Summary
In Massachusetts, Chapter 7 and Chapter 13 are common bankruptcy options. Chapter 7 involves liquidation and requires passing a means test, while Chapter 13 involves a repayment plan. With an income of $12k, you may qualify for Chapter 7, which can discharge most unsecured debts. You might keep your truck if its necessary, within exemption limits, and payments are current. Consult a bankruptcy attorney for personalized advice.Full Conversation
If i file bankruptcy what happens
Filing for bankruptcy can have several effects:
- Automatic Stay: Stops most collection actions against you.
- Credit Impact: Negatively affects your credit score.
- Asset Treatment: Certain assets may be liquidated to pay debts.
- Debt Discharge: Some debts may be eliminated, giving you a fresh start.
Do you need help understanding more about Chapter * or Chapter * bankruptcy?
What would be best to file to get clean start
To get a clean start, Chapter * bankruptcy might be suitable as it can discharge most unsecured debts. However, eligibility depends on passing the means test. Chapter * may be preferable if you have regular income and want to keep certain assets. Would you like more details on the eligibility criteria?
Yes
Case Rating: *
To determine eligibility for Chapter * bankruptcy in Massachusetts, you need to pass the means test, which evaluates your income and expenses. Chapter * requires a regular income and involves a repayment plan. Would you like to know more about how the means test works or the benefits of Chapter *?
Yes
Case Rating: *
In Massachusetts, the means test compares your income to the state median income. If your income is below the median, you may qualify for Chapter * bankruptcy. Chapter * involves creating a repayment plan over *-5 years.
Would you like to know the next steps in the bankruptcy process?
I only make 12k a year
Case Rating: *
With an income of $12k a year, you may qualify for Chapter * bankruptcy, which offers a clean start by discharging most unsecured debts. For more detailed guidance, consider consulting a bankruptcy attorney. Would you like to know how to get in touch with a bankruptcy attorney in your area?
If i file chapter * can i keep my truck
Case Rating: *
In Massachusetts, when filing Chapter * bankruptcy, you might be able to keep your truck if:
- It's deemed a necessary asset.
- Its value is within the state's exemption limits.
- You continue making payments if it's financed.
To get specific advice, consulting with a bankruptcy attorney is recommended. Would you like more information on how exemptions work?
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