Personal Bankruptcy Protection

Massachusetts Chapter 7 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

In Chapter 7 bankruptcy, you can keep all your property that is “exempt.”  If the property is exempt, you can keep it during and after bankruptcy. If the property is nonexempt, the trustee is entitled to sell it to pay your unsecured creditors. Exempt property includes your car, your primary residence, clothing, retirement funds and furniture (to name a few). Non-exempt property includes luxury items; such as, boats, vacation homes, and expensive automobiles. Most Chapter 7 Bankruptcy cases are “no asset” cases where there are no nonexempt items to liquidate.

FAQs 3

The ultimate goal of your Chapter 7 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.

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