experienced and nonjudgmental legal counsel to guide you through the Chapter 7 bankruptcy process. To meet with a lawyer, call our office at 617-494-0200, or contact us online. We can help you get the fresh start that you desperately need.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is commonly known as "liquidation bankruptcy." It involves selling off certain property and assets to repay creditors. Once these assets have been sold off, an individual may be "discharged" of his or her debt.

At Frisoli Associates, P.C., we know that bankruptcy law is intended to give people and businesses a fresh start when debts become overwhelming. We often tell clients that the law takes into account the pressure many people experience from creditors. Filing a petition under Chapter 7 automatically stays the majority of collection actions against you and your property. The stop may be temporary but as long as it is in effect, creditors generally cannot continue phone calls demanding payment, sending threatening letters, bringing lawsuits, repossession actions or wage garnishments.

Chapter 7 Bankruptcy Eligibility - The Means Test

Individuals, partnerships, corporations and other business entities may be eligible for Chapter 7 bankruptcy. If you are an individual debtor and your current monthly income is more than the state median, the bankruptcy code requires that the court apply what is known as a "means test" to determine your eligibility for Chapter 7 bankruptcy. This test balances your aggregate net monthly income with your debt. The courts may not allow you to file for Chapter 7 bankruptcy if your disposable monthly income exceeds a certain amount or exceeds a certain percentage of your total, non-priority, unsecured debt.

If you don't qualify for Chapter 7 bankruptcy, you may still qualify for Chapter 13 bankruptcy, but the best way to know if you are eligible for bankruptcy protection is to work with an experienced lawyer.

Is Bankruptcy Right for me?

It is important to take a long-term view of how you will be affected by bankruptcy, taking into account the broad picture. At Frisoli Associates, P.C., our personal bankruptcy lawyers can help you examine your situation. They can walk you through adversarial proceedings and the bankruptcy process and help you get your finances, your life, and your business back on track.

Contact Us

Contact us online or call us at 617-494-0200 to schedule a confidential consultation.

When representing consumer debtors in connection with bankruptcy, Frisoli Associates, P.C. is a debt relief agency as defined by the Bankruptcy Code, 11 USC § 101(12A)."

Bulfinch Square • 43 Thorndike Street, Cambridge, MA 02141 • Phone 617-494-0200 • Fax 617-494-9068