Massachusetts Bankruptcy Law Filing for chapter 7 bankruptcy extinguishes most debts, including credit card debt, while allowing the debtor to keep certain exempt assets. Exempt assets may include certain retirement plans. If the debtor has a house they will generally be able to keep it if they are current with the mortgage payments. Under chapter 13 or chapter 11, the debtor usually keeps all of their assets and works out a reasonable payment schedule. The debtor can save their home if they meet the payments arranged through the plan. Contact a lawyer at Massachusetts-Lawyers.com here.