subject: File Bankruptcy In Ma [print this page] There are instance in our life where unfortunate events happen that affect us financially. It can be a divorce or an event that leads us to become broke or unable to repay our debts. These can be a downfall in one"s life and sometimes all we wanted is to have a fresh start. Bankruptcy is a privilege for people who are in so much debt and wanting to bounce back and start all over again.
There are many ways to file bankruptcy in MA but there are only four types of bankruptcy you can choose from. The first type of bankruptcy you can file in MA is chapter 7. This type is the pain reliever of debt problems because the idea in chapter 7 is that all your assets and properties will be considered sold and the money will be distributed to all your creditors for the discharge of all your debts, except, for some dischargeable debts such as student loans. Specific exempt properties stated in the bankruptcy law are properties which will not be sold. These are the properties you can keep.
When you file bankruptcy in MA the second type of bankruptcy you can find is chapter 11, which is a reorganization of debts. This is for businesses and individuals who have very huge amount of debt. The third type of bankruptcy you file bankruptcy in MA is chapter 12. This is specifically for farmers and families. The last type is chapter 13, which referred to as debt adjustment. The new bankruptcy law effective last October 17, 2005 under BAPCPA encourages people to file this type of bankruptcy. The law also requires people to go through a credit counseling session. Documentation must be provided to prove the attendance that a person did completed the credit counseling session. Most credit counseling agencies provide services that include a repayment plan for a chapter 13 type of bankruptcy.
How to file bankruptcy in MA has three ways. The first way is to hire a bankruptcy lawyer. The lawyer will prepare all the papers for you, guide you through the process, represents you in credit meetings and state your case against the representative of the creditors that will argue to dismiss your case. All this can be done by a lawyer but this cost so much money which is your main problem. Hiring a full time bankruptcy lawyer can be a little bit difficult. And one does not actually need a lawyer to file bankruptcy.
The second method you can use to file bankruptcy in MA is the cheap method. You do not really need to pay others to do the work. You can do all the work by yourself. All you need is to learn the bankruptcy law and get familiar with it. This way, it will not cost much money but it sure is a lot of work for you.
The best way and most common method that people use to file bankruptcy in MA is to do half of the work. This is more affordable and you only do less or half of the work. All you need is to hire a bankruptcy petition preparer to prepare your papers, you pay them a flat fee and you work hand in hand. This is the most affordable and easiest way to file bankruptcy in MA. For more information on how to file bankruptcy in MA the affordable way, visit the link below.
