Malden, MA Bankruptcy Guide

Basics
- Bankruptcy Basics - (Basics)
  • How Chapter 7 Bankruptcy Works in Massachusetts
    How Chapter 7 bankruptcy can help you cancel your debts, protect your exempt property, and stop bill collectors.
  • What are the different kinds of bankruptcy?
    This site focuses on Chapter7 and Chapter 13. But there are also chapters 11, 12, 9, and 15
  • Glossary of Important Bankruptcy Terms
    From Adversary proceeding to Wage garnishment
  • Do I qualify for bankruptcy?
    To qualify for Chapter 7 bankruptcy, you must pass the means test, which compares your household income to the median income in Massachusetts for a household your size.
  • Secured debt vs. unsecured debt: What's the difference?
    Bankruptcy helps you get rid of unsecured debt. It does not eliminate secured debts, where you have pledged collateral for a loan, such as a car loan or a mortgage. When you file bankruptcy you must declare what you intend to do about your secured debts.
  • Do I need a lawyer to file for bankruptcy?
    The law does not require to have a lawyer, and if your case is simple and you have few assets, you can successfully file a Chapter 7 bankruptcy yourself. Chapter 13? Not so much. And if you have property to lose, or you're not great with details, getting a lawyers help can be a good idea, no matter what kind of bankruptcy you're filing. Also a lawyer may find ways to help that you haven't' thought of
  • Where do I file for bankruptcy?
    Bankruptcy is federal law and you file in the local Federal District Bankruptcy Court. Find out yours.
  • Can I get free bankruptcy forms?
    The US government makes PDF bankruptcy forms available for free. We'll tell you which ones you need and links to download them.
  • What are bankruptcy exemptions?
    Asset protection is an important benefit of bankruptcy. Exemption laws are the laws that let you protect certain assetss from creditors. Every state has different exemptions. Some states allow you to use the federal exemptions.
  • Do I have to get credit counseling before I file for bankruptcy?
    Yes. You must complete a credit counseling course before you file your bankruptcy petition. Fortunately, it's easy and can be done online. And your case cannot be completed (i.e. you can't get your "discharge order" from the judge until you take a "Debtor Education" course.
  • What is a 341 hearing (creditors meeting)?
    Everyone who files for bankruptcy must attend a 341 hearing, which is also called a "creditors meeting." The meeting is conducted by the bankruptcy trustee assigned to your case. During the Coronavirus, it. can be done by phone.
Filing Means Test Exemptions Courts
- Bankruptcy Lawyers Serving Malden, MA - (Lawyers)
- Bankruptcy & the Coronavirus Recession - (COVID-19)
- Bankruptcy News - (News)
Ads by Google

Malden, MA Bankruptcy Guide

Ads by Google

Automatically apply the Middlesex County expense standards, and Massachusetts income standards to your means test calculation.

Ads by Google

Means Test Calculator for Middlesex County

The free bankruptcy means test calculator is a free, automated version of the official Means Test Form you must file with the court.

This free automated version:

...to help you determine whether you pass the "means test" for Chapter 7 bankruptcy. more...  

Massachusetts Bankruptcy Exemptions - Detailed

Massachusetts Exemptions Summary:

Homestead

Automatic homestead $125,000; Declared homestead $500,000 for property you occupy or intend to occupy (including mobile home); (co-owners may not double) (special rules if over 62 or disabled, may double to 1,000,00).

Vehicle Exemption

$7,500; $15,000 if used by elderly or disabled debtor

Personal Property

Beds & bedding; heating unit; clothing
Bibles & books to $500 total; sewing machine/computer/TV to $300
Boats to $1,500
Cash for fuel, heat, water, or light to $500 per month
Cash to $2,500/month for rent, in lieu of homestead
2 cows, 12 sheep, 2 swine, 4 tons of hay
Food or cash for food to $600
Jewelry to $1,225
Household furnishings to $15,000;
Trust company, bank, or credit union deposits to $2,500
Tools of trade to $5,000
Materials, stock of trade $5,000

Wild Card

up to $1,000 plus up to $5,000 unused about of exemptions for automobile, household furnishings, and tools of trade

more...