Should I file for bankruptcy in Massachusetts if my debt is all credit cards?

Filing for bankruptcy in Massachusetts can help you reduce or completely eliminate credit card debt. Credit card debt is one of the easiest forms of debt to get discharged because it is unsecured.

Massachusetts Credit Card Bankruptcy

If you are considering filing for bankruptcy in Massachusetts due to credit card debt, here are some facts you should consider:

• Bankruptcy will likely improve your current financial situation and give you some relief from overwhelming debts.
• Bankruptcy does have negative consequences as well as positive.
• Bankruptcy will damage your credit, but the damage will not be irreparable.
• Be prepared to have difficulty obtaining credit after your bankruptcy.
• It may be difficult to rent property or get utility services after bankruptcy.
• You must meet income requirements to be eligible to file for bankruptcy.
• You can legally keep some or all of your property out of your bankruptcy if that is your goal.
• Your creditors must stop calling and harassing you as soon as they are notified that you have filed for bankruptcy. The stay lasts until your proceedings are final.
• You can stop foreclosure on a home by filing bankruptcy under some circumstances.
• You should get the advice of an attorney before filing to make sure you comply with the law and reporting requirements.

Getting Legal Advice

If you decide you want to file for bankruptcy on your credit card debt, contact an experienced Massachusetts bankruptcy attorney before you move forward. Meeting with an attorney can help you figure out the best type of bankruptcy given your financial situation and other important determinations.