Chapter 7 Bankruptcy in Massachusetts

If you are struggling to overcome debt and your personal financial situation is worsening, then attorneys at DeBruyckere Roth & Associates, PLLC can help you file a Chapter 7 bankruptcy in Massachusetts. Our attorneys have extensive experience formulating bankruptcy plans and helping people receive fresh starts.

There are many reasons why people file chapter 7:

• Losing a job
• High medical bills
• Huge credit card debt
• Late payments on mortgages
• Increasing interest rates

If you find yourself feeling desperate about debt, you are not alone. Contact a Massachusetts Chapter 7 attorney at DeBruyckere Roth & Associates, PLLC for information on how to emerge from debt and begin concentrating on living your life.

What is Chapter 7?

Chapter 7 is the most common type of bankruptcy for individuals. When a person files Chapter 7 bankruptcy, all of their non-exempt assets are sold and distributed to creditors. Unlike Chapter 13, in which individuals eventually pay back loans, Chapter 7 simply discharges debt.

However, Chapter 7 does not liquidate all of your assets. In addition to a federal list of exemptions, many states have their own list. People are allowed to choose either the state or federal list. A Massachusetts Chapter 7 includes many exemptions:

• Your home to a value of $500,000 in equity
• Your car to $750 in equity
• Clothing and bedding
• Furniture up to $3,000
• $200 for rent each month, if you do not use the homestead exemption
• Food up to $300

There are many additional exemptions. DeBruyckere Roth & Associates, PLLC can explain how these exemptions factor into your Chapter 7 bankruptcy in Massachusetts, as well as how changes in the bankruptcy impact your eligibility.

Call 978 686-4600 to file for Massachusetts Chapter 7.