bankruptcy , massachusettes; what are my options?

Question

I own my own bussiness and am sinking fast. what do I try to avoid when filling. help

Answer 1

you got some replies but here's some great reading, might take you a while though:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you!

Answer 2

First, you cannot claim bankruptcy against credit cards anymore, which makes filing bankruptcy almost pointless. Now that's personal bankruptcy, I don't know about a business bankruptcy.

Second, you will have to be prepared to have everything sold off to pay debtors, and hope that it is enough.

Debtors have the right to contest the bankruptcy, though unless you owe an obscene amount, most don't bother with it anymore. Instead they choose just to write it off as a tax deduction. Occasionally they get a hair up their *** and decide they want their money. These guys will basically ask the judge that you be forced to sell off all assets and pay them the money you gain by selling them off.

Answer 3

I do not know your options, but you might want to know that according to a recent news report, filing bankruptcy doesn't completely clear you of your debt. After the bankruptcy, the debtor can still sell your debt to another company, than you have a whole new debt.

Answer 4

Bankruptcy CLEARS you of the debt....if it's discharged. They cannot later come back and try to collect it. The legally cannot collect any debt that is discharged in a backruptcy. That's for the first answerer.

For you, contact a bankruptcy attorney. Most of them have free consultations and could advise you further.

Answer 5

See an bankruptcy attorney. Usually the initial consultation is FREE