Bankruptcy Law in Massachusetts

Expert Insight

• If you own a home, you should consult with a bankruptcy attorney to find out if you can keep it, according to the U. S. Bankruptcy Court District of Massachusetts.
  
  

Income Considerations

• If you want to declare Chapter 7, as of 2010 you usually must earn no more than $53,505 to $99,648 depending on your household size, according to both the U.S. Trustee Program and the U. S. Bankruptcy Court District of Massachusetts.
  
  

Basic Requirements

• If you don't file all federally-required forms regarding your income, assets and debts, your bankruptcy case may be dismissed. You also must complete credit counseling before filing a case, according to the U. S. Bankruptcy Court District of Massachusetts.
  
  

Ineligible Debts

• You cannot liquidate or reduce your legal obligations to pay child support, alimony, tax bills less than three years old, court fines and any damages owed due to your criminal activities, according to the U. S. Bankruptcy Court District of Massachusetts and "How to File for Chapter 7 Bankruptcy."
  
  

Effects

• Bankruptcy filings negatively affect your credit rating for seven years in Chapter 13 and 10 years in Chapter 7, according to the U. S. Bankruptcy Court District of Massachusetts.