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Chapter 7 Bankruptcy:
Chapter 7 is the most common bankruptcy for simple consumer debt. Under Chapter 7, you will usually have all of your debts erased, or "discharged."
In order to determine whether you can take advantage of Chapter 7 or not, we would need a complete picture of your finances. If you live in a household that has a median income below the state average, you can file Chapter 7 without any further analysis. (In Massachusetts, the median income for a single person household is approximately $47,000; a two-person household is approximately $55,000; a three-person household is approximately $71,000; and a four-person household is approximately $85,000.)
Even if your household income is higher than the figures indicated above, we can run a "means test" to determine whether Chapter 7 is still an option for you. Most clients will still be able to file Chapter 7 after these calculations are done. For more information about determining whether or not you can file Chapter 7, see The Procedure For Filing Bankruptcy.
To take advantage of Chapter 7, you must show that you have more debt than you can manage - that your monthly income isn't enough to repay your debts and live reasonably. You will be able to keep your personal property such as your car, home equity, clothes, furniture, personal injury claims, and other assets, subject to certain limits.
If your household income is high, or you have substantial equity in your home, or if you have other significant assets such as expensive art, antiques, boats, or second homes, then Chapter 13 may be a better choice for you. Please call our office for a free, no obligation consultation.
Remember, certain debts cannot be erased in bankruptcy. Student loans, some taxes, child support, alimony, court-ordered criminal restitution, and some other specific debts may not be discharged. If you have any such debts, talk to us about your options.
