Chapter 7 Bankruptcy: Individual Debt Discharge in Massachusetts

Among the many ways of dealing with debts when one is no longer able to service them or pay back is having them discharged by law. An individual is relieved of most of his debts-one may not need to repay them. This is what is referred to as chapter 7 bankruptcy. This is a good and very flexible option for those who do not have excess monthly income to offset the debts they have. However, there are some guidelines to be observed before one qualifies for this option.

Income is the basic determinant of a candidate for this kind of consideration. This kind of relief may not be for someone with an income enough for their needs and even with some extra to pay off some of the debts owed. The state will determine the amount one earns from six months income data. After some allowances are deducted, the remaining amount is gauged against the debts one has. If the state is convinced of the inability of the individual to offset the debts they have, most of their debts are discharged after complying with the procedures and requirements as the state may demand from you.

However, as it should have been noted, not all debts will be discharged. Among those that cannot be discharged are debts arising from divorce settlements or cases, recent taxes and student loans. Those most likely to be discharged include unsecured loans, medical bills and credit cards.

For some ten years after your debts are discharged, there may be some negative mark on your credit. However, ones credit grows with time and after the ten years, one’s credit will be higher as the mark disappears with time.

Chapter 7 does not totally erode your credit with the credit bureaus. Also, this method of protection from debts is like liquidation. The property or assets that are not exempted by law may have to be repossessed as they cannot be kept when seeking to have your debts discharged. This is not usually of great worry as more often than not the people seeking the discharge have very little if any property remaining. Other limitations include inability to cram down car loans and totally do away with unsecured mortgages. One cannot offset even the debts related to tax that have not been discharged.

It is true that this method of discharging one’s debts when they are unable to pay may have a number of disadvantages. However, it is very useful and can really be of help to one as a last resort. The advantages outweigh the disadvantages and at the end you are given a new lease of life financially to rise again. Before a final and well informed decision is undertaken, one needs real and honest information on the different ways they can be helped overcome debt, the kind that the Massachusetts Bankruptcy centre offers.

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Foreclosure economic recovery program in Springfield

It is so evident that Springfield and Massachusetts as a whole is continuing to encounter a huge increase in the number of foreclosure especially in the middle class families. The petitions being filed in the courts have continued to calls for an action to prevent the actual foreclosure action. It has been recorded that the foreclosure action has brought about negative effects including undermining of the surrounding property’s value, security threat to the surrounding households, degradation of the property on auction as so long as it is empty and generally to the whole city as it reduces revenue collected inform of property tax. With this alarming trend, all bells are ringing as they call for various efforts to ensure the problem is curbed or brought to the minimum level.


Therefore many policies are being put in place by the relevant authorities in Springfield to completely fight the   individual and national economic development killer known as foreclosure and in turn enhance economic recovery. The main aim steering the quest to achieve the totally free foreclosure city is not only to mitigate and eliminate the impact of foreclosure but also to provide an improved revenue channel and ensure that the lenders are responsible for all their actions and maintenances of the houses.

In Springfield,the  city authorities have put into place strategies such as  reducing the number of foreclosure, ensuring that there are no illegal vacating of properties reducing the impact of vacancies such as theft and  ensuring that the lenders and the landlords are responsible owners .Although these strategies has been implemented, only a small step has been made no  major  change or rather improvement has  been witnessed therefore leading to the introduction of the foreclosure ordinance to help in economic recovery.

The ordinance has been divided into two components including a pre-foreclosure meditation. The meditation is aimed at ensuring that the borrower is involved in the decision leading to foreclosure. It aims at finding the facts surrounding the failure to fulfill payment policies and to seek to find alternative approaches to the problem and ensure that the home owner retains his home unless issued by a good faith certificate to indicate that is the only way to solve the crisis .The pre foreclosure is a redraft of the Mandatory Mediation Ordinance of Springfield. This component gives the borrower a voice to speak and a chance to decide. Remember as much as the borrower is given a voice and illegal foreclosure is minimized, there are procedures to be followed.

The second component of the ordinance is aimed at creating a channel of revenue stream that see an improved city; it also provides opportunities to use revenues towards city housing and stabilization of neighborhood, economic recovery especially through job creation.

The efforts brought by the ordinance has recorded economic recovery through loan modification for between 60% -70% of the situations that otherwise may lead to foreclosure. The maintenance of houses and the bonding is a sure way to recover the economic situation in Springfield.

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The Dangers of Do it Yourself Wills

One of the biggest dangers is that the will may be contested and a court will have to decide if the will is valid or invalid. If the will is invalid, then the estate will have to be administered by using the Intestate laws of Massachusetts, which may not be the way you would to have want your estate handled. You will not know that the will is invalid until after your death and then it is too late, whether it is invalid or not will be up to a judge. Also, a do it yourself will may not account for contingencies such as pre-deceased children, divorce or the birth of new children. Additionally, if the will is invalid, it may start costly and time consuming litigation that could have a profound effect on the loved ones you left behind, pitting one against another. Finally, without proper consultation from an attorney you may not adequately protect your property, because sometimes more complex or different estate planning is necessary other than a simple will.

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