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Massachusetts Bankruptcy Records

Bankruptcy is the inability to clear the debts by a person or a company. When the creditors file petition of bankruptcy against that individual or the organization it is called involuntary bankruptcy. When the company files bankruptcy itself, it is called voluntary bankruptcy. Before filing bankruptcy, it is very important to access and verify the information from a reliable source. When you are looking for Massachusetts bankruptcy records, our database containing both state and federal cases, can help you. Apart from getting the records of bankruptcy cases, you can also get the details of procedures.

If you want to find Massachusetts bankruptcy records, there are several websites recognized by the government. You can make your search in their databases for a particular trend or a particular case file. This electronic access has become a boon for the researchers, detectives, police, reporter or any layman like you who can get hold of Massachusetts Bankruptcy Files without any training or producing permission from higher authorities. These websites can also give you the whereabouts of bankruptcy attorneys who can help you sail through hard times with the help of professional guidance.

In the year 2008, bankruptcy rate throughout the nation has seen a steep rise of nearly 28.8% from 2007. In 2008, as per the statistics of Massachusetts Bankruptcy Record, 13705 cases including personal and business bankruptcies were filed. This brings Massachusetts to 35th position among the 51 states of America. These cases were filed in different Massachusetts courts for bankruptcies.

Verify Massachusetts Bankruptcy Records Online


There is another government recognized website that offers access to Massachusetts Bankruptcies. This includes Massachusetts State Bankruptcy Records, Massachusetts Federal Bankruptcy Records as well as Massachusetts County Bankruptcy Records. This is PACER or Public Access to Courtroom Electronic Records. This has enabled the public records within your reach at any time. All you need is your personal computer with internet connection. You need to register with PACER in order to access the database. There is a toll free number that can be reached at any hour. If you want the basic information regarding Massachusetts bankruptcy records, you can call up to avail this service.

The service of PACER can be obtained for a marginal fee. You can download the page and later take the print for your convenience. All you need is your personal computer, Internet and a Java enabled browser web. This is a very reasonable and fast service. Where the conventional postal service takes almost 10 business days to handover the bankruptcy notice, email is way faster.

With bankruptcies come the minute details of exemptions, both federal and state. As per the law, you can keep certain pieces of your assets, some benefits and compensation. In Massachusetts, you can keep homestead property worth $500,000, bank balance of $500, trade tools worth $500 and car or any kind of vehicle of $700. The pension plan that has been exempted from seizure is ERISA approved retirement plans, compensation plans that have been deferred and health insurance benefits.

According to the constitution of US, there are six chapters of Bankruptcy codes- Chapters 7, 9, 11, 12, 13 and 15. Of these chapters, 7th and 9th are the most popular as they deal with personal bankruptcy and rehabilitation within five years with a proper plan of payment. Every year, these two chapters account for almost 65% of all cases filed for consumer bankruptcies. According to the Massachusetts court records, in 2002, about 17500 cases of bankruptcies were filed of which more than 14,600 cases based on Chapter-7 only.

Chapter 7 is so popular because it is a transparent system implemented under the supervision of court. Under this code, the assets of a debtor are given to a trustee who liquidates them to disburse them among the creditors. In most of the bankruptcy cases under Chapter 7, there is almost negligible property for exemption. Such cases are thus called no-asset cases. When a debtor has some assets that do not come under exemption policy and he or she is not willing to part with it then he or she can file for bankruptcy under Chapter 13. In most of the Chapter 7 bankruptcies, the debtor gets discharge document which releases him or her from any dischargeable debt. The debtor can get this document within three to four months of petition being filed.

Chapter 13 is the reorganizing your debt systematically so that the creditors are paid. Chapter 13 bankruptcy can be filed only when the debtor possesses some asset like home or vehicle which is not included in federal or state exemptions. In this bankruptcy, debtor proposes to repay the amount in installments thus in every month or fortnight. Depending on the amount and asset, it may take four to five years for the debtor to pay the overdue sum. Due to regular payouts, Chapter 13 is allowed to only them who have a regular source of item.

Before you file a bankruptcy case or when you are served one, you must make some Massachusetts bankruptcy search. This will help you to hire a good bankruptcy attorney, get whereabouts of Massachusetts bankruptcy courts and tips to deal with the issue. With Internet, it has become so convenient to access Massachusetts's records. Previously, only way to get hold of bankruptcy record was to visit your nearest court or legal office. But of late, though prior to the recession, a trend of filing bankruptcy had become evident. So, the need of making a bankruptcy record database was felt.