An individual who is unable to pay outstanding debt, can only obtain bankruptcy status by a state or federal court. Personal bankruptcy is often only considered as a last resort for individuals who are overwhelmed with debt obligations.
For a good majority of people, requiring filing of bankruptcy in Massachusetts, it may prevent or delay repossession of a vehicle, foreclosure on a home, or stop wage garnishment and harassment from creditors trying to collect debts.
Further, the filing for bankruptcy protection in Massachusetts, can be a costly process. However, our Law Firm offers low cost bankruptcy to people living near Framingham, Watertown, Westborough, and the surrounding communities in Middlesex and Worcester Counties.
The Benefits of filing for Chapter 7 or Chapter 13 Bankruptcy
The greatest benefit for filing for bankruptcy protection is that that it wipes away most debt, and often all debt. Unfortunately, your bankruptcy will remain on your credit report for approximately 7-10 years. However, even with this negative impact to your credit, the filing for bankruptcy can far outweigh the negative. Further, if you have been considering bankruptcy, your credit most likely is already damaged, so you may not endure greater damage.
We also found this helpful article regarding personal bankruptcy:
On Avoiding Bankruptcy: 5 Financial Tips
When times get tough, the tough sometimes want to indulge in a little shopping. But retail therapy and reactive spending can be big contributors to a personal credit crunch.
There are things you can do to remain financially healthy if you’re not now in trouble and to avoid bankruptcy if you’re on the brink. If you start thinking carefully about expenses, you can bring yourself back from the edge of financial disaster without too much pain and a lot of gain. Read full article here
For more information, please contact our law firm today at 781-277-0411. With 5 locations to choose from, you are sure to find an office near you.