2013 saw a decrease in the number of bankruptcies filed. With the economy recovering, those with manageable levels of debt have found ways to help pay some of it off. For those with high levels of overwhelming debt, simply paying it off is hardly an option. Large levels of debt often come with an inundation of creditors, harassing notifications and high interest rates. One of the options that people have for high debt levels is Chapter 7 bankruptcy. It is a good option for those struggling with financial burdens.
In eastern Massachusetts, bankruptcies have declined in 2013 compared to 2012. Chapter 7 filings were down 24 percent from 2013 to 2012. Chapter 7 bankruptcies had 87 filings in 2013. One argument made by a bankruptcy specialist in the Boston Business Journal is that growth in the economy has led to fewer bankruptcy cases. He also warned, however, that financial troubles may grow once interest rates rise.
Even though some bankruptcies are declining in areas of Massachusetts, it is a good option for those who are mired in debt. Chapter 7 allows one to get rid of almost all one's debts and start fresh. Chapter 7 is an asset liquidation process that can help one to get the debt relief one needs. It offers a way to manage debt and move on with life. It's important to know how to qualify for Chapter 7 bankruptcy, so familiarity with process and law is imperative.
A decision to file for bankruptcy is one that needs to be carefully thought out. It's important to know what are the pros and cons of filing for Chapter 7 bankruptcy. You may be able to be freed from most of your debt obligations, if successful. In the end, bankruptcy can offer help with your financial burdens.
Source: Boston Business Journal, "Eastern Massachusetts bankruptcies off sharply in 2013," Eric Convey, December 28th, 2013