Massachusetts Chapter 7 bankruptcy: Petition for discharge of unsecured claims

When the threats of foreclosure looms large , when you are naked deep in debt , when nothing seems to work to get financial imbalance back on the track – it is then the time to ponder on filing bankruptcy. In such time Massachusetts Chapter 7 Bankruptcy filing can be the greatest savior. Basically, the Chapter 7 bankruptcy petition is a liquidation of the debtor’s non exempt property in generating cash for the creditors in exchange for the discharge of all dischargeable debts.
Chapter 7 bankruptcy of the Title 11 of the United States Bankruptcy Code has been also referred as the "liquidation proceeding." This stands as one of the common forms of bankruptcy today. This certainly helps in relieving the debtor from any and all financial obligations and typically the court process for a chapter 7 bankruptcy can last approximately 4-6 months.

Filing for bankruptcy in Massachusetts is easy only if you know what to look for and on whom to lean on. Typically the Chapter 7 bankruptcy stands as the form of bankruptcy filing where the courts determine the assets you possess and the assets should be liquidated and what creditors should be paid off first and how much in the aftermath of the liquidation. The debtor has a "no asset" estate if the scheduled or recoverable assets, less and exemptions, equals to no funds for creditors. And in such cases the debtor will be discharged from the dischargeable debts, after filing of the "no asset" report by the trustee and issuance of a discharge order by the Bankruptcy Court.

Eligibility for Chapter 7 Petition
As per the Massachusetts Bankruptcy attorney unlike the Chapter 13 petition (this has limits on the amounts of secured and unsecured claims for eligibility) , Massachusetts Chapter 7 Bankruptcy has no such limitations. All that the debtor requires to file under this chapter are - a domicile (residence), a place of business, or property in the United States, under 11 USC § 109(a). Although, the U.S. citizenship and financial distress are not required for Chapter 7 eligibility however, the Chapter 7 debtor is not eligible for receiving another discharge in a Chapter 7 bankruptcy case during the eight-year period after the filing date of the prior Chapter 7 petition, under 11 USC § 727(a)(8).

The debtor is also required to receive credit counseling during the 180-day period before filing the Chapter 7 petition. Yes, this is mandatory to file for bankruptcy in Massachusetts.

Bank on the Massachusetts Bankruptcy attorney to get rid of your debt. The Massachusetts bankruptcy center with its various locations, dotted all across Massachusetts and with the team of expert bankruptcy attorneys and support staff, offers you customized solution to regain your financial stability.

This content has been taken from: http://www.articleblast.com/Laws_and_Legal/Business_Law/Massachusetts_Chapter_7_bankruptcy:_Petition_for_discharge_of_unsecured_claims/