The New Bankruptcy Laws In Massachusetts

A typical counseling session should last about 60 to 90 minutes, and can take place in person, on the phone, or online. A pre-bankruptcy counseling session with an approved credit counseling organization is required prior to filing and will include an evaluation of your personal financial situation, a discussion of alternatives to bankruptcy , and a personal budget plan.

You will be charged a fee for the counseling, which will generally be about $50, If you cannot afford to pay a fee for credit counseling, you should request a fee waiver from the counseling organization before the session begins, waiver are usually granted for those who only receive social security or whose income is below the poverty level or unemployed.
Your bankruptcy help is concluded, you may want to repair and rebuild your credit. The biggest thing that you can do to rebuild and repair your credit is to pay your remaining bills on time. This would include paying your mortgage or rent on time, paying your car, phone, electric and other utility bills on time, all of which can contribute toward rebuilding your credit.
Another option you may have, is to get a “secured” credit card. This is a credit card issued to you by a bank, where you send them up-front, how much money you want for a line of credit. You make charges on the card and get a bill, just like a regular credit card. You pay the bill on time every month and after making several payments on time, you can ask the bank to turn that credit card into a regular, unsecured credit card. Doing this can help you rebuild a positive credit history. This process does not happen overnight, but if you are taking steps in the right direction, your credit will improve over time. One of the biggest benefits going in your favor, is that new credit card companies and lenders will know you have concluded a bankruptcy advice and essentially have no more debt, so you are viewed by them as a person with little or no more debt, which is a good thing.Now online bankruptcy is too popular in Boston.
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors.

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However, some of your creditors may have a "security interest" in your home, automobile or other personal property. This means that you gave that creditor a mortgage on the home or put your other property up as collateral for the debt. Massachusetts Bankruptcy does not make these security interests go away. If you don't make your payments on that debt, the creditor may be able to take and sell the home or the property, during or after the bankruptcy services. There are several ways that you can keep collateral or mortgaged property after you filing for bankruptcy . You can agree to keep making your payments on the debt until it is paid in full, or you can pay the creditor the amount that the property you want to keep is worth. In some cases involving fraud or other improper conduct by te creditor, you may be able to challenge the debt. If you put up your household goods as collateral for a loan (other than a loan to purchase the goods), you can usually keep your property without making any more payments on that debt.
Many people believe they cannot own anything for a period of time after filing for bankruptcy. This is not true. You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after your bankruptcy, that money or property may have to be paid to your creditors if the property or money is not exempt.

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Bankruptcy laws change from time to time and in order to effectively handle your case, our Bankruptcy attorneys keep current on the changes in bankruptcy law by reading legal journals and attending bankruptcy seminars taught by bankruptcy trustees, judges and other leading authorities in the field.
You and your Bankruptcy Lawyer will fill out an “intake” which is how we get information from you to include in your bankruptcy petition. A bankruptcy petition is the document that is filed with the court that has all of your financial information, including a list of all of your debts and all of your assets and other property, as well as a list of all your income and expenses.
Before the bankruptcy can be filed, the client has to take a “credit counseling” course and obtain the “certificate of credit counseling”. This takes about an hour and can be done over the telephone or over the internet. Our office can provide a list of credit counseling agencies.
Before the bankruptcy is concluded, each person must take a “financial management” course that will assist the client in future financial planning and money management. Our office can provide a list of the agencies that provide this service.
To know more click on Massachusetts Bankruptcy Center