Which type bankruptcy should I file for?

I am in around $4,000 of debt that I can’t afford to pay back. I lost my job a few years back and I’m having a very hard time finding another. I don’t own a home, a car, or anything like that. I don’t currently work or have an income. The only things of value to me are my personal belongings (my computer, items in my apartment) that I don’t want to lose. Which bankruptcy would be best for me?

Asked on May 21, 2012 under Bankruptcy Law, Massachusetts

Answers:

John Keane / Law Offices of Attorney John P. Keane

Answered 8 years ago | Contributor

You would file for a Chapter 7 personal bankruptcy. In Massachusetts there are exemptions that allow you to keep most personal property. In your particular case it appears all your property would be exempt. 

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You can file Chapter 7 bankruptcy.  Chapter 7 is straight liquidation which eliminates your debts.  You will be able to keep your personal belongings because there are various categories of exemptions which you include in the bankruptcy.  You will need to list all of your creditors.  Your bankruptcy takes effect immediately upon being filed with the bankruptcy court.  The bankruptcy court sends a notice that you have filed bankruptcy to the creditors you list in your bankruptcy.  That is why it is important to list all of your creditors.  If you don't have an outstanding balance with a particular creditor, don't include that creditor.


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