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July 2015 Archives

Watch out for unscrupulous bankruptcy preparers

A Massachusetts resident who needs to eliminate debt in a hurry has many choices when deciding to file for Chapter 7 or Chapter 13 bankruptcy protection. A debtor in Salem can choose to file his or her own personal bankruptcy petition without assistance, can hire a bankruptcy attorney, or can seek the assistance of a bankruptcy petition preparer.

What are bankruptcy exemptions?

In last week's post, we discussed some of the advantages of filing a Chapter 7 bankruptcy at the first sign of financial distress rather than waiting to file. One of the reasons a Massachusetts resident should consider filing for bankruptcy before selling off a lot of his or her property is that by filing for bankruptcy, he or she can more easily take advantage of bankruptcy exemptions.

Advantages of filing Chapter 7 as opposed to waiting

Some debtors in Massachusetts, for whatever reason, may not want to file a Chapter 7 bankruptcy even if they are in a very difficult financial situation. They may worry what the bankruptcy will do to their credit and to their future financial prospects, and they may also recognize that federal law does indeed limit how often a person can file for bankruptcy.

Standing up to overzealous creditors

One of the greatest benefits that filing bankruptcy offers to financially strapped families in Massachusetts is the powerful "automatic stay." The automatic stay is a standard federal court order that prevents creditors of Massachusetts families from taking any actions against the family in an effort to collect a debt.

Major bank faces flack over bankruptcy policy

Wells Fargo, the major national bank that is a household name in Massachusetts and around the country, recently found itself in hot water with a bankruptcy judge over certain practices it takes when one of the bank's account holders filed for bankruptcy protection.