*Information contained on this site is meant to be educational and informative and not to be construed as legal or tax advice or to constitute an attorney-client relationship.
Will I lose my car in bankruptcy?
Generally, No. The bankruptcy code allows for certain exemptions to be taken for vehicles in the household. In most cases, the debtor can keep their car.
Will I lose my house in bankruptcy?
Provided there is a homestead on the property, in Massachusetts, any equity up to $500,000 is generally exempt from a creditor’s taking.
Will I qualify for a Chapter 7 or a Chapter 13 Filing?
It depends. The chapter of filing is determinative of the “Means Test.” This test measures your monthly income and expenses and determines whether or not there is any disposable income left at the end of the month available to pay off your creditors. In general, if you have the disposable income to pay your creditors, your filing is a Chapter 13. If there is no disposable income, your filing is more likely to be a Chapter 7.
Will I be able to buy a home after filing for bankruptcy?
Yes! With the right income and credit qualifications, most debtors emerging from Chapter 7 filing are able to purchase a home within 2 years of discharge. Dependent on the Chapter 13 filing and its plan, a Chapter 13 filer may also qualify to purchase a home within the same time period.
Will I ever get another credit card after filing bankruptcy?
Yes! Typically, within 3 months of discharge, you are eligible to apply for a secured credit card to get your credit back on track.
Will everyone find out about my filing?
Generally, no. Bankruptcy is a public record, so if a person did want to go digging they could uncover it. Typically though, the only people who are notified of your filing are your landlord, your creditors, and anyone else the debtor may owe money to.