How does a Chapter 13 bankruptcy work?

The main purpose of a Chapter 13 bankruptcy is to consolidate debt and stop foreclosure or repossession. It extends payments over a longer length of time to allow a debtor to pay an amount he or she can afford monthly. Creditors may not pursue collection actions or...

Can individuals file for Chapter 11?

As this blog has noted many times, the two most common forms of bankruptcy for individuals are Chapter 7 and Chapter 13. Sometimes news articles mention a celebrity filing for Chapter 11 bankruptcy. This is actually very rare. The vast majority of Chapter 11...

Disturbing new trend in personal debt

Many people in Massachusetts are doing better than they were 10 years ago, in the depths of the Great Recession, when the housing bubble collapsed and took the global economy with it. However, there are still plenty of people who are struggling with debt and need...