Massachusetts residents and others who are in a Chapter 13 bankruptcy can usually still get financing to buy a car. However, doing so will require court approval. In many cases, subprime lenders will be the ones to make offers to those involved in a bankruptcy proceeding. It is also possible that a bank or credit union will work with an individual if he or she has a relationship with that financial institution.
Hip-hop fans in Massachusetts and around the country may know Kimberly Denise Jones better by her stage name Lil Kim. The diva shot to stardom in 1996 when her debut album 'Hard Core" topped the Billboard 200, but she has not always fared as well outside the recording studio. Lil Kim's money problems have provided grist for gossip columnists for several months, and media outlets have now reported that the beleaguered rapper filed a Chapter 13 bankruptcy petition in early May just days before a bank foreclosed on her Alpine, New Jersey, mansion.
Massachusetts individuals and couples sometimes consider bankruptcy when they don't have enough money to pay their bills. However, there are some important things to know about bankruptcy laws and what types of debts can or cannot be discharged.
Massachusetts debtors may gain some relief from their debts through the bankruptcy process. However, there are some types of debts such as tax liabilities that may be mostly nondischargeable. While tax liabilities might be discharged in some situations, the ability to do so is limited.
People living in Massachusetts who are struggling with debt often seek solutions to their overwhelming financial situations. One option is filing for bankruptcy although many people may be unfamiliar with how this process works.
The Federal Reserve chair acknowledges that there is little he can do to help student loan borrowers in Massachusetts and elsewhere in the United States. However, he did say in testimony to the Senate Banking Committee that he wasn't sure why student loan debts couldn't readily be discharged in bankruptcy. He also said that student loan debt could have a negative impact on a person for his or her entire life.
Massachusetts debtors who file for Chapter 13 bankruptcy while possessing a vehicle may be able to keep that vehicle. Filers may also be able to purchase a vehicle after they have filed or after they have been discharged.
Most people in Massachusetts live with some form of debt, whether it be from credit card bills or home loans. A survey of 1,114 people across the nation conducted by CreditCards.com produced a pessimistic view about people's expectations of ever escaping debt. Large majorities of respondents across all age groups expected to never achieve a debt-free life.
Massachusetts creditors and debtors alike should know about the modifications made to the Federal Rules of Bankruptcy Procedure. The changes, which became effective on Dec. 1, 2017, pertain to Chapter 13 bankruptcy cases and can impact creditors who have judgment liens and secured and unsecured claims against the debtors in bankruptcy.
Although a new national Chapter 13 plan form went into effect on Dec. 1, Massachusetts residents may not have to worry about using it. This is because 81 of the 94 judicial districts decided that they aren't going to use the national form. Instead, they are going to use a local form. This is allowable under Rule 3015, which states that the official form must be used unless a local one has been established.