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March 2013 Archives

A-Rod's 2009 World Series ring at center of bankruptcy case

Massachusetts baseball fans may have followed the ongoing saga between Alex Rodriguez and his now-estranged cousin who supposedly persuaded "A-Rod" to take steroids. The latest twist in this family feud involves the cousin's Chapter 7 bankruptcy and a replica of A-Rod's 2009 World Series ring that the famous baseball player gave to his cousin when the two were on better terms.

Court denies bankruptcy in business reorganization

Any type of bankruptcy can be complex, for both individuals and businesses. For instance, a bankruptcy judge in another state recently reaffirmed his refusal to allow a couple involved in the mortgage business to file a Chapter 11 bankruptcy for the purpose of business reorganization. The couple sought debt relief from their many business obligations and purportedly wanted to set up a repayment plan for as many of their creditors as possible.

You may file Chapter 13 if you don't own a home

There is apparently a myth spreading both in Massachusetts and in other parts of the country that a person should not file a Chapter 13 bankruptcy unless they have equity in a home. The other side of this myth is that if a person does own a home, they must file a Chapter 13 and cannot file Chapter 7.

Young Massachusetts residents may die with credit card debt

The younger generation of Massachusetts residents, now fully entering in to the adult world, may well take the consumer debt that they charge to their credit cards with them to their graves. The "Millenial" generation, which consists of those born between 1980 and 1984, typically carries about $5,689 more in credit card debt than their parents carry. They carry $8,156 more debt than their grandparents carry.