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February 2016 Archives

Can filing for bankruptcy stop foreclosure in Massachusetts?

Although the worst of the housing crisis appears to be behind us, many Massachusetts residents continue to struggle to make their mortgage payments. If the mortgage becomes delinquent, the lender may exercise its right to foreclose.

Federal Reserve study highlights Millennials' credit card debt

Credit card debt is a fact of life for most Massachusettians. That is one conclusion confirmed by a recent study from the Federal Reserve Bank of Boston. According to the study, only 35 percent of Americans between the ages of 25 and 50 pay their credit card balances in full every month. Most people carry a balance from one month to the next, and pay interest for the privilege.

Examining the impact of bankruptcy on credit scores

When unemployment or an unexpected life-change forces a Massachusetts resident to consider filing for bankruptcy, they will have a number of questions and concerns. One concern often raised is the effect of a personal bankruptcy filing on their credit report.

Can Chapter 7 bankruptcy discharge Massachusetts income tax debt?

Among the types of debt that can overwhelm a Massachusetts family, federal income tax debt can create more than its share of stress. When an individual owes back taxes, the IRS has some formidable collection powers, including tax liens and property seizure. It is difficult to discharge income tax debt in bankruptcy, but in some circumstances, it can be done.