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Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is known as straight bankruptcy as well as liquidation (converting assets into money) and it is the most common form of bankruptcy. Most, if not all debts are discharged within months of your attorney filing a bankruptcy petition. Chapter 7 of the bankruptcy code allows debtors who are in need of discharging debts within a situation of financial emergency to become free and clear of these debts and to become able to begin a fresh new financial start.


How Does Chapter 7 Bankruptcy Work?

The way Chapter 7 bankruptcy works is that a trustee is assigned to collect and to sell assets and non-exempt property to distribute the proceeds from these items to pay off creditors. In Chapter 7 the debtor receives a discharge from all dischargeable debts. These debts may include child support, most taxes and student loans under the filing of chapter 7 Bankruptcy.

Do I Qualify for Chapter 7 Bankruptcy?

Individuals and families filing for bankruptcy must first pass a qualifying income test to determine whether they can file for Chapter 7 bankruptcy to eliminate their debt, or whether they must file Chapter 13 to pay some or all of their debt in a consolidated low interest payment plan. 

The bankruptcy means test measures your income and debt to determine whether you have enough available  income to pay your creditors each month, albeit at a lower interest rate during a  restructured payment plan

Individuals can typically qualify for Chapter 7 if they have:

  • low to moderate income
  • a significant amount of debt
  • a willingness to sell their valuable assets 

How Long Does The Chapter 7 Process Take?

The entire process typically takes between 4-5 months, depending on your situation. One of the benefits of working with Goldsmith, Katz & Argenio, PC. is that you will have our legal expertise and ability to leverage our experience with the debt relief process , getting you on your way to financial freedom sooner rather than later.

Will My Credit Rating Recover After?

Yes, with the right steps you can begin rebuilding your credit immediately after bankruptcy — but strengthening  your score can take several years depending on your score and your ability to repay creditors.

over 30 years with a repuation of excellence

We have over 30 years experience helping various clients with their legal needs, with experienced and board-certified attorneys. We put our emphasis on helping our clients do what is in their best interest, and our clients’ needs always come first.


Schedule a free, no-obligation consultation with one of our experienced attorneys to review your case.


Our attorneys will help you decide what course of action is the correct decision for your particular situation.


We will be your partner and guide you through the law so you can have every advantage your entitled to.

Meet Our Attorneys

We Have a Team of Experienced, Trustworthy and Compassionate Attorneys

Jonathan R. Goldsmith


Thomas E. Argenio


Goldsmith, Katz & Argenio, P.C. is a well-established law firm in Springfield, Massachusetts dedicated to providing effective and efficient representation in a wide array of legal matters. We represent business and individual clients throughout Western Massachusetts, providing personal service and responsiveness that exceeds what is offered by larger firms.


Phone number

(413) 747-0700

(413) 737-5996

Fax number

(413) 781-3780 

(413) 747-0414




Monday-Friday: 7:00 – 5:00

Saturday: By Appointment

Sunday: By Appointment

Holidays: Closed