We all know when we go bankrupt but often we decide to postpone our decision out of the fear that filing for bankruptcy will lead us to the eternal abyss of endless despair. Perhaps you delay the decision of bankruptcy filing with the hope to find out another alternative. But face the reality! Do you really think that postponing the decision will bring a solution? The answer is a resounding NO. Hence when needed it is wiser to consult with the Bankruptcy attorneys and to file for the bankruptcy before the situation goes out of hand.
Filing for bankruptcy has its own advantages. To start with, it relieves you from the daunting worries of your debt burden for the time being and offers you with the breathing time to work on the repayment plan. As per the definition of the bankruptcy laws “the bankruptcy petition is basically a formal request to the federal court for relief from your growing debts by restructuring of your debts.” However, the bankruptcy judge is responsible to make the final ruling on all. Massachusetts bankruptcy hence requires you to give some personal information to let the bankruptcy judge determine whether or not you qualify to file the petition.
With the new bankruptcy laws the process of filing for bankruptcy has changed. For example the new bankruptcy law in Massachusetts dictates those people whose average income is more than the median income of most of the citizens, will not be able to file for bankruptcy in Massachusetts.
The various chapters under the Massachusetts bankruptcy law dictates whether or not you qualify to go ahead with your petition. The different chapters like the Chapter 7 and Chapter 13 further dictates whether you qualify to go ahead with your petitions or not. Each state has different exemptions, so if you are filing for the Massachusetts bankruptcy then Massachusetts bankruptcy lawyer is there to guide you through.
Sit and discuss your case with the attorney and then if you feel that bankruptcy is the only way to resolve your financial crunch then the next step is to fill up the form, which asks the court to make you bankrupt. There is a column in the form which is specifically designed to let you show the reason for requesting bankruptcy.
As an obvious next step you also need to complete a statement of affairs, furnishing the details like, what you own, what are your debts and to whom you owe. Once you complete all these your petition is then heard by the court. And once the order is made against you, you are secured as your creditors can no longer pursue you in making the debt payments. The court then appoints the trustee which is then held responsible in administering your bankruptcy.
Following are the three ways by which you can go bankrupt:
Voluntary: In this option the insolvent debtor files for bankruptcy in a voluntary capacity.
Involuntary: In this case the creditor for the purpose of collection takes the initiative to request that the debtor should file for bankruptcy.
Supervisor-Initiated: In this case anyone bound by an IVA takes the initiative to request that the debtor should file for bankruptcy.
Bankruptcy helps you to pay off your debts gracefully. The aim of the bankruptcy law remains in repaying creditors, based on the amount of the properties and other assets that the debtor has available for the payment. Quite ideally therefore the debtor’s debt is accomplished through bankruptcy and his assets are divided amongst his creditors. Well, if his assets are not sufficient to pay off the entire debt, the declaration allows the debtor to partially pay off his financial obligations.
Bankruptcy is still around and is here to stay and people who need help can get dramatic relief from the bankruptcy system. Do not suffer in silence and if you feel that filing bankruptcy can solve your financial issues then look no further than Massachusetts bankruptcy center to get the best help. With a number of location dotted across Massachusetts, with a team of attorneys and support staff Massachusetts bankruptcy center will take care of your every requirement while ensuring you mental peace.
–
About the Author:
Massachusetts Bankruptcy offers you the stte of the art opportunity to get rid of your debt.
Article Source