ways for massachusetts bankruptcy filing

Download Ways for Massachusetts bankruptcy filing

Post on 27-Jul-2015




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1. Filing Massachusetts bankruptcy is now easy however you should know whom to bank on and what to look for 2. If you are among those who find themselves falling behind on your monthly payments, the best thing you can do is let your creditors know right away However each creditor may have different policies and if nothing seem to work talk to a lawyer in order to file Framingham Bankruptcy 3. The Different Types of Boston Bankruptcy 4. Chapter 7 is known as straight bankruptcy or liquidation. It requires a debtor to give up property which exceeds certain limits called exemptions, so the property can be sold to pay creditors. Chapter 13 is called debt adjustment. It requires a debtor to file a plan to pay debts (or parts of debts) from current income. Exemptions also apply in a Chapter 13. 5. Qualifications to file for bankruptcy in Massachusetts Qualification for filing a Chapter 7 Massachusetts bankruptcy is the ability to demonstrate that your net monthly income is approximately equal to your total monthly expenses. In addition, you have to prove that your income over the past six month period exceeds the state median income and you may be required to file a chapter 13 bankruptcy, which generally requires some debt repayment. 6. massachusettsbankruptcycenter.com