In bankruptcy proceedings, "discharge" means to permanently relieve an individual or business of a debt obligation. Each part of the bankruptcy code - Chapter 7, 11, 12 and 13 - handles discharge and debt relief a little differently. However, procedures under all chapters share certain common features.
One of the most common questions people going through bankruptcy ask is, will I lose my home? After all, debt relief is much less attractive if you lose the roof over your head in the process.
Small businesses form the backbone of the Massachusetts economy and inspire many an American dream. However, very few ideas or businesses succeed from day one. Sometimes, debt relief under Chapter 11 bankruptcy is a necessary bridge to greater success.
Residents in Massachusetts will often make several shopping trips during the holidays. In order to get all the gifts for loved ones, some might be tempted to spend more money then they intend. This could lead to using credit cards and racking up more debt than they can handle. While some balance on a credit card in manageable, if this debt gets out of hand, consumers might encounter major financial problems.
When someone has a significant debt burden, that person may feel inundated by lenders and repayment plans. Oftentimes a payment may be difficult to make because of income constraints and high monthly bills. In Massachusetts, someone who is seriously delinquent on their loan may face harassing creditors. This can hamper both quality of life and financial freedom. For those who are seeking debt relief needs, bankruptcy can be an option to consider, especially when delinquent mortgage loan rates rank high in Massachusetts.
A lackluster economy can be a source of struggle for Massachusetts's residents. It can be financially impossible to cover the expenses of daily living. One of the worst things that can happen to individuals and families is a home foreclosure. An important tool for those living in Massachusetts to prevent foreclosure is to consider filing for bankruptcy. Being overwhelmed by debt can make life difficult. Often collection calls will come at work and at home. With poor economic prospects in some areas, finding financial tools can help with a fresh start.
Massachusetts has a history of sports excellence. From the Patriots to the Bruins to the Red Sox, Massachusetts' residents have professional sports teams they can cheer for around the year. Unfortunately, in the realm of professional athletes, there are high rates of debt after they finish their careers. Some Massachusetts citizens can relate to getting mired in a situation where they are surrounded by credit card, medical and other forms of debt. One option for people and businesses wanting a fresh start is to file for Chapter 11 bankruptcy.
Credit is an important tool in this nation's economy. Unfortunately, here in Massachusetts, many people may find themselves in poor credit situations. Debt by itself can be a tool, but it can also be a tomb for those feeling surrounded by it. Borrowing entails a certain level of responsibility, but many banks and lenders charge very high interest rates that can make some feel overwhelmed by credit card debt.
The holiday season is upon us and many Massachusetts residents may feel the only way to survive is to use their credit. There are several strategies you can use you to minimize debt and other tools for those who feel mired in credit card debt. The holidays can be a stressful time for those who rack up credit card debt or are struggling with other large financial burdens.
The choice whether or not to take out an auto loan can be a big one. The borrower may be committing himself to years of repayment, high minimum payments, and high interest rates. This might be especially true in today's auto loan market where subprime loans are becoming more common. In fact, 27.4 percent of new auto loans made in the second quarter were made to subprime borrowers, up two percent from last years.