Legal Question in Bankruptcy in Massachusetts

Chapter 7, 11, 13?

Chapter 7 is the version that provides for a dischargeof debt after liquidation of assets. Chapter 11 & 13are the reorganization chapters (13 is only availableto individuals). The decision of which way to go involvesan in depth analysis of your financial situation and consideration of whether you have assets that you would like to keep (e.g. house, car, etc.)

If you are interested in a review of your situationyou can call this office to arrange a free initial consultation.

Different Bankruptcy Chapters

Chapter 7 is by far the most frequestly used chapter for bankruptcy filings. Many individuals take advantage of a planned repayment of some number of cents on the dollar, referred to as a chapter 13 repayment plan.

Bankruptcy can be complex, and taking the steps out of order could cost you in a big way. If you have nothing to lose, then maybe you can do it yourself. If you have a house, a car, or other assets, best see an attorney so that you can protect the maximum amount of assets. If you file before you protect, you could lose assets to the Bankruptcy trustee that you could have saved for yourself, had you done things in the right order. Chapter 11 is seldom used by individuals.

This message is provided to assist you in structuring your thoughts when you speak with an attorney about your situation. I am not your attorney, and you are not my client, so this is not legal advice. Legal advice can only be given after a careful interview of the client by the attorney, and I have not had the opportunity to understand the significant issues that I must understand to render legal advice. You should contact an attorney in your state to discuss your situation. That attorney can give you the advice that your situation deserves, after carefully considering the issues that are legally significant in your situation.