If life is like a book, these past few years have been a real page-turner for many people, especially those struggling with debt. And the villain, for many, is the credit card.
Do your finances look like they were hit by an Atlantic hurricane? Maybe you have lost your job or your business. Perhaps your credit cards are maxed out. Maybe unexpected medical expenses are mounting, or your student loans are heading into default. You've cut expenses to the bone, but your unpaid bills grow higher and higher.
After filing for bankruptcy, in some situations a debtor in Massachusetts may seek to "reaffirm" a particular debt. One reason for doing this is to retain a piece of secured property. For example, the debtor may choose to reaffirm the debt they have on their car in order to keep their car. What is a reaffirmation?
A renowned Massachusetts contractor recently filed for Chapter 7 bankruptcy, citing an ongoing legal suit as the primary cause for its financial issues. The company, whose CEO took over for her husband after his death in 1990, became well-known after the CEO was named the first female Builder of the Year by the Northeast Builder's Association of Massachusetts. Additionally, the CEO was celebrated in 2012 by the Home Builders Association of Massachusetts with a "Legend of the Industry" award. This honor is given to those who the Association feels have bettered of the industry. Unfortunately, though, even those who are successful are not immune to financial challenges.
Professional sports players often make millions from the get-go in their careers. However, this does not mean that they are immune from financial problems.
Unfortunately, there are times when a debtor's bankruptcy case in Massachusetts will be dismissed. When this happens, the debtor will be restored to the same financial situation that he or she was in prior to filing for bankruptcy, without obtaining any form of debt relief. Obviously this is not the outcome that the debtor wanted and he or she may consider re-filing for bankruptcy. However, debtors should understand that there are consequences that stem from re-filing for bankruptcy.
Some of the facts that some Massachusetts residents look over when considering bankruptcy as an option for financial difficulties are eligibility requirements. The process can be more technical and time-consuming in Massachusetts because of minimum requirements and processes required for filing. Chapter 7 bankruptcies typically cancel a large portion of debt, while allowing individuals to have a fresh start. But, what are the eligibility requirements for Chapter 7 bankruptcy?
When someone is in a financially challenging position, they may be interested in the options they have under the federal bankruptcy laws. One option for Massachusetts residents laden with consumer or other credit card debt is Chapter 7 bankruptcy.
Sometimes a business will have to be restructured in order to stay alive. In other cases, debts may be too overwhelming. When a business closes, it may face a significant amount of creditors. For those struggling with debt in Massachusetts, Chapter 7 bankruptcy can help eliminate unsecured debt. Bankruptcy can be an opportunity to fend off creditors when a business ends.
One of the difficulties of modern technology is that information can be stolen and used. If someone is struggling with a mountain of personal debt, fraudulent activity on their account can put them over the edge with a lender. One option for those with overwhelming debt is Chapter 7 bankruptcy. This allows for people to start fresh with a clean slate. Financial stability for those who are struggling with a large amount of debt can provide a new beginning. In short, being burdened by large amounts of debt does not help any Massachusetts resident.