Most people don't choose to have a lot of debt. In Massachusetts, debt accumulation can anchor some people to living month-to-month while dealing with harassing creditors. It may seem like there are no options when predatory creditors call day and night. Fortunately, options like debt reorganization bankruptcy can help residents get out of a harassed lifestyle. Some creditors will go to unsavory extreme lengths to attempt to collect on debt.
Finding a job can be a difficult challenge after a long period of unemployment in a poor job market. Financial burdens can take their toll, from personal loans to credit card debt. The burden can take both an emotional and physical toll on an individual or their family. Without financial support, one might find himself struggling to make ends meet. One option available to those with unpaid bills is filing for bankruptcy. Bankruptcy can help relieve one's debt after losing a job.
Debts are a big concern for many Massachusetts residents. Legislators are looking for new ways to help alleviate some of the pressure. One of the focuses is on student debt, but many people are burdened by mountains of credit card and other debt. A financial obligation that is hard to pay can be a tremendous burden on someone. One option is to look for legislative reform, but another option to think about is filing for bankruptcy.
The story of an immigrant family who tried to live out the American dream by starting a new business serves as an important reminder for Massachusetts residents who are contemplating trying their own hands at a new business idea. It also serves as a good reminder of how bankruptcy can help individuals with overwhelming debt.
The number of foreclosure petitions filed in Massachusetts spiked 35 percent in 2012. In 2011, lenders filed 12,634 foreclosure petitions against Massachusetts residents. In 2012, that number was just over 17,000. A foreclosure petition is the first step that a bank or other creditor must take in order to start the process of repossessing a home, and it is thus a sign of a homeowner in some degree of financial distress. In light of this spike, some might begin to wonder how long this struggling economy will last.