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April 2018 Archives

How tax liabilities are treated in bankruptcy

Massachusetts debtors may gain some relief from their debts through the bankruptcy process. However, there are some types of debts such as tax liabilities that may be mostly nondischargeable. While tax liabilities might be discharged in some situations, the ability to do so is limited.

The impact of credit cards on young people

A NBC News/GenForward survey found that only 22 percent of millennials are not carrying debt. The survey found that 11 percent have more than $100,000 while roughly 25 percent of those between the age of 18 to 34 have more than $30,000 in debt. This has caused young people in Massachusetts and elsewhere to save less, which could leave them vulnerable to a financial emergency.

Financial recovery is possible after bankruptcy

Many people in Massachusetts may be struggling with overwhelming debt and looking for relief from their situation. However, concerns over the effects of personal bankruptcy on one's creditworthiness in the future may hold people back from taking the next step, despite the debt relief potential offered by a bankruptcy filing. There are ways that people going through bankruptcy can plan ahead to help ensure the success of their filing.