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Posts tagged "Chapter 13"

Tips for getting out of credit card debt

Massachusetts residents who are struggling to pay off their credit card debts may be having problems because they don't know the root cause of the debt. For many, a job loss or surprise expenses were the reason. However, it is likely that the debt could have been avoided if an individual had an emergency fund. Those who are struggling with credit card debt are urged to stop using their card while they pay off existing balances.

Medical debt reporting reforms help few people

Only a few people in Massachusetts who have medical debt will be affected by a reform in reporting this debt to credit bureaus. Under the new regulations, which go into place on Sept. 15, before debt appears on a person's credit report, there will be a waiting period of 180 days. Furthermore, if health insurers pay medical collections, those debts will be deleted from the report.

Evaluating the costs of filing for bankruptcy

Massachusetts residents may be able to either discharge or restructure debt by filing for bankruptcy. It will either be considered as a liquidation or a reorganization, and bankruptcy laws that are created by Congress apply to everyone in the country. The cost of filing for bankruptcy depends on the type of protection sought as well as whether an individual chooses to hire an attorney.

Comparison of debt settlement to bankruptcy

Financial problems could strike almost anyone in Massachusetts after a job loss, death in the family or medical emergency. When debts become impossible to pay, people might turn to debt settlement. Debt settlement generally involves contracting with a company that will attempt to resolve debts with a lump sum payment of less than the total amount that is due.

New bankruptcy rules clarify deadlines for creditors

New rules for consumer bankruptcies will apply to debtors in Massachusetts and nationwide effective Dec. 1, 2017. In April, the Chief Justice of the United States delivered a set of proposed amendments for review by lawmakers. The amendments intend to establish consistent deadline rules for creditors responding to bankruptcy filings.

Creditors must file timely claims under Chapter 13

Massachusetts residents considering bankruptcy might wonder about how filing for Chapter 13 works when it comes to paying back creditors. Those who qualify for Chapter 13 can restructure debts and might be able to discharge some that remain after paying back over a three- or five-year period. Typically, priority and secured debts must be paid while some unsecured debt could be discharged after the repayment period.

What factors help decide if Chapter 13 is the right way to go?

Money problems are not a unique feature of life these days. Many individuals and families in Massachusetts suddenly find themselves in a lurch. All it might take is a serious accident, or unexpected job loss. The need for debt relief can crop up in a flash.

Obtaining a mortgage after a Chapter 13 bankruptcy

No one enjoys admitting that they have financial problems; however, residents in Massachusetts and elsewhere should not pretend that they do not exist when they are occurring. Doing so tends to generate an even larger issue. Thus, it is important for debtors to get a good picture of what options are available to them so action can be taken to address his or her debt problems. In most cases, filing for bankruptcy is the next best step.

Helping you overcome debt with Chapter 13 bankruptcy

Dealing with financial problems is unfortunately not a rare situation to be in for individuals and families in Massachusetts and elsewhere. While some are able to overcome his or her issues with debt by budgeting, getting another job and seeking financial help, others are not that fortunate. In these cases, it is important to consider what options are available and what strategies meet the needs of the individual or family.

Beware of scammers who promise to stop foreclosure

Massachusetts homeowners facing foreclosure will sometimes clutch at any straw to save their homes. Tragically, there are swindlers out there who will take advantage of people who are facing desperate financial situations. A group of individuals and companies were recently accused of defrauding financially strapped homeowners, in a nine-count complaint filed in nearby New Jersey.