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April 2016 Archives

How does the Massachusetts homestead exemption work?

For Massachusetts homeowners facing serious financial challenges, one of the most important concerns is the possibility of being forced to sell the house to pay off creditors. For homeowners in this situation, the Massachusetts Homestead Act can provide important protections.

Popular Massachusetts restaurant files for Chapter 11 protection

There is a misplaced perception that simply running a Massachusetts business that is seemingly busy means that there will be automatic profit and no financial problems. That, however, is a mistake. There are many different issues that a business owner will face including paying for supplies, garnering loans, keeping up with interest payments, taking care of employees and more that can lead to financial struggles. In some instances, it is necessary to consider reorganization through Chapter 11 bankruptcy. What people considering a business bankruptcy must remember is that it is often an important step to keeping the business afloat and getting back on track for greater solvency.

What to expect at the Chapter 13 creditors meeting

In Massachusetts, many people who are struggling with debt will not qualify for a Chapter 7 bankruptcy. For these individuals, filing for Chapter 13 is generally still an option. In a Chapter 13 bankruptcy, the debtor enters into a three- or five-year repayment plan, supervised by the court. If the debtor makes all installment payments under the plan he or she will receive a discharge at the end of the plan.

There's nothing shameful about Chapter 7 bankruptcy

There was a time when filing for personal bankruptcy was something to be embarrassed about or even ashamed. Not any more. As the economy goes global, many working people in Massachusetts are beginning to realize they are not in complete control of their financial futures. Instead, they are subject to economic circumstances that are way beyond their own control.