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Lackluster housing recovery in central Mass.

A lackluster economy can be a source of struggle for Massachusetts's residents. It can be financially impossible to cover the expenses of daily living. One of the worst things that can happen to individuals and families is a home foreclosure. An important tool for those living in Massachusetts to prevent foreclosure is to consider filing for bankruptcy. Being overwhelmed by debt can make life difficult. Often collection calls will come at work and at home. With poor economic prospects in some areas, finding financial tools can help with a fresh start.

According to a report in the Telegram, central Massachusetts has not been experience much of a housing recovery. Some areas are stagnating and depreciating homes are still very much the norm. The April median home price for Worcester went down in value compared to last year. Real estate is a complicated business, but some experts say factors include a concentration of distressed properties, a reluctance to sell and lack of construction are all part of the problem. Some homes are being sold for less than what is owed on them.

The fear of losing a house to debt is scary. Fortunately, there are options for those who are struggling with payments and unable to sell their home. When someone files for bankruptcy, a stay goes into effect that immediately stops all collections. At that point, a person can explore options for a repayment plan to eventually eliminate debt. In some cases, a significant amount of the debt can be absolved.

It's important to be informed of the applicable Massachusetts law when it comes to filing for bankruptcy. There are many options to consider. Every bankruptcy is different and needs careful attention. A primary residence can be protected under homestead protection. While home prices may be stagnating in others, the housing market is a cycle. There may be opportunities for the future once one a fresh financial start.

Source: Telegram.com, "Central Mass. housing has yet to feel recovery," Llsa Eckelbecker, June 22, 2014

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