Legal Question in Credit and Debt Law in Massachusetts
I am in the position where foreclosure and bankruptcy may be my best option. What really are the consequences of these actions regarding credit, employment, rentals. Can one establish an llc to obtain credit?. Times are very bad. Estimates say 15% of the US population are in foreclosure and/or bankruptcy. Is there any leniency? I am 52 and have paid my bills all my life but i have been disabled for 3.5 years. thank you.
1 Answer from Attorneys
First of all, it is your right to file bankruptcy -- a right afforded to you under Federal Law. When you ask about leniency, I am not sure what you mean. Under the bankruptcy laws, everyone is entitled to some degree of debt relief. The extent of the relief depends on your overall circumstances and this should be analyzed with an attorney. A bankruptcy will remain on your credit report for some time, but you could still work on rebuilding credit meanwhile. Please contact my office for specific information about bankruptcy and other debt relief options.
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