Important Facts About Chapter 7 Bankruptcy in Massachusetts

29 May, 2013

chapter 7 bankruptcy Massachusetts is a complicated legal undertaking because the debtor has the chance to be discharged from all debts. The court’s order will determine the faith of the debtor and the order is usually issued within three months. All mentioned properties are liquidated and the funds will are distributed to all creditors.

However there are properties which are exempted from liquidation process and these are homestead property, retirement funds, automobile, public benefits, household items, life insurance, jewelries, alimony, tools of trade, and heirlooms. While the non-exempt properties are second home, second car, bank accounts, investments, bonds, cash, stamp, collections, and expensive musical instruments.

The allowed persons who can qualify to apply for this type of proceeding must pass the requirements. Petitioners must reside here in United States, no previous liquidation case, completed debt counseling for the specified time, and passed the necessary means test. For those individuals with little idea about the case, better avail the services of a local lawyer.

You have to take note that there are debts that cannot be discharged such as taxes, forfeitures, malicious misconduct penalties, liability for injury, child support, criminal fines, and student loans. This is a complicated legal matter because there are many things to consider and to analyze. Without a personal lawyer, you will surely have difficulties in drafting your petition.

Searching for top notch lawyers is complicated because of the many local lawyers. Start asking for references from friends, family members, employers, and co-workers who also filed this case in the past. Inquire also about their personal experiences with their lawyer.

Ask for advices from bankers, local teachers, church ministers, and medical practitioners. They can definitely tell you some good firms.

Let the lawyer handle the chapter 7 bankruptcy Massachusetts. They can assure you that the petition will be successfully granted with reasonable terms.

Learn more here: chapter 7 bankruptcy Massachusetts

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