Legal Question in Bankruptcy in Massachusetts

Effects of Filing Chapter 7

I am in the process of starting a business, but my personal credit is poor. I have been trying for the last 4 years to clear up some of this debt to boost my credit rating. Problem is my debt is over 20k, my income is 1400/month. It's just not enough. I don't have credit card bills. There are mostly medical bills, then 2 car loans which were repossed and an old rental contract that was broken. It would take me years to pay off these old bills, putting my plans to pursue opening a business on hold indefinately. Is bankruptcy a feasible option for me? How will filing affect my abiltity to secure a business loan? Is there a time period you have to wait after filing to apply for new credit? Help Please!


Asked on 4/20/07, 3:19 pm

1 Answer from Attorneys
William McLeod McLeod Law Offices, PC

Re: Effects of Filing Chapter 7

No one can really tell you if bankruptcy is a good option for you unless they get more specific details of your situation. This means understanding your income, expenses, assets, and debts. You should contact a bankruptcy lawyer and set up a meeting to discuss things in more detail.

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Answered on 4/20/07, 3:22 pm


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