Massachusetts law allows debtors to claim exemptions for some of their assets. You may, for example, claim a homestead exemption to protect your primary residence if you file for Chapter 7 bankruptcy. The Secretary of the Commonwealth of Massachusetts website notes...
Is bankruptcy the right choice for you?
According to Experian, the average American owes roughly $97,000 in debt. Bankruptcy might appear as a beacon of relief if you are facing a horizon filled with financial stress. However, you should not take the decision to file for bankruptcy lightly. How do you know...
Understanding non-dischargeable debts in Chapter 7 bankruptcy
Individuals struggling with overwhelming debt may find Chapter 7 bankruptcy to be a viable option. However, it is important to note that the courts will not discharge all debts in bankruptcy. To consider bankruptcy as a debt relief option, understanding...
What is debt collector misrepresentation?
If you find yourself in debt, you will also likely find yourself dealing with debt collectors. In most cases, they will follow the Fair Debt Collection Practices Act (FDCPA) well. In other cases, though, they may attempt to say or do things to get their money faster,...
How can you use a credit card responsibly?
Credit cards are an important part of establishing a solid credit history, which helps with home purchases and loan procurement. However, using credit incorrectly can lead to many poor financial outcomes, including bankruptcy. That is why you must use your credit card...
Calculate your credit utilization ratio today
Inflation has caused the cost of many everyday items to skyrocket, forcing many Massachusetts residents to scrimp. Obviously, though, you cannot scrimp on the essential items you need to survive. If you cannot pay in cash, it might be tempting to grab a credit card....
Boosting your credit score post-bankruptcy
Bankruptcy often gets a bad rap because too much focus centers on what you lose. However, this unique solution allows you to start over and improve your financial habits. One repercussion of filing for bankruptcy is its impact on your credit score. With the right...
Is Chapter 13 bankruptcy right for you?
Debt is a burden that can severely impact your life. When bills and loans pile up, it can seem impossible to get out of debt. If you are buried in debt, you may be considering filing bankruptcy. This can be intimidating, but it can be a positive step toward improving...
How can you improve your credit after bankruptcy?
A job loss, divorce, serious illness or another difficult life situation may have forced you to go into significant debt. And if you decided to declare bankruptcy, this legal filing may have provided a financial way forward. But one of the effects of bankruptcy is...
How to decide the right bankruptcy path for you
Anyone can fall into financial distress. Even those who do everything right can find themselves in trouble. If you become caught in an inescapable fiscal bind, bankruptcy offers a fresh start. The government recognizes six unique classifications of bankruptcies. Of...