In a case under a Watertown chapter 7 bankruptcy (straight bankruptcy), you file a petition asking the court to
discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your
giving up property, except for exempt property which the law allows you to keep. In most cases, all your property will be
exempt. But property which is not exempt is sold, with the money distributed to creditors.
If you want to keep property like a home or a car, you need to be current or as close to current as possible before filing. We can give you bankruptcy advice in Watertown if you are currently in a loan modification trial period to discuss when you should file Chapter 7.
If your income is above the median family income in your state, you may have to file a Chapter 13 case. Contact us so we can discuss what goes in qualifying you for bankruptcy. Higher-income consumers must fill out means test forms requiring detailed information about their income and expenses. If most of your debt is business related we may be able to bypass the income restriction to filing Chapter 7 bankruptcy.
Please visit our Frequently Asked Questions page for more information or call us today!