Chapter 7

The notion of people forgiving debt is not new. The Old Testament, New Testament and Quran all urge forgiveness of debt by creditors. The belief that debt should be forgiven is also written into the United States Bankruptcy Code and consistently reaffirmed in case law.

There should be an even balance between creditor and debtor and with the law firm of Richard I. Isacoff, P.C., people have an experienced lawyer on their side to help ensure this balance is achieved. Attorney Richard I. Isacoff is here to help convince judges to find in favor of debtors, especially when people have fallen on hard times or have mismanaged money, but who are honest and are trying to achieve a fresh start in good faith.

To learn more about your debt relief options and the bankruptcy process, contact the Pittsfield law office today by phone, 413-443-8164, or e-mail to schedule a free consultation.

Pittsfield Chapter 7 bankruptcy lawyer Richard I. Isacoff takes the time to analyze every facet of people’s financial situation to see if Chapter 7 is the right option and if they qualify under the ‘Means Test’. The first part of the bankruptcy ‘Means Test’ is to take your monthly income from all sources, and then determine whether any of your income might be excluded from the income calculations. The purpose of the ‘Means Test’ is to determine if you should be able to afford a repayment plan and Chapter 13 is the better option for your situation.

Once your current monthly income (CMI) is determined, it must be compared to the median income for your geographic area set by the IRS and bankruptcy court. This is a complicated calculation that Mr. Isacoff has experience compiling correctly, thus decreasing the likelihood that you will be forced into a Chapter 13 bankruptcy with a repayment plan you cannot actually afford.

If you have little or no excess income at the end of the month with which to pay creditors, Chapter 7 bankruptcy may be the right option for you. Using this method, you “liquidate” your nonexempt assets, those “things” not protected under federal or state law, and pay the proceeds to your creditors.

In many situations, Chapter 7 is the right bankruptcy filing choice to discharge your debts. Using this option, you can eliminate debt without any Chapter 13 bankruptcy mandated repayment plan, but you surrender personal property and real estate that are not protected by law for the benefit of the creditors.

Under current bankruptcy laws, you may even be able to eliminate your debt while maintaining possession of your most treasured assets, including your home, your car, your 401(k), or retirement plan and other personal items. Attorney Isacoff offers sound counsel and debt counseling to help achieve these types of financial goals. He believes in providing customized, personal service for all of his clients’ legal needs.
Personal Services Bankruptcy Needs

Bankruptcy laws have changed dramatically in recent years. Attorney Isacoff stays current on the law in order to provide knowledgeable counsel on topics like payment plans, liquidation and debt relief.

There is counsel, and then there is counseling: the kind of reassurance that Mr. Isacoff can give you and your family, instilling both realism and optimism into your mindset. He wants you to know that there is always hope, and he is here to be your advocate and ally.
Richard I. Isacoff, P.C. — Helping Families … Like Yours

Richard I. Isacoff believes in helping all types of families from all walks of life. Above all, he believes in your ability to rebound from the hard economic times confronting you. Take advantage of his experienced legal and financial advice today by contacting either of his conveniently located law offices.

To schedule your free consultation, call 413-443-8164.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.