FAQs

Q?

Do I qualify for a Chapter 7 case?

A.

In order to qualify for a Chapter 7 case, your income must fall below the median income for your state and family size. You also must have filed your income taxes for the past 4 years that were required, lived in your state for 180 days. Finally, you want to make sure you have no assets that cannot be exempt from the Trustee unless you.

Q?

How long will my bankruptcy case take?

A.

A Chapter 7 case is typically very short in time. Generally the case is filed then a Meeting of Creditors is held within a month and the case is closed within 90 days. However, this can change if there is a challenge to the discharge or if there is an asset to be liquidated and distributed to creditors. A Chapter 13 case however is much longer in duration. If your income falls below the median in your state, then the case can range anywhere from 3 to 5 years, depending on the type of debt you are repaying. If on the other hand your income is above the median, then there is a mandatory five year period, unless you can pay 100% of your debt back in less time.

Q?

Will I lose any assets in a bankruptcy?

A.

Typically, in a Chapter 7 case, if you qualify under the income level, you do not own enough valuables to lose anything to the Trustee. However, there are only certain amounts of money and value of goods you can protect in Massachusetts against creditors, for example $500,000 in equity in your home. If you have something like a car, house or boat with more equity then you can protect, you always have a right to file a Chapter 13, and simply ensure your plan payment over the course of 5 years is equal to or greater then the value of the asset, and you can save the property.

Q?

Do I need to pay back money in bankruptcy?

A.

In a Chapter 7 bankruptcy case, all of your unsecured debt will be discharged without the need for you to pay any money back to your creditors, so long as you qualify under the income requirements of a case. The only exception to where you would have to pay money back to your creditors is if you have too much money in your bank account, which cannot be exempted. However, in a Chapter 13 bankruptcy case, you will be required to pay back your creditors a certain amount each month for between 3 – 5 years depending upon your household income and how much money you project to have left at the end of each month based upon your reasonable expenses.

Q?

Do I qualify to file a Chapter 7 Bankruptcy

A.

In order to qualify to file a Chapter 7 case, you must meet several criteria including having income under the median income in Massachusetts for your family size; you must have filed all of your taxes required and lived in the state for the last 6 months.

Q?

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A.

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