One of the main worries when thinking of bankruptcy is protecting your possessions. An experienced chapter 13 bankruptcy lawyer can explain how Massachusetts bankruptcy exemptions work and help you understand what assets might be preserved during your case. At Massachusetts Bankruptcy Center, we assist people and families in designing realistic alternatives that provide the best balance between debt relief and long-term financial security. Through a court-approved repayment plan, chapter 13 bankruptcy allows an individual to reorganize debt and keep his or her property. Chapter 13 does not necessitate the liquidation of assets to pay creditors, as Chapter 7 does. Instead, the amount you pay back depends on your income, reasonable living expenses, the value of your non-exempt property, and the types of debt you owe. Some debts ( recent tax bills, overdue child support ) normally must be paid in full under the repayment plan. Under Massachusetts law, bankruptcy exemptions may safeguard certain property you own, such as some of your home equity, personal property, retirement savings and other necessary property. Every instance is different, and exemption regulations might be complicated. An experienced chapter 13 bankruptcy attorney can evaluate your financial circumstances, discuss your possible exemptions and determine if Chapter 13 is the best road to long-term debt relief while preserving the property that matters most.
