‘Insolvency’, as it has been termed, bankruptcy is a situation where the company or an individual fails to meet the financial requirement. Financial imbalance can happen anytime, as while starting a business, no one thinks that the business might fail, or while fulfilling the ‘big American dream ‘of owning a house, no one thinks that financial instability can strike. The small business which you own in Massachusetts might fail, due to the damage caused by the snowstorm. Your financial instability then can leave you with just only one option of filing bankruptcy in Massachusetts.
There are no thumb rules or definite right or wrong answers as whether or not to file a bankruptcy. However, if you work or live in MA and if any of the following conditions apply for you then consider filing Massachusetts bankruptcy.
If you can only afford to pay the minimum payment on loans and credit cards
If you are constantly receiving notices from creditors about your outstanding payments
If you have lost your job and there is no option of replacing your income
If you face financial loss due to your divorce
If you have an overwhelming medical expense
Massachusetts bankruptcy laws provide rather generous exemptions, compared to other states. The laws offer Massachusetts’ homestead exemption, (an important exemption indeed) based on the amount of equity (which you have in your home), your age and on the time when you filed for exemption status. Understanding the available exemptions is therefore a necessity when navigating the Massachusetts bankruptcy laws and filing Boston Bankruptcy or bankruptcy in MA.
However, it is right after the introduction of the new bankruptcy laws in 2005, Massachusetts bankruptcy filing process has changed drastically and needs the help of an experienced Massachusetts bankruptcy attorney to file for Chapter 7 or Chapter 13 bankruptcy. The Massachusetts bankruptcy law firms mostly handle the cases on a flat fee basis and also provide the low income rate groups and clients a fee waive while filing a bankruptcy. As per bankruptcy laws the debtors are even free to decide on the payment structure from the wide array of the available flexible plans.
Help yourself and hire a professional attorney. A good Massachusetts bankruptcy attorney will let you know the details of the bankruptcy laws and walk you through the process of Massachusetts bankruptcy. There are a number of law sites also, which offers detail information and consultations about how to file bankruptcy in Massachusetts. The Massachusetts bankruptcy lawyers are well aware about the new bankruptcy law and offers specialized advices in selling the real estate property in bankruptcy and also advices about the process of avoiding liens on the property.
Filing bankruptcy is a legal process so once you decide on the bankruptcy filing option, start identifying the particular bankruptcy chapter that you would file for. Provide your complete personal information to the bankruptcy law firms in Massachusetts and also inform your creditors that you are filing for bankruptcy. However, the Massachusetts bankruptcy does not strike down all your debts and you may still have to pay the following debts.
Taxes
Debts accrued as a result of fraudulent activity
Student loans
Purchases of luxury items within 90 days of filing
Alimony & Child Support
Fines owed to federal or Massachusetts government agencies
Recent Cash Advances
Sit with your lawyer and review all your assets and debts before filing for bankruptcy in Massachusetts. It is indeed advisable to sell off the properties on which you can’t claim an exemption to pay off the debt. Consider claiming all property that you are eligible to keep as exempt for availing the exemption.
Let’s face this; bankruptcy often becomes the only thing to save your home and to help you in regaining your financial status. And Massachusetts bankruptcy can help you to erase or at least supports you in reducing the debts and thus can leave a dramatic effect on your financial circumstance. The Massachusetts bankruptcy center helps you in getting rid of your debt. Boasting a team of expert attorneys and support staffs and with an array of locations, dotted all across the Bay State, the Massachusetts bankruptcy provides you customized solutions in regaining your financial stability. It is time to bank on the experts when it comes to getting rid of your debt with dignity.
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