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Chapter 13 Bankruptcy MA
Individuals have the option of entering Chapter 7 or Chapter 13 bankruptcy. As discussed in an earlier post, Chapter 7 involves liquidation of the debtor’s assets meaning that most of the debtor’s assets are sold or returned to creditors to satisfy the bankruptcy. Alternatively, Chapter 13 bankruptcy involves a repayment plan in which the debtor...
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In an ideal world, a person declaring bankruptcy would have an opportunity to clean up their financial life and never look back. Once the challenge of filing is over, things get back on track and there are no more financial issues from that point forward. Unfortunately, in the real world, bankruptcy does not automatically guarantee...
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Whether or not you keep your vehicle during a bankruptcy filing depends on several factors. There are ways to protect your vehicle, but it might mean making other sacrifices. The two most important factors that determine whether or not your car is protected include the type of bankruptcy you file and your current car ownership...
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When considering bankruptcy, many debtors will opt for court protection and reorganization of debt through a Chapter 13 filing. However, many of these debtors and even some lawyers are unaware of the debt limits that may keep them from being eligible for this particular process. As of April 1, 2013, limits on the amount of...
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If you car is worth less than what you owe, you are paying excessive interest and that is equal to your loan servicer ‘stealing’ from you. You can cut interest rates, reduce loan balance and significantly reduce your total loan amount by cramming down your auto loan in Chapter 13 bankruptcy. A cramdown puts Chapter...
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Individual financial problems tend to have an unfortunate ripple effect for many people, and a manageable financial situation may unravel quickly due to a single unexpected expense. Falling behind in mortgage payments may be one of the most stressful financial issues to deal with, and the creditor calls can leave any homeowner feeling overwhelmed. Paying...
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For many Massachusetts home owners, the risk of foreclosure has been daily concern in this weak economy. Although the foreclosure crisis has slowed in Massachusetts over the last year, many will still face this unpleasant reality in 2013. What many people don’t know is filing for bankruptcy can help stop the threat of foreclosure and...
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When debtors realize that they have more debt than income and it begins to feel as if there’s no way out, it’s time to consider financial freedom through personal bankruptcy. There are a lot of different things to consider when filing for bankruptcy, such as the chapter that will help the debtor most and the...
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