MA bankruptcy laws offer more generous exemptions than many states. If you are considering bankruptcy, research Massachusetts bankruptcy law before you proceed with the decision so you know what to expect from the process and what exemptions you are entitled to.
When starting a business, no one thinks they will fail. There may come a time however, when filing for bankruptcy becomes the best course of action for yourself and your business. Before filing for bankruptcy, keep in mind the following:
1. Have a plan for life after filing bankruptcy in Massachusetts. Help yourself by looking at your current situation not only as an end but also a new beginning.
2. Have a good understanding of bankruptcy laws in Massachusetts and how they can affect your life--from your credit rating to your ability to start a new business.
3. Understand what brought you to this point. Learn from the situation so if you ever start another business, you can avoid filing for bankruptcy in Ma a second time.
Action Steps
The best contacts and resources to help you get it done
Determine the exemptions you have under Massachusetts bankruptcy law
Knowing and understanding the exemptions you have available to you is a necessity when navigating Massachusetts bankruptcy laws. Massachusetts' homestead exemption is one of the most important to people when filing for bankruptcy. In Massachusetts, homestead exemption is based on age, the amount of equity you have in your home and when you filed for exemption status.
I recommend: Bankruptcy Information has a chart of all the exemptions that are available under Massachusetts bankruptcy laws. Review a more detailed explanation of Massachusetts homestead exemption at
BankruptcyAction.com.
Review the process of filing for Bankruptcy in MA
After the passage of the 2005 Bankruptcy laws, filing for bankruptcy has changed drastically. It's not as easy to file for Chapter 7 bankruptcy and There is a new credit counseling provision. You have the option of using the federal guidelines for your bankruptcy filing or using the bankruptcy laws in MA as the basis of your bankruptcy.
I recommend: Massachusetts Trial Court Law Libraries gives details on how the bankruptcy process in Massachusetts works.
Lawyers.com gives a detailed overview of the bankruptcy process in Massachusetts.
Hire a good Massachusetts bankruptcy attorney when filing for bankruptcy
A good MA bankruptcy attorney is absolutely necessary when filing for bankruptcy in Massachusetts. The more assets you have, the more complicated your filing may be and the more complicated your Massachusetts bankruptcy. Help yourself by hiring a good attorney.
I recommend: The
Law Office Of Lee S. Kaplan, P.C. is a Boston area law firm that specializes in bankruptcy law.
BankruptcyLawyerMassachusetts.com has a database of lawyers that can be searched by zip code as well as wealth of information regarding the Mass bankruptcy laws.
Tips & Tactics
Helpful advice for making the most of this Guide
- Review your assets and debt before filing for bankruptcy with your bankruptcy attorney in Massachusetts. Property that you can't claim as an exemption may be sold to pay off to your creditors. Claim all property that you are eligible to keep as exempt or the exemptions will not be given.
The official source of Massachusetts Bankruptcy Law is
the Massachusetts Bankruptcy Law page at Business.com
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