Bankruptcy in Massachusetts

There is no doubt that bankruptcy relief is a pretty powerful thing. When an individual goes and files their case in the Massachusetts court, those bill collectors and creditors that were bothering them relentlessly can no longer do so. Also, when they file their case for bankruptcy in Massachusetts, all lawsuits that were filed against them will now be stopped. The individual that will be filing for bankruptcy in the state of Massachusetts should be a bit happier because any foreclosures that were opened will now be closed. Chances are the individual is never going to hear from those creditors again.

Filing for Bankruptcy

If an individual has made up their mind to file for bankruptcy in Massachusetts and they are ready to proceed, then there are many law offices out there that are willing to help them out. Normally, the law office that the individual chooses is going to collect all of the information they need from the individual. These papers include liabilities, expenses, and assets from the individual. From here, they will assemble the papers so that they can fill out the needed paperwork such as the petition.

Credit counseling in the state of Massachusetts

There is a new law that has gone into affect called the Bankruptcy Act of 2005. Under this new law, an individual will have to go to credit counseling about six months prior to the date that they filed for bankruptcy. The counseling session does not have to be in person, it can also be over the telephone or even over the Internet. Many individuals throughout the state of Massachusetts choose the Internet because it is a lot easier for them. The individual who is filing bankruptcy should know that a lot of these companies are in with the credit card industry and will try to talk them out of filing for bankruptcy.

Exemptions in the state of Massachusetts

While most states have similar laws concerning bankruptcy, the laws concerning exemption are always different. Exemptions for bankruptcy in Massachusetts include tools of your trade. This asset can be found in the law section Proceedings 11-504(b)(1). There are also exemptions that include clothing, tools, books, appliances, and instruments to $5000.00. This exemption cannot include a car. The next exemption is wages. These exemptions include wages that were earned but unpaid, whichever is greater of $415 per week or 75 per cent; this is under law source 15-601.1. Keep in mind that this is not a comprehensive list.

If you are considering filing for bankruptcy, contact an attorney who will be able to help you through the process.

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