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Two potential Mass. casino firms go after gambler's home

Debt can take many forms. For those addicted to gambling, their finances can be decimated in a few rounds at a poker table. Those struggling under large personal debts easily can feel overwhelmed. There are ways to help eliminate debt in Massachusetts. You may find yourself unjustly harassed by collection companies who use extreme measures to get your assets. However, bankruptcy may provide a way to end a tough period of enduring the harassment of creditors, unemployment and unpaid bills.

Two casinos from Connecticut who are vying for licenses in Massachusetts reportedly have used extreme tactics to get gambling debts repaid. In one case, both casino companies, Mohegan Sun and Foxwoods, placed a lien on the home of an elderly man who owed gambling debts. The man was in debt over $66,000, despite only earning around $640 a month from Social Security benefits. Repaying a loan is very difficult when the amount owed is many times your annual salary or earnings.

Some may consider the practice of offering gambling addicts loans predatory, especially when they end up going after your home for repayment. One option to avoid foreclosure may be to file for personal bankruptcy. Filing for bankruptcy will allow you to keep your home under the Massachusetts Homestead Act. It also can help you get debt relief from creditors or unpaid bills.

If you are going through a tough period of time, such as a long stretch of unemployment, it's important to get back on your feet. Some credit collection groups will go to extreme lengths to try and get repayment from you. Some businesses, like the two Connecticut casinos, will even try and go after your residence. One potential option for defending yourself is to file for bankruptcy. It will help you get the creditors off your back.

Source: The Boston Globe, "Conn. casinos employ hardball tactic to collect debts," Mark Arsenault, Feb. 9, 2014

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