Chapter 7 Bankruptcy

If you are considering bankruptcy as the solution to your personal debt problems, call Perry, Krumsiek & Jack, LLP. Serving New England and beyond from our Boston law office, our experienced attorneys are ready to help you find a fresh start.

Contact Perry, Krumsiek & Jack, LLP
617.720.4300 | E-mail

Chapter 7 bankruptcy, commonly known as liquidation bankruptcy, involves the selling of a debtor’s nonexempt assets to pay creditors. Most consumer debt, including credit card debt, is erased within a few months of filing, with some of it being paid by the liquidation of assets and some of it being forgiven. Unfortunately, Chapter 7 bankruptcy is not all-inclusive – there are certain debts that are not discharged after filing for bankruptcy such as student loans, domestic support obligations and tax debt.

Am I eligible to file for Chapter 7?
In October of 2005, federal bankruptcy laws changed dramatically. As a result, filing for Chapter 7 bankruptcy became more difficult. Whereas anyone could file for Chapter 7 prior to the change, the amended bankruptcy code now contains eligibility requirements based on established household income standards.

You may or may not be eligible for Chapter 7 now. Simply being eligible to file for Chapter 7 does not mean that type of bankruptcy is in your best interests. We can help you determine what type of bankruptcy protection will be most beneficial for you. You may be better served by filing for Chapter 13, especially if you have built significant equity in your home.

Perry, Krumsiek & Jack can help you find a new financial beginning.
Bankruptcy is not right for everybody but it may be right for you. At Perry, Krumsiek & Jack, our experienced lawyers can answer your questions, analyze your situation and help you determine whether Chapter 7 or Chapter 13 bankruptcy is best for you. Our attorneys are ready to work for you. Send us an e-mail, or call us at 617.720.4300 to learn more about getting a fresh financial start.