Sunday, February 26, 2012

Massachusetts Chapter 13 Bankruptcy: desigbed for you

To be honest, in Massachusetts it is indeed not uncommon for the debtor to own real property (whether a house or the land) jointly with another person who is not filing bankruptcy. A precise example of this would be – if you own your home with your spouse and if your spouse is not filing bankruptcy still you can own real property with your spouse. In this era where Bankruptcy help in Massachusetts is pretty abundant there are situations where a debtor jointly owns property with someone else. Today, we will talk about Massachusetts Bankruptcy filing and the Homestead Exemption.

When one files bankruptcy they are entitled to keep certain types of property up to a certain value. Typically the property you get has been termed as “exempt.” In Massachusetts, if you own a home you are entitled to an exemption in your homestead. Well, as of March 2011, MA residents are typically entitled to an automatic homestead for $125,000. For the uninitiated, if you have less than $125,000 in equity in your home, it is automatically exempt and you can keep your home in a bankruptcy. What if you have more than $125,000 in equity? You simply need to file a document at the registry of deeds in the county where your home is located. This is known as “declaration of homestead.” As a matter of fact - filing this document will increase your homestead and protect the equity in your home up to $500,000.00. Massachusetts Bankruptcy filing offers an array of options and also there are many reasons why the consumer might choose to file for either Chapter 7 or Massachusetts Chapter 13 Bankruptcy. By discussing your situation with the debt relief attorney who is licensed in your state, Chapter 7 Bankruptcy filing can help in relieving the financial stress or even protect against losing property. However a lot of people who are trying to save their homes are still unaware of the fact that Massachusetts Chapter 13 Bankruptcy offers homeowners a lot of options to save their home.

Also, it helps them in reducing the amount owed on their mortgages. Let's take an example - if you have fallen behind on your mortgage payments, Chapter 13 Bankruptcy will allow you to resume your normal monthly payments. This will allow you to set up a repayment plan to repay your arrears over the course of five years. Massachusetts Chapter 7 Bankruptcy can’t help everyone, but there may be options available.

How do you get started?

The first thing you should do is to file a simple, two page form in court, asking for relied under chapter 13. The form is called a ‘petition’ and needs to be signed by all debtors. This is your initial step in the process and this further puts into motion which is called the automatic stay. Well from this point the creditors will no longer bother you. The court will now provide you the ‘docket number’, which is typically a way of saying your case number. This will help to stop the foreclosure proceedings.

The second thing happens around 7-10 days later after filing the petition. You may be required to submit a document known as ‘matrix’. This lists of all your creditors names and addresses to the court.

After submitting your matrix , you need to submit a plan outlining how you propose to reorganize under chapter 13. This plan actually includes your liabilities, income, your assets, monthly expenses, your past financial history and also the evidence that you are capable of fulfilling your financial obligations. Once you have filed your plan you will be able to file amendments as and when necessary.

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Monday, February 13, 2012

Bankruptcy Massachusetts: more information

Typically the U.S bankruptcy court has reported that Massachusetts residents have filed over 22,000 bankruptcy applicants from Sept 2009 to Sept 2010 and in fact more than 20,000 applications from Sept. 2010 to Sept. 2011. Well, majority of the US residents then considered filing Chapter 7 bankruptcy, however, over 5,000 people a year qualified and filed for a Massachusetts Chapter 13 Bankruptcy plan. Still, to stop Boston foreclosure on the track it is the best time to ponder on the significance of filing Chapter 7 Bankruptcy. Well, bankruptcy help and bankruptcy filing indeed involves many detailed and complex steps in order to ensure that you have the best outcome to your debt situation.

Still, Bankruptcy Massachusetts stands as the BIG B word hence this is perhaps the best time to seriously think about the popular myths which are associated with the very process of Filing bankruptcy in Massachusetts.

Myth 1: People will know that I have filed for bankruptcy:- this is indeed a popular myth and unless you are a prominent person or a major corporation and the filing is picked up by the media, there is practically no chance of people knowing that you have consulted the lawyers for bankruptcy in Massachusetts. While it's true that bankruptcy is a public legal proceeding, the number of people filing is so massive that very few publications have the space, manpower or inclination to run all of them.

Myth 2: All debts would be wiped off in Massachusets chapter 7 bankruptcy:- There are certain types of debts which simply cannot be discharged, or erased and these includes child support and alimony, student loans, restitution for a criminal act and debts incurred as the result of fraud.

Myth 3: i will lose everything I have:- This is the popular misconception which keeps people who really should file for bankruptcy from doing it.

Myth 4: I will not get credit again- Trust me; it is simply the opposite because after getting Bankruptcy help in Massachusetts It won't be long before you're getting credit card offers again. There are innumerable companies that will provide credit to you," says the Lawyers for bankruptcy in Massachusetts.

Below is a list of just a few of the costly mistakes to avoid:

Never hide assets or debts and doing so could lead to your entire bankruptcy case being denied. Never pay money to family or friends. Well, according to Massachusetts bankruptcy law, you cannot treat family or friends any better than your other creditors. And in case if the Trustee comes to know the trustee can reclaim the money from your family or friend.

Tuesday, June 15, 2010

Massachusetts Bankruptcy : Know the term well

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
• 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.

Monday, May 31, 2010

Massachusetts Bankruptcy : Do you know the process?

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.

Sunday, May 23, 2010

Massachusetts Bankruptcy : A Brief and Honest Guide

‘Insolvency’,as it has been termed, bankruptcy is a situation where the company or an individual fails to meet the financial requirement. Financialimbalance 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.

Monday, May 17, 2010

Massachusetts Bankruptcy And Bankruptcy Law : Stay Informed!

The reality is harsh and the recent economic condition is almost forcing people into dire financial situations where debts continue to accumulate, repossession looms large and it seems that it’s almost impossible to get out of the eternal abyss of endless despair. Well, if you think that you are almost naked deep in debt and it’s impossible to get out of the quick sand then it’s indeed a clear indication that you need professional assistance. It’s time to consider bankruptcy to get out of your debt with dignity. Bankruptcy is a legal help, typically structured to give people a fresh start, free of debt. However,before you decide to file Massachusetts bankruptcy, it’s advisable to educate yourself on the varied categories of bankruptcy and bankruptcy law.

Bankruptcy is legal and as the law defines, it is basically a request to the federal court which legally helps to relieve you from the mounting amount of debts and is certainly the last legal resort to start afresh. If you are in Massachusetts and if the financial condition needs immediate attention, then let the professional handle it professionally, consult the Massachusetts bankruptcy lawyers.

Let us delve beyond the surface level now. The new bankruptcy law has typically defined 4 different types of bankruptcy like the Chapter 7, Chapter 11, Chapter 12 and the Chapter 13. Also known as the individual bankruptcy, the Chapter 7 and the Chapter 12 are typically created to help you in restructuring your financial status. While Chapter 7 helps you in getting released from your dischargeable debts, Chapter 13 however allows you to reduce your debt to a manageable level and also supports you in maintaining the payment plan.Chapter 11 bankruptcy caters to the business entities while Chapter 12 bankruptcy is typically structured for the farmers and the anglers.

Yes, you got it straight now; bankruptcy helps people out of the daunting financial situations however the bankruptcy laws are just not simply charity and are meant for the greater perspective of encouraging the entrepreneurial risk taking and for the growth of the U.S economy.

The fact is, people understand when they go bankrupt yet the decision to file bankruptcy is indeed not that easy to take. People feel embarrassed they even feel like as if there is no hope or no shoulder to fall upon. They know that bankruptcy as a legal help exists, but are scared of it so start postponing the decision of filling bankruptcy. But this cannot be a solution right! Bankruptcy is indeed not something to take lightly and you owe it to yourself to at least know your options well.

Consider Massachusetts bankruptcy if you face any of the following conditions:

• You are trying hard to pay the bills and perhaps trying to keep your debts as much current as possible but you are doing it by borrowing money from one

card to pay the other. Honestly, this cannot last and needs your immediate attention.

• You are desperately trying to keep the debts current and you are using your savings for this. Your earning is not enough and you can clearly foresee the

day when your savings will run out. Do not wait for this catastrophe.

• In order to keep debts current you are going without the essentials of life

• You have defaulted on credit card debt and the wolves are now at the bay and the debt collectors are rude and harassing.

• You have also defaulted on credit card debt and have the civil judgments against you.

• You have been in dire financial situation and you are scammed out of money.

• You have been laid off or had a substantial reduction in income.

• You are deep into medical debt because of illness or because of an accident.

• You are behind the schedule on house or car payments and foreclosure or repossession is looming large.

• Your business has either failed or is failing.

In any of the situations (alluded above) consult the Massachusetts bankruptcy attorney to file bankruptcy. Yes, often it is the only thing which can save your home and can help you in structuring your financial status. Massachusetts bankruptcy helps to erase or at least to reduce the debts and this can have a dramatic effect on your financial circumstance and on the quality of your life. The Massachusetts bankruptcy center helps you in getting rid of your debt. With a number of locations, dotted all across the Bay State, the Massachusetts bankruptcy center offer you tailor made solution in regaining your financial stability. Look no further and bank on the expert hand, when you need nothing but the BEST.

Monday, May 10, 2010

Massachusetts bankruptcy and bankruptcy lawyers: What you NEED to know

Yes, it can happen that the small business which you own in Massachusetts can get damaged in a snowstorm. Let’s say you don’t have a business, still with the recent economic condition your negotiation with the creditors can fail; repossession can loom large, you can find yourself naked deep in debts. More to it, your insurance coverage can no longer then deal your financial losses and your monthly income can then seem to be too slim in paying the bills. So, you are left with the option to declare bankruptcy.

Still, the decision to declare bankruptcy is indeed not an easy one. As a matter of fact bankruptcy stays on your credit report for ten long years and although lending criteria are changing yet lenders still do not consider the applicant who has had a bankruptcy. Does that mean it’s wrong to file bankruptcy? No, it’s not because bankruptcy is legal and it is a request to the federal court to relieve you from your debts, legally. It is in fact the last resort to get rid of your debt with dignity and the reliable legal option to start afresh.

The bankruptcy law has defined different types of bankruptcy like Chapter 7, Chapter 11, Chapter 12 and Chapter 13. While Chapter 7 and Chapter 13 are the individual bankruptcy, on the other hand, Chapter 11 bankruptcy is typically structured to cater to the business entities. For the anglers and the farmers there exists the Chapter 12 bankruptcy.

Research well, consider your financial status and weigh all the advantages and disadvantages of bankruptcy as an option, prior filing it. Try to make a list of all your assets and their approximate value on a piece of paper. Now list and add up all your debts and look closely to your debt amount and asset’s value. Do you think that the debts are exceeding your assets to a large percentage? If yes, then it’s time to consider bankruptcy.

And when you are almost convinced to take action, start the filing process. It is however advisable to use the emergency filing in order to obtain an automatic stay if you think that foreclosure or garnishment is just round the corner. However, the new bankruptcy law is pretty complicated so once the wolves are at bay, you need to make the decision of hiring Massachusetts bankruptcy attorney if you wish to file your bankruptcy in Massachusetts. The fact is, you need an expert to represent your case, so shop around and do not shy away from negotiating. Ask questions and also talk to several attorneys before you make your decision.

Select the most qualified bankruptcy attorney to get the best service. How? Well it’s simple. Consider the following tips.

Flip through the Yellow Page: The yellow page is indeed a helpful source while searching for the bankruptcy attorney. The yellow pages usually categorize the attorneys in terms of their specialization. Look under the subheading like, ‘bankruptcy attorneys’ or ‘bankruptcy lawyers’ to get the list of attorneys.

Identify the attorneys near you, for example if you stay in Boston then, look for Boston bankruptcy lawyer. However, do not consider yellow page as your online guide but as your starting point in identifying the attorneys near you.

Recommendations and referrals: Another way to select the bankruptcy attorney is to take references from those who are more familiar with bankruptcy law and lawyer.These recommendations will help you to have an insight into the lawyer’s competence.

Consider the attorney’s good stand: Correspond with your state bar association to be assured about the Attorney’s good stand in the state.

Attorney’s working relationship: The bankruptcy lawyer whom you choose will be the person to work with you for months or may be even for years. So be sure about your comfort level while working with him. Consider the following points while conversing with your bankruptcy attorney

• Ask the lawyer about how long he or she is in practice.
• Also ask about how many cases they have handled and solved so far
• Ask him specifically that whether or not he will be personally attending to your case or pass it on to his juniors.

Do not be in haste while selecting the bankruptcy lawyer. If you are in Massachusetts, then consider the Massachusetts bankruptcy center, as your legal ally to hold your hand in need. The Massachusetts bankruptcy center has a number of locations dotted all across Massachusetts. With expert bankruptcy attorneys and support staff, the law center provides you tailor made solutions to help you in regaining your financial stability.