Legal Question in Bankruptcy in Massachusetts

Re: bankruptcy laws

I can't give you a solid answer to your question without more information, but it sounds like a chapter 7 bankruptcy would work for you. The only way to know for sure is for you to provide some data on income, expenses, and your possessions.

Dan Gindes

Re: bankruptcy laws

Initially, the issue is not your income, it's your debts - what kind of debts and how much - considered together with your expenses. If your expenses are low, then you might need to file a Chapter 13 case and pay back creditors some (but not all) of what you owe, over time. In other words, how much money would you have left over at the end of the month if you didn't have to pay the credit cards? The answer to that question decides whether to go with chapter 7 or 13. Call me for an appointment if you want to go into more detail. Regards, David Baker

Re: bankruptcy laws

It is certainly possible to file a Chapter 7 even though you are earning $40,000.00 per year. The Chapter 7 Trustee will analyize your income and expenses to determine whether a Chapter 7 discharge is appropriate under the circumstances. If you have a significant amount of surplus income after your monthly expenses, it is possible, but very rare, that you could be compelled to convert your Chapter 7 to a Chapter 13. Fact of the matter is individuals file Chapter 7s with a full-time job all the time and get the "fresh start" contemplated by the Bankruptcy Code.