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Massachusetts Bankruptcy Information

Chapter 7 Bankruptcy in Massachusetts

The most common type of personal bankruptcy filing in Massachusetts is Chapter 7. In Chapter 7 bankruptcy, you surrender your non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to your unsecured creditors. In exchange for this, you are entitled to a discharge of some of your debt.

Chapter 7 bankruptcy does away with all of your unsecured debt, such as medical bills and credit cards. It is designed to wipe the slate clean and give you a new start.

Chapter 13 Bankruptcy in Massachusetts

The other personal bankruptcy that is filed in Massachusetts is Chapter 13. In Chapter 13 bankruptcy, you continue to have possession and ownership of all of your assets, but some portion your future income is given to repaying your creditors. Usually, this is over a three to five year period.

Which Bankruptcy is Right for Me?

If you make more than the median income that is based on household size in Massachusetts, you may not qualify for filing Chapter 7 bankruptcy in Massachusetts. Your income is put to a \"Means Test\" to determine if you are eligible to file Chapter 7. If your income level is too high to automatically qualify for Chapter 7 bankruptcy, a Massachusetts bankrupcty attorney can explain to you the special circumstances where you may still be eligible to file Chapter 7.

You have to decide whether you will take the federal bankruptcy exemptions or the exemptions allowed under Massachusetts and federal non-bankruptcy laws, if you are eligible to file Chapter 7 bankruptcy. This is an important decision that a Massachusetts bankruptcy attorney can help you make. The nature and value of the property that you have will be what determines this decision.

The homestead exemption is one of the most important exemptions if you decide on taking the Massachusetts and federal non-bankruptcy exemptions. Veterans\' benefits, Social Security benefits, personal pensions and property and other things are in this choice.

Again, a Massachusetts bankruptcy attorney can help you decide which set of exemptions is best for you. He or she will know the limits and amounts of these exemptions. Your Massachusetts bankruptcy lawyer can also help you determine whether filing Chapter 7 or filing Chapter 13 bankruptcy is better for you if you can choose between the two.

More Help on Massachusetts Bankruptcy Information

  • Means Test - The means test, which is outlined in Section 707(b)(2) of the Bankruptcy Code, makes it more difficult for individuals to have their debts discharged through Chapter 7 Bankruptcy. - read more

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Chapter 7 and Chapter 13 Bankruptcy Help

The two most common consumer bankruptcies are Chapter 7 and Chapter 13, our sponsoring lawyers handle these types exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Our Bankruptcy attorneys will fight to protect your rights and your property, fight the aggressive and annoying creditors for you, and they can help you keep your home, vehicles and other property.

A lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives we offer, even easier.

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