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January 2017 Archives

Average American's credit card debt is over $5,000

Credit card debt can be a debilitating financial problem. It can eat up a Massachusetts resident's spare income as the debtor attempts to get ahead of his minimum payments and chip away at the principal and interest he owes. Despite the challenges that credit card debt can introduce into a person's life, however, a recent news story suggests that dealing such burdensome debt is not as uncommon as one might think.

Filing for Chapter 7 will stop creditor harassment immediately

Massachusetts residents who are struggling with debt often find it a lonely and stressful experience. It can be hard to rely on friends for support when you are too embarrassed to talk about the situation. And creditor harassment only makes things feel worse. Constant phone calls and threatening letters from credit card companies, debt collection agencies and others make a person afraid to pick up the phone or open the mail.

Bay Staters rank fourth lowest in average credit card debt burden

At this time of year, many Massachusetts residents are waking up to find holiday spending has caused a spike in their credit card debt. Large balances on personal credit cards can lead to serious financial challenges. But, on average, people in Massachusetts have a less serious problem with credit card debt than those in the other 49 states.

How does Chapter 11 reorganization work for a small business?

Small businesses owners in Massachusetts have to live with a certain amount of economic risk. But, sometimes economic changes that are beyond the control of the best managers can leave a business with more debt than it can manage. When this occurs, a business reorganization under Chapter 11 of the Bankruptcy Code may provide the only chance for survival.