Personal Bankruptcy Protection

Massachusetts Chapter 13 Bankruptcy

Bankruptcy Means Test

Anyone can file bankruptcy; however, not everyone qualifies for a Chapter 7 Bankruptcy. To determine if you can file a Chapter 7, your attorney will perform a "means test." The means test analyzes your income, expenses and family size to determine whether you have enough disposable income to repay your debts. Those who don’t qualify for Chapter 7 can choose instead to restructure their debts and pay them off through Chapter 13 bankruptcy.

FAQs 2

One of the advantages of a Chapter 13 bankruptcy is its ability to stop a pending foreclosure. Once the chapter 13 bankruptcy is filed, the mortgage company must stop all collection activity, even a foreclosure auction. You then have the ability to get current on your mortgage and repay the arrears through the bankruptcy plan over the course of three to five years. You will generally emerge from bankruptcy in better financial condition, as your unsecured debts will also be discharged.

FAQs 3

In most cases, your he ultimate goal of a Bankruptcy is to receive a "discharge" of your unsecured debts.

A discharge is a court order in your bankruptcy case that releases you from personal liability for most debts. Once a debt has been discharged, a creditor is no longer allowd to try to collect the debt. However, not all debts are dischargeable. Certain debts, such as alimony, child support, and student loans, cannot be discharged. Contact us for more information about what debts can and cannot be discharged.

Massachusetts Personal Bankruptcy

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