What are the restrictions for filing for bankruptcy?

In Massachusetts, there are a few restrictions you must consider when filing for bankruptcy. The first restriction is that you must be an individual, partnership, or corporation. You cannot file for bankruptcy as a government or municipality. Second, you must either live or have a business in Massachusetts to be able to file in the state. Additionally, if you are married, you and your spouse must file together. Third, before you file, you must also complete credit counseling from a government-approved nonprofit. This counseling must take place within the six months prior to filing. Fourth, if you have filed for bankruptcy in the past, you may need to wait up to 8 years before you are eligible to file again. In some cases where you repaid your creditors or successfully completed credit counseling, this wait time could be reduced to 4 years. Finally, if you are able to pay your creditors at least 20% of what you owe through a repayment plan, you will not be eligible to file for bankruptcy. These are a few of the restrictions to consider when filing for bankruptcy in Massachusetts. It is important to consult an attorney to make sure that you are qualified to file and understand the process.

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What are the restrictions for filing for bankruptcy?

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