Many Massachusetts residents who are struggling with debt may find themselves a little apprehensive if they are told that, because of their income, they will have to file a Chapter 13 bankruptcy. Compared with Chapter 7 bankruptcies, Chapter 13 proceedings are not as common among Massachusetts households, and the way its process works is not as ingrained into the cultural parlance.
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.
Financial issues can affect anyone whether they're from Massachusetts or elsewhere around the nation. If these problems become too overwhelming, many are reluctant to consider various forms of bankruptcy due to the misplaced belief that they're shirking their commitment to pay their creditors. However, there are many advantages to getting the fresh financial start that Chapter 13 bankruptcy can provide and it's important to understand them before dismissing the idea out of hand.
In Boston, being harassed by creditors is an important issue. The intimidation and ethically dubious tactics of creditors can go beyond the point of reason. If you feel that you are being overwhelmed by debt, this can be an opportunity to find out about the variety of options that you can avail to rid yourself of creditor harassment, especially if you are overwhelmed by debt and looking for alternatives to get rid of both stresses at the same time.
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.
If a business is in trouble and not financially sound, business owners might want to think about the possibility of reorganizing their assets. In Massachusetts, residents have different options for themselves and their businesses. If a business is not doing well, many owners go into personal debt to help with the burden. Both a business and an individual may file for Chapter 7 bankruptcy.
Many Massachusetts students are in the process of making decisions about what colleges they want to attend in fall of 2014. Parents may share concerns about the future of their children and how to make sure they are financially responsible. But when someone is shouldered with debt and they foresee significant burdens in the future because of student loans, one option to consider is debt reorganization bankruptcy.
Massachusetts residents may find themselves overwhelmed by credit card debt this holiday season. It can affect a person's day-to-day life, family relationships and relationships in the workplace. Facing a cloud of financial uncertainty hanging can be very difficult. It can lead to high costs, including debt collectors calling at work and at home. Fortunately, there are several options for those who are dealing with a large amount of credit card debt. One of those options, Chapter 13 bankruptcy, includes a method to eliminate debts through gradual repayment.
Keeping a business afloat can be extremely difficult. Market forces outside of a business owner's control, including low demand and competitors with lower operating costs, might lead to unexpected financial challenges. When bills go unpaid, creditor harassment may leave a business owner stressed and not knowing where to turn. Perhaps the best place to turn is to an attorney whom can help the business owner seek a fresh financial start through Chapter 7 bankruptcy.
Financial hardship can strike anyone, rich or poor. While that may sound like a contradiction, consider all of the once rich and famous individuals who have filed for bankruptcy in the recent past.