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December 2015 Archives

Chapter 11 can give a fresh start to a struggling business

Running a small business in Massachusetts can be a risky way to make a living for some. A drop in sales, the appearance of new competition or an unexpected event like the loss of a lease can cause things to go south very quickly. When this happens, many business owners will do everything they can, including investing more of their personal funds, to keep the business afloat. Unfortunately, in many cases the end result is just more debt.

Exemptions allow Chapter 7 filers to keep essential possessions

Families in Massachusetts that are struggling with debt often seek relief through a bankruptcy filing. In a Chapter 7 bankruptcy, the debtor's nonexempt assets are turned over to a bankruptcy trustee that is appointed by the court. The trustee is empowered to sell the assets to pay off the debtor's creditors. Once the assets are liquidated, those debts that are dischargeable are discharged.

Experts say credit card debt is approaching unsustainable levels

Crushing levels of credit card debt have made life extremely stressful for many people in Massachusetts. High levels of household debt, including balances owed on credit cards, were the cause of the Great Recession a few years ago. Now, experts are saying that Americans are again taking on dangerous levels of credit card debt.

Choosing between Chapter 7 and Chapter 13 bankruptcy

There are many reasons Massachusetts residents file for bankruptcy. Unexpected life changes like the loss of a job, catastrophic medical expenses or the desire to stop foreclosure are all common motivators. Whatever the reason, once a person makes the decision to file for personal bankruptcy, they must choose between a Chapter 7 and a Chapter 13 bankruptcy.

Mortgage, student loan and credit card debt are all on the rise

As the nation continues its economic recovery, many people in Massachusetts and nationwide are still struggling with high levels of personal debt. New data released by the Federal Reserve Bank of New York shows that consumer debt in the United States is increasing. A big reason for the increase is surging mortgage balances, which increased by $144 billion from the second to third quarters of 2015, reaching a total of $8.26 trillion.