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September 2016 Archives

Understanding the protections of bankruptcy exemptions

Bankruptcy is intended to provide protection and debt relief for individuals struggling with debt. The idea of bankruptcy may create anxiety concerning personal property but in most instances, the filing party is able to keep most of their personal property. Bankruptcy exemptions exist for certain types and categories of property through both Chapter 7 and Chapter 13 bankruptcy which are the two types of personal bankruptcy. In general, some types of property are exempt from bankruptcy.

More Americans are falling behind in repayment of vehicle loans

When a Massachusetts resident buys a new or used car, he or she will often take out a loan to finance the purchase. As car prices increase nationwide, Americans are borrowing more in order to get the make and model they want. According to a major credit bureau, the total owed on car loans nationwide was over a trillion dollars in the quarter ending June 30 - the second quarter in a row that total balances exceeded $1 trillion.

Exemptions allow Massachusetts debtors to keep key property

Many people who are overwhelmed by financial challenges fear that if they file bankruptcy they will lose all their possessions. This is not the case. Both Massachusetts and federal law provide bankruptcy exemptions which protect important personal property from seizure by creditors or liquidation in bankruptcy.

Massachusetts home foreclosures on the rise again

The housing crisis that began in 2007 and continued through the recession is largely over at the national level. But in some parts of Massachusetts, particularly the poorer areas, the foreclosure crisis has not ended. In fact, total foreclosures in the state are increasing.