How Does Bankruptcy Work in Massachusetts
Under Chapter 7 a Trustee Takes Possession of All of Your Property. You May Claim Certain Property as Exempt Under Governing Law. a Bankruptcy Trustee Then...
Under Chapter 7 a trustee takes possession of all of your property. You may claim certain property as exempt under governing law. A bankruptcy trustee then liquidates all non-exempt property and uses the proceeds to pay your creditors according to a distribution scheme required by the Bankruptcy Code.
How much does a bankruptcy cost in MA?
In Massachusetts, the filing fee for a Chapter 7 bankruptcy case is typically $335, while the filing fee for a Chapter 13 bankruptcy case is $310.
Do you have to pay creditors if you file bankruptcy?
If you have a secured debt—a debt where the creditor has a lien on your property—bankruptcy can eliminate your obligation to pay the debt. However, it won’t take the lien off the property—the creditor can still recover the collateral. For example, if you file for Chapter 7, you can wipe out a home mortgage.
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