Do you have lots of debt? Are you facing real hard time making your monthly payments on your loan amount? Are you worried with your debts? Good time to think of a customized and legal plan to deal with your financial worries. Bankruptcy, the catchphrase of the era is all about getting rid of debt with dignity and the benefits of filing for bankruptcy are manifold. Not only filling the Massachusetts bankruptcy will help you to wipe off the slate but will also help you to start anew. Yes, you got it right; the legal experts like the Massachusetts bankruptcy attorney helps you in developing a personalized plan which supports your finance to get back on the track.
Still the logical mind never stops from questioning, what is Massachusetts bankruptcy and how can it actually help you! As per the legal definition goes, bankruptcy stands as a situation where a company or the individual fails to meet the financial requirement. Well, it can happen and because of an unusually high expense or for a drastic reduction in your income or perhaps for any unforeseen mismanagement of your financial sources, it is common to experience the severe financial crunch. At this point when other methods fail, Massachusetts bankruptcy can be a way to regain your financial stability.
To deal with the increasing debt amount you can therefore consider filing bankruptcy, as a serious option. Although bankruptcy can tackle your financial emergencies however it is indeed not always the best answer and can also have an adverse effect on your credit scores. So think seriously about this option and consult with the Massachusetts bankruptcy lawyer to come up with a solution, which befits your need and requirement.
Let’s delve deeper and understand the situations in which filing Massachusetts bankruptcy remains as a viable options.
• In a situation when to meet your creditor’s requirement you start borrowing
from another source.
• In a situation when to tackle your debts you start using your savings.
• In cases, when you have defaulted on credit card.
• If your business fails or if the monthly income reduces.
Apart from the above mentioned situations there are also innumerable reasons when you can go ahead and file for Massachusetts bankruptcy. But the fact is, people somewhat shy away from filing bankruptcy mainly because of fear or for other unknown reasons. It is time to stay informed and assess the advantages and disadvantages of filing bankruptcy prior making any decision. Get in touch with the Massachusetts bankruptcy lawyer to identify the right way of declaring the truth that you are bankrupt. There are three bankruptcy chapters, typically categorized for supporting your legal needs. Known as the Chapter 7, Chapter 11 and the Chapter 13 bankruptcy, these help you in relieving you from your debt burden for the time being whilst offering you the utmost flexibility to work on the repayment plan.
The benefits of filing Chapter 7 bankruptcy: Chapter 7 bankruptcy allows the petitioner to opt for a fresh start. And when the chapter 7 bankruptcy petition is discharged, then it automatically erases the associated debts.
The downside of Chapter 7 bankruptcy: As the bankruptcy law dictates, Chapter 7 needs all the eligible assets to be liquidated for satisfying the petitioner’s debts. Moreover, it also makes a serious mark on the credit score and remains on the credit report for a consecutive period of seven years.
The benefits of filing Chapter 13 bankruptcy: This is also known as the wage-earner’s petition and it is mostly preferred by the petitioners as it helps in reducing the debt obligation without disturbing the personal possessions of the debtor.
The downside of Chapter 13 bankruptcy: This requires the petitioner to follow the financial guidelines that the court regulates for him. These financial guidelines can be severe and even can call for situations like transferring the children from private to public schools and many more.
The benefits of filing Chapter 11 bankruptcy: This is also known as the business bankruptcy or the corporate bankruptcy and for the greater reason to fend off the creditors the companies generally use the Chapter 11 bankruptcy. This bankruptcy allows the company to do its business while working with the creditors and court simultaneously.
The downside of Chapter 11 bankruptcy: In case a sole proprietorship firm files the chapter 11 bankruptcy petition then the personal assets of the petitioner is exposed and is therefore subject to liquidation if in case the business fails.
It is high time to understand the new bankruptcy law and to stay armed while journeying through the intricate alleys of Massachusetts bankruptcy. The Massachusetts bankruptcy center with their team of expert bankruptcy attorneys and support staff, are here to offer you solutions in regaining your financial stability. Utilize almost every opportunity in bankruptcy i.e., Redemption, Selling real estate in Bankruptcy, Avoid Liens on Property and many more with the Massachusetts bankruptcy center.