What is the process for filing for bankruptcy?

The process for filing for bankruptcy in Massachusetts is fairly straightforward. The first step is to obtain a copy of the bankruptcy petition from the United States Bankruptcy Court for the District of Massachusetts. This petition must be completed, signed, and filed with the court. Once the petition is filed, a hearing will be scheduled where the court will decide whether or not to accept the bankruptcy filing. If the court approves the petition, the next step will be to hire a bankruptcy attorney. An attorney will help guide the individual through the process and ensure that all of the necessary documents are filed properly. The attorney will also provide advice and assistance throughout the process. After the attorney is hired, the individual will need to attend credit counseling. This counseling is intended to help the individual learn how to budget and manage their money better in the future. The individual must complete the counseling before the court will grant a discharge of their debts. Once the credit counseling is complete, the individual should file all of the necessary paperwork and begin to make payments to the court-appointed trustee. The trustee will then distribute the payments to creditors. If all payments are made on time, the individual will be granted a discharge of the debts listed in the bankruptcy filing. It is important to be aware that filing for bankruptcy will stay on the individual’s credit report for up to 10 years. Filing for bankruptcy can be advantageous for those facing insurmountable debt, but it will have long-term repercussions that should be considered before making a decision.

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What is the process for filing for bankruptcy?

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