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August 2017 Archives

Comparison of debt settlement to bankruptcy

Financial problems could strike almost anyone in Massachusetts after a job loss, death in the family or medical emergency. When debts become impossible to pay, people might turn to debt settlement. Debt settlement generally involves contracting with a company that will attempt to resolve debts with a lump sum payment of less than the total amount that is due.

New bankruptcy rules clarify deadlines for creditors

New rules for consumer bankruptcies will apply to debtors in Massachusetts and nationwide effective Dec. 1, 2017. In April, the Chief Justice of the United States delivered a set of proposed amendments for review by lawmakers. The amendments intend to establish consistent deadline rules for creditors responding to bankruptcy filings.

Attorneys balk at bankruptcy trustee demands for online passwords

People filing for bankruptcy in Massachusetts understand that they must disclose financial information for review by the court's trustees. An attorney in another state, however, ran into an unsettling request for the login and password information for the PayPal, Amazon Prime and eBay accounts of his bankruptcy client.

Consumer credit balances surpass $3 trillion

Considering the low unemployment and second quarter increase in consumer spending, economic indicators appear strong in Massachusetts and nationwide. However, credit card balances continue to set records. Rates of borrowing have slowed, but the total balances owed on consumer loans like credit cards have reached a record level of $3.86 trillion.