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Warren addresses economic woes of Massachussetts residents

Debts are a big concern for many Massachusetts residents. Legislators are looking for new ways to help alleviate some of the pressure. One of the focuses is on student debt, but many people are burdened by mountains of credit card and other debt. A financial obligation that is hard to pay can be a tremendous burden on someone. One option is to look for legislative reform, but another option to think about is filing for bankruptcy.

Massachusetts Senator Elizabeth Warren says that she is focusing on helping out Americans' economic prospects as she heads into her second year in Congress. Her platform includes staunchly defending social security and focusing on Americans who are entering retirement age with less savings and more debt. She has also called for reining in the high costs of education.

Massachusetts residents already struggling with overbearing payments may want to consider bankruptcy an option for more control over their finances. While filing for bankruptcy will usually not help alleviate student loan debt, it can help you with other financial burdens including stopping repossession on your home. The Massachusetts Homestead Act provides that those who file for bankruptcy can protect their home residence up to an estimated worth of $500,000.

High levels of any debt are difficult to pay off if you are facing unmanageable monthly payments. Bankruptcy can help you consolidate your debt, stop foreclosure and give you an opportunity to get back on your feet. Politicians like Elisabeth Warren are committing to stop high levels of debt, but one way to help ease financial pressure today is to consider filing for bankruptcy.

Source: Star Tribune, "Mass Sen. Warren plans focus on student debt, Social Security, scientific research in 2nd year," Steve LeBlanc, Jan. 11, 2014

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