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Benefits ending for thousands of Massachusetts residents

During a long stretch of unemployment, it can be difficult to manage your finances. Long-term unemployment or underemployment is hard for many individuals as they search for jobs and try to make ends meet. One of the financial challenges of being without a job is that it is difficult to pay off debts. Being unemployed can also contribute significantly to your debt load. A long period of unemployment can make debt payment unmanageable. Fortunately, you may be able to resolve your situation through Chapter 13 bankruptcy.

In Massachusetts, many individuals lost their unemployment benefits recently. Massachusetts has a higher-than-average unemployment rate of 7.1 percent. The national average is 7 percent. Those who have been unemployed for six months or longer had their benefits cut earlier this month after Congress did not reach a deal on extending benefits prior to the holidays. Although Congress is considering a measure to extend the benefits, at the time this post was prepared no deal had been reached.

Being unemployed is difficult. One option for those facing the challenges of paying off debt during a period of unemployment is Chapter 13 bankruptcy. This allows for a reorganization of your debts into easier payments. Chapter 13 will allow you to establish a plan to repay your debts. Often this plan takes between three and five years.

A Chapter 13 bankruptcy can allow you to gain control over your financial challenges and allow you to move on with your life. You will have a say in what you can afford to pay off your debt.

Source: Boston Online, "Thousands in Mass. losing jobless benefits," Associated Press, December 28th, 2013

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