Follow us
Local Office
Quick Links
Menu
"*" indicates required fields
When an individual or business is insolvent, or unable to pay the debts they owe, they may turn to bankruptcy for a fresh start. Chapter 7 bankruptcy, sometimes called liquidation bankruptcy, is one of the most common types of bankruptcy and is widely used by individuals, married couples, and businesses.
Before petitioning for Chapter 7 bankruptcy, it is important to understand the benefits and risks. The knowledgeable and professional Chapter 7 bankruptcy lawyer in Medford at our firm works primarily in this area and knows what to expect.
We help clients meet requirements and overcome obstacles at every stage of the process, from the initial determination of their eligibility for Chapter 7 all the way to the discharge from indebtedness that wipes the slate clean.
At Oakes Law Office, PC, our attorneys have concentrated a large portion of our practice on counseling and representing clients in bankruptcy options.
It is likely time to take action if your debt situation has become so dangerous that you are facing potential legal action from:
Because each state has its own rules, and because there is also a federal list of exemptions, it’s important to consult an attorney about which assets will be liquidated.
Debtors emerge from this process debt-free unless they have certain debts that cannot be erased by Chapter 7 such as:
Our firm confidentially reviews these issues with clients to ensure that Chapter 7 is the right choice.
Before seeking protection under Chapter 7, debtors must be able to show that they received credit counseling from a government-approved credit counseling agency. Next, they must demonstrate that they can pass what is called the means test.
This is a two-step process that determines whether or not the debtor is eligible for this type of bankruptcy. First, they must demonstrate that their household income is below their state’s median. Second, if their income exceeds the state median, they must demonstrate that their disposable income is below the amount set by their state law.
They can then file a voluntary petition, along with detailed financial disclosure, with the bankruptcy court. This filing leads to an automatic stay, blocking most collection activity by creditors.
A trustee is assigned to review the information and, within a few weeks, there is a meeting of creditors, at which the debtor, under oath, must answer questions from the trustee and creditors. If all goes well, the debtor will receive a discharge from indebtedness. Strategic advice and technical assistance from a skilled attorney will prove invaluable at every step.
When you file for a Chapter 7 or a Chapter 13 bankruptcy, the court immediately issues an “automatic stay” that prohibits your creditors from making any further attempts to collect from you. This stops threatening phone calls, letters, texts, and potential lawsuits.
Depending on the circumstances of your situation, such as whether you are facing a potential foreclosure, wage garnishment, or other legal action, a bankruptcy filing may provide the following benefits:
Individuals and businesses facing insolvency need sympathetic, effective bankruptcy law help and advocacy. Our firm provides the highest level of bankruptcy law representation to those in search of a way forward.
"*" indicates required fields