Yes, bankruptcy is the very term which is enough to
chill down your spine. Whenever any hard time comes there is a hidden fear that
always taunts you and makes your living uneasy. And the fear is about being
bankrupt. At the same time it is also a fact that our financial situation does
not always run according to our wish or preferences. There are many twists and
turns in life where we are often lost in the labyrinth and cannot decide
properly what to do. And this state of indecision is mostly harmful, especially
in the cases of financial decision. But there are of course way out of that. Massachusetts
Chapter 13 Bankruptcy is the very term that is essential in this regard.
Now
if you ask a very simple question, “what is bankruptcy actually?”; the answer
is easy. There may be such a situation when you just cannot negotiate with the
creditors, repossession of your property is imminent and of course the
foreclosure process has begun. Now you are already in such a situation where
your income is not at all sufficient to pay the bills irrespective of the
amount of the loan. This is basically a perfect situation when you can declare
yourself to be bankrupt. And just keep in mind that in such a situation, where
the laws like Massachusetts
Chapter 7 Bankruptcy can be of your immense help.
Now
if you just try to delve a bit deep in the pages of history, you will find that
previously there is no such law in the countries of Western Europe. The persons
who were unable to pay the debts were generally sent to an infernal place
called the debtors’ prison. Say for example, you have a look in the pages of
the novels of Charles Dickens; you will find that many destitute there were
sent to the debtors’ prison. In the twentieth century, the situation has been
changed altogether and the bankruptcy laws have come to the fore.
Now
there is no doubt in the fact that now we are living in much more enlightened
times. Now the query- How to
bankruptcy is
undoubtedly very needful. As we have
said earlier that there are two existing laws in this sector, namely chapter 7
and chapter 13 bankruptcy.
This content has been taken from: http://www.zimbio.com/Bankruptcy+Service/articles/rdLpXH_y0KL/Massachusetts+Chapter+13+Bankruptcy+law+know?add=True
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