Life After Personal Bankruptcy in Massachusetts

OK, you now have a fresh start, now what? There are some challenges you will need to consider. However, with proper planning, you can get through it!
 
If you’ve filed Chapter 13 “reorganization bankruptcy” in Massachusetts, you are certain to be paying off some debts. The court however, has allowed you a amount to live during the next 3-5 years. Obviously, this means that you will need to “scale” down your lifestyle. First, consider the necessities such as home expenses and groceries. Further, you will not be able to take on new debt such as a car loan without the court’s approval. However, sticking through the tough times, you should emerge better than before. At the end of your reorganization, your obligations will be cleared and you will have more freedom to choose how you spend your money.
 

There are many factors to consider when you file for personal bankruptcy

 
On a Chapter 7 bankruptcy filing in MA, you took a different approach and wiped out most of your debt. If you have a salary, most likely, it is yours! Just keep in mind as with a Chapter 13 bankruptcy, your bankruptcy will stay on your credit reports for 10 years. Credit is harder to come by after filing for personal bankruptcy, therefore you basically adjust your lifestyle to live on cash rather than credit.
 
After a Chapter 7 liquidation or a Chapter 13 reorganization bankruptcy discharge, re-establishing credit should be a top priority. The length of time it will take to rebuild credit will depend on a lot of factors. Obviously, if you have a well-paying job, you have an advantage. Also, if you were able to keep your home, simply paying your mortgage on time will improve your credit.
 
Our law firm specializes in Chapter 7 and Chapter 13 bankruptcy cases in Massachusetts. Helping clients rebuild their future throughout the cities of Framingham, Watertown, Leominster, Westborough, Worcester and beyond is what we do. Give our law offices a call today!

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