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US Legal Forms
Forms Kit
Bill of Sale
Multi-State
Retail Installment Contract or Agreement

Installment Loan Contract With Consumer Proposal In Massachusetts

Q: Why would a consumer proposal get rejected?

Most rejections occur because the proposal terms don&#039;t align with creditor expectations. Here are the main reasons creditors may reject a consumer proposal: Payment offer is too low relative to bankruptcy Creditors expect to receive more than they would if you were to file bankruptcy.

Category:

Contracts - Retail Installment

State:

Multi-State

Control #:

US-002WG

Format:

Instant download

Description

The Installment Loan Contract with Consumer Proposal in Massachusetts is a legal document designed for the structured financing of goods or services through a payment plan. Key features of this form include stipulations on the total purchase price, interest rates, payment terms over consecutive monthly installments, and late fees applicable on missed payments. The agreement also establishes a purchase money security interest that the seller retains in the collateral until payment is completed. Specific provisions cover events leading to default and remedies available to the seller, such as possession of collateral and recovery of collection expenses. This document enforces a clear understanding between the parties involved, ensuring that modifications and governing laws are adequately addressed. The form is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a structured approach for legal and financial obligations, ensuring compliance with applicable Massachusetts laws. Users can efficiently fill out and edit the form, adapting it for various consumer financing scenarios while maintaining legal integrity.

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Form popularity

FAQ

Most rejections occur because the proposal terms don't align with creditor expectations. Here are the main reasons creditors may reject a consumer proposal: Payment offer is too low relative to bankruptcy – Creditors expect to receive more than they would if you were to file bankruptcy.

Reports including personal knowledge or firsthand interaction, reports made among persons under common control, and reports other than credit (including skip tracing, law enforcement, dating, and laboratory reports) are not consumer reports.

Secured Debts: Secured debts are backed by collateral, such as a home or car. Examples include mortgages and car loans. These debts typically are not included in a Consumer Proposal, which means you can keep the collateral asset as long as you continue to make the payments.

There are a small number of debts that cannot be wiped out (or reduced) by filing a Consumer Proposal, and these include: court awards for damages connected with bodily harm or sexual assault, child or spousal support arrears, court fines, debt incurred through fraud or misrepresentation, and government student loans ...

A consumer proposal can only be filed for non-mortgage debt up to $250,000. Bankruptcy has no limit to the amount of debt that can be included, only a minimum of $1000.

The advantages of installment loans include flexible terms and lower interest rates. The disadvantages of installment loans include the risk of default and loss of collateral.

To get started, register for an online account at MassTaxConnect. Then, sign in, navigate to the Collection Notices section, select "More," and click on "Request a Payment Plan." Or apply through the mail by filing Form 433I (Payment Agreement Application).

For most taxpayers, Massachusetts has a flat income tax of 5 percent. In November 2022, Bay State voters approved an additional 4 percent tax on annual income above $1 million, beginning in tax year 2023. Annual income above $1 million (adjusted annually for inflation) is taxed at 9 percent.

For tax year 2024, Massachusetts has a 5.0% tax on both earned (salaries, wages, tips, commissions) and unearned (interest, dividends, and capital gains) income. Certain capital gains are taxed at 8.5%.