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May 2013 Archives

Chapter 13 can help tackle debt stemming from neglected taxes

Residents of states like Massachusetts are generally used to the tax-related obligations that come with living in the region. Sometimes, though, tax debt can snowball out of control. Massachusetts residents may remember Sinbad, a comic who played starring roles in several movies from the 1990s. While Sinbad once enjoyed considerable prosperity and popularity in showbiz, he has apparently fallen on hard times as of late and recently filed for Chapter 13 bankruptcy protection, largely due to tax obligations.

Some creditor harassment is all smoke and mirrors

Some Massachusetts residents may unfortunately be receiving letters from debt collectors demanding repayment of credit card debts or other expenses. While this can be disconcerting and even a little scary, those who receive these letters, especially when they pertain to old credit card bills, may want to think twice before responding to the creditor harassment or before making a good faith minimum payment on the debt. Although nothing stops a collector from asking a person to pay, aged credit card bills may not be collectible in a court of law.

Is bankruptcy the key to surviving overwhelming debt?

A Chapter 7 bankruptcy can be of tremendous help to those Massachusetts residents who are struggling with overwhelming debt and need a fresh financial start. A discharge in a Chapter 7 bankruptcy can stop creditor harassment and protect debtors permanently from things like wage garnishments and frozen bank accounts.

Struggling economy shows some signs of improvement

Massachusetts residents may be pleased to hear that last month, managers created an additional 165,000 jobs, bringing the nation's unemployment rate down to 7.5 percent, the lowest since the beginning of the "Great Recession". The report came as a pleasant surprise to economy watchers who say that the report was better than expected.

Steps to take at the beginning of financial challenges

Although there have been some signs of hope that the American economy is turning around, many Massachusetts families may still be facing financial challenges and needing to take stock as to how best to eliminate debt quickly. Although filing for bankruptcy remains a viable option for anyone who needs debt relief, there may be some who for whatever reason would like to explore alternatives first. In this respect, one expert recently offered debtors some helpful tips in an article on how to right their financial ship.