Law Office of William E. Campbell    
Lynn and Greater Boston, Massachusetts Bankruptcy Lawyer; Ch 7, Ch 13, Ch 11
Chapter 7

"the liquidation bankruptcy,"  
a misnomer, perhaps!

Chapter 7 cancels most debts and protects [you get to keep] your "exempt" property from your creditors. 

Chapter 7 provides you with a clean slate. 

All the help you need - Get rid of the Stress - Get a Fresh Start!!!!!  

Stop - annoying calls
Stop - repossession 
Stop - foreclosure 
Stop - wage garnishment 
Stop - utility disconnection 

Most common reasons for filing are:  - job loss, followed by the inability to find an equal paying    position;  - medical expenses;  - divorce;  - small business failure.    
Three Types of Debt:

  1. Secured debt - an asset secures the amount owed; thus, if you can not or do not pay the debt the creditor may take the asset.  Mortgages, car loans are examples.  A secured debt must be paid if you wish to keep the underlying asset.
  2. Priority debt - is basically governmental debt; i.e. taxes, court or admistrative ordered domestic support oblications.  Prioity debts for the most part are not dischargeable and must be paid in full.  Some exceptions apply, so check with your attorney for specific information.
  3. Unsecured debt - credit card debt, personal loans, medical bills; unsecured debts are generally dischargeable.

 
Bankruptcy is not a "do it yourself" project!

Law Office of Wm. E. Campbel
P.O. Box 2
Swampscott, MA 01907
781 599 9400
781 498 2779 [fax]
campbell@BankruptcyLawyerMA.com

 

 

Experience you can trust

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