Overwhelmed with debt and considering filing bankruptcy in Massachusetts? Do your research ahead of time so you know exactly what you need, how to file for bankruptcy and how it will affect you and your future.
Defined under Federal law, Bankruptcy is a legal proceeding where a person is released from paying debts by declaring bankruptcy and turning all non-exempt property over to the court's Trustee. If this sounds complex, it's because Massachusetts bankruptcy laws are complex as well as powerful. Each case is different and a person's right to retain your property and the discharging of debts depends on fact specific circumstances. Your first step should be to find a Massachusetts bankruptcy attorney, preferably one who provides a free consultation and cares about you, your needs and your goals.
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Let's consider some of the facts and requirements for bankruptcy court in Massachusetts.
Anyone living in, doing business in or who owns property in this country can file bankruptcy. There are two different types of bankruptcy in MA.
In Chapter 13 you will pay a portion of your non-secured debt and all of your secured and priority debt over a period of 3 to 5 years and are allowed to keep both exempt and non-exempt property. In Chapter 7 you are not required to pay any dischargeable debt and not allowed to keep any non-exempt property. An experienced Massachusetts bankruptcy lawyer can help in your decision on whether to file under Chapter 7 or Chapter 13 as well clarify the legal terminology.
Once you file either type of bankruptcy an "automatic stay" goes into effect which prohibits virtually all creditors from taking any action to collect the debts you owe them. The fact that you filed a bankruptcy can remain on your credit report no longer than 10 years under provisions of the Fair Credit Reporting Act. In Massachusetts, the filing fee is $299.00 for individual, joint or business petitions under Chapter 7 and $274.00 for Chapter 13.
Chapter 7's are usually very fast as court will schedule a creditor's meeting for approximately 30 days after the bankruptcy petition has been filed. This meeting is generally the only "court" appearance you will have to make. In approximately 120 days you will receive your discharge and the final decree a few weeks later. Chapter 13's and 11's take longer. Your attorney can give you a rough estimate of the time involved and fill in the details.
In Massachusetts, if you own your own home and it serves as your principle residence, you may be able to protect it against the claims of creditors and/or a forced sale by filing a Declaration of Homestead. Speak with a qualified bankruptcy attorney in Massachusetts to determine whether this is an option for you should you choose to file bankruptcy.
There are pros and cons as well as many, many complexities that vary case by case. Take the time to consult an experienced, caring bankruptcy lawyer whose office isn't a bankruptcy factory whose clients are processed without regard to their individual needs.
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