Legal Question in Bankruptcy in Massachusetts

Bankruptcy options?

What would be the best way to get out of debt? I recently went through a divorce, lost my landscaping business, was unemployed, and now my debt is around $35,000. My truck is about to be reposessed. Would bankruptsy, chapter 7, or chapter 13 be my best option? I don't own a house or any other property. I owe about $20,000 on my truck and it's book value is about half that. I'm presently working at a landscaping company, but not making enough to cover all my bills. I'm in the process of switching jobs but it's not final yet. The bank is giving me until today to come up with the money or they're taking the truck. What happens in that case? Do I still owe the rest of the truck payments? I moved in with a friend last summer to help me get caught up with my bills, but that still isn't working. I still don't make enough to pay my bills. Any help would be greatly appreciated!!! Thank you for your time!


Asked on 2/06/06, 7:27 am

3 Answers from Attorneys
Barry Levine Law Office of Barry R. Levine

Re: Bankruptcy options?

From what you've posted, it would appear that bankruptcy would be your best solution. Whether a chapter 7 or chapter 13 would depend on how you do with the new means test. Also, prior to filing a bankruptcy, you would have to take a credit counseling course (you can do these online).

I would be pleased to review and discuss your financial situation with you. I offer a no charge 30 minute consultation. Please call the office to set up an appointment.

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Answered on 2/06/06, 8:31 am
William McLeod McLeod Law Offices, PC

Re: Bankruptcy options?

Bankruptcy may be an available option - but the only way to truly determine whether its the best option, and if it is, which Chapter is the best option, is to get a complete picture of your income, expenses, assets and liabilities.

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Answered on 2/06/06, 10:19 am
David Baker Law Office of David Baker

Re: Bankruptcy options?

It looks like a bankruptcy case would be a big help to you. It could prevent your truck from being repossessed, or help you get it back if it is repossessed. Filing a bankruptcy case is much more complicated than it used to be. You would need to gather a lot of financial information and have a counseling session before filing. If you would like more information, please feel free to call.

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Answered on 2/07/06, 2:07 pm


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