Steps for Filing for Bankruptcy in Massachusetts
Nothing about declaring bankruptcy is easy. Even though it is a voluntary process, the laws can be confusing and the court intimidating—but you do not have to go through it alone. Marla R. Margolis has nearly 15 years of experience successfully counseling Massachusetts families and individuals through the bankruptcy process. You can count on her for compassionate, dedicated advocacy from start to finish.
1. Get a clear overview of your financial situation.
Gather all of your finance-related papers and records. Determine your monthly income and your monthly expenses, and do not leave anything out—factor in the cable bill, the cost of gas for your car, how much you usually spend on food, and any regular charitable contributions, as well as credit card bills and mortgage and car loan payments.
2. Determine whether bankruptcy is in fact your best option.
Armed with your now-complete knowledge of your financial circumstances, seriously consider whether you can or should avoid bankruptcy altogether. You may want to sell some assets—e.g., your rare stamp collection, or your timeshare in Cancun—and use those proceeds to pay off your highest-interest, most expensive loans, and then put yourself on a no-frills budget while you pay off the rest of your debt.
On the other hand, you may find that your credit card or medical debts are simply out of control and insurmountable—in that case, consult immediately with a Massachusetts bankruptcy lawyer.
3. Choose a bankruptcy attorney.
Your bankruptcy attorney will help you decide whether and how to pursue bankruptcy or any of the other debt-management strategies that may provide some relief. An experienced bankruptcy lawyer will be able to quickly determine whether you qualify for Chapter 7 liquidation bankruptcy or a Chapter 13 repayment plan, and should be able to give you a good idea of how the court will treat your bankruptcy petition.
You want an attorney who knows the details of the law and will aggressively defend your assets and income, but who remains compassionate and pleasant to work with. Bankruptcy is a stressful enough process without you feeling uncomfortable or unimportant around your bankruptcy attorney. If necessary, meet with several attorneys before making a final decision.
4. Provide your attorney with all of your financial records, and stick to the court’s schedule.
When declaring bankruptcy, do not try to conceal assets from your attorney or from the bankruptcy court. If the court discovers fraud of any sort, it may reject your petition and bar you from filing another for at least a year. An experienced Massachusetts bankruptcy attorney will know how to defend your assets and protect your income in a way that does not endanger your bankruptcy petition.
It is essential, once the process begins, that you attend all required court dates, and stick to the repayment schedule. Should something unforeseen prevent you from attending a scheduled meeting or making a scheduled payment, communicate immediately with your attorney and with the bankruptcy court.
File for bankruptcy with the help of a skilled, compassionate Massachusetts bankruptcy attorney
The Law Office of Marla R. Margolis, LLC has almost 15 years of experience serving Massachusetts families and individuals who have fallen on tough financial times. She understands that bankruptcy is an emotionally difficult process as well as a financially stressful time period, and will do everything in her power to alleviate the anxiety and uncertainty most bankruptcy petitioners feel. Contact her today, toll-free, at (888) 98-MASS-DEBT or email her to arrange a free initial consultation about your financial situation.
