Are you being overwhelmedby overwhelming debt? Filing Bankruptcy in Boston can be the answer to escaping that hopeless situation. Even if you don’t believe you’ve got the money to file for bankruptcy, contact us today. We’ll advise you on what bills you can quit paying and when to stop paying them to initiate the bankruptcy process. Allow the Law Office of Nashuaty& Rand Attorneys At Law in Boston enables you to get your finances in order.


If you file for bankruptcy in the upcoming future, you might wonder why you should even continue to pay your creditors? Well, you shouldn’t before filing for bankruptcy in MA. Many people stop paying their creditors and utilize that cash they otherwise would have sent to file for bankruptcy and get a bankruptcy lawyer in Boston is a common practice and seen as perfectly acceptable. The question of when the right moment will be to stop paying everything is legal advice. It’s different depending on a person’s particular situation.

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The following article is meant to provide some basic guidelines but isn’t legal advice and is no substitute for sitting down with a Boston lawyer and discussing your financial circumstance. Fortunately, Nashuaty& Rand Attorneys At Law in Boston provides free consultations for anyone in Boston, MA, who is considering bankruptcy.

You will want to have a bankruptcy period in mind before you stop paying any debt. You may usually consult with a Boston bankruptcy lawyer for free to see what would play out for youto see if you qualify for bankruptcy in Massachusetts. To file Chapter 7 Boston bankruptcy, you need to pass the means test, while Chapter 13 in Boston is a repayment program that requires you to get earnings to a plan for repayments you could make. You can set a date when you’ll file to avoid costly late fees if you wind up not even doing this.

Late interest and fees on loans, credit cards, and medical bills are- discharged in bankruptcy, just like the loan or medical debt. Chapter 7, Boston, the most common type of bankruptcy in Boston, MA, releases all those kinds of debts if they are ten thousand dollars or ten thousand bucks. A discharge implies that you stop due to the deficit.

Not all invoices are equally created. Alternatively, that wild charge card bill can fall to the wayside early on. Since it’s an unsecured debt, as in an obligation with no physical asset that could be- revoked, it is frequently regarded as a waste to keep paying credit card debt if you would like to file bankruptcy.

For bonded debt, like payments on a vehicle or a home, you will want to keep paying the debt bankruptcy if you wish to keep the property. You will also have to continue to cover items like a child or spousal support in a similar respect. All these cannot be wiped out by bankruptcy, and allowing yourself to fall into a hole of missed payments can be difficult to escape from.

The thing to remember while choosing which invoices to pay is if something physical can be dropped by not spending it. Not paying amedical invoice credit card or a will mess your credit rating, but nothing could be taken away by not paying it. Alternatively, a bank may foreclose against you for not paying a mortgage, or your electricity can be closed off by not paying the invoice.

Bankruptcy provides relief to individuals and families each year in Boston, MA. Despite being a choice for many, some of the men and women who demand debt relief the most cannot file or need to jump hoopsdue to federal lawsthat are prohibitive.

Elizabeth Warren proposed The Bankruptcy Reform Plan proposed by Elizabeth Warren would remove lots of the obstacles that hard-working individuals face when filing for bankruptcy. To comprehend why bankruptcy reform is needed, we must first examine why people file for bankruptcy.

Regrettably, there are still many myths surrounding the bankruptcy. It is a common misconception that anyone filing for bankruptcy has lived beyond their means or incurred debts without the intention of paying them off. Nothing could be farther from the truth.

In doing research, I discovered that 90% of bankruptcies were for three reasons: Medical issues, Divorce, or family separation. In 2005 this act did little to “protectusers.” It created a complicated, broken bankruptcy system that puts debt relief awayfrom the reach of too many Americans.Bankruptcy filings did go down. After bankruptcy, laws changed in 2005. However, by the Bankruptcy Reform Plan, it wasn’t because Americans were performing well financially. The flipside of diminished bankruptcy filings was an increase in:

  • The Number of Bad people
  • Charge card debt costs
  • Mortgage defaults
  • Foreclosures
  • With no chances for debt relief, most families lost everything.



Families that make above a certain amount are- unable to file chapter 7, and their only option is chapter 13 bankruptcy.Chapter 13 bankruptcy requires individuals to establish a payment plan with their creditors. These payment plans prolong the insolvency procedure. Based on Warren’s Reform Plan, many households never actually have their debts discharged. They can’t keep up with the payment program over the long run.Choose certain obligations they would like to maintain and make payments on, for instance, their home or a car they need to get to work.

Another hurdle that individuals encounter pre-filing credit counseling, occasionally called “debt instruction,”isthe financial burden an additional time and on people already feeling rested. Families have already spent hundreds of hourscrunching numbers. Many times, there is little value in having a third party create a budget plan.The Reform Act could take care of these debts like other consumer debts, allowing them to-be-released in bankruptcy.We know bankruptcy reform can’t come soon enough for some Boston. However, under the present laws, debt relief remains possible for lots of people.

Are you and your loved ones facing mounting debt? Are you struggling to pay your mortgage or rent since you’re juggling other loans and credit card debts? Give the experienced bankruptcy attorneys at Nashuaty& Rand Attorneys At Law in Boston a call. During a free consultation, we will discuss your situation. After meeting with us, you’re under no obligation to chase bankruptcy.

Source:Fixing Our Bankruptcy System to Give People a Second Chance by Elizabeth Warren