Debt Relief Archives

More seniors are turning to bankruptcy for debt relief

It seems that, as we age, our bodies simply can't keep up the way they did in our younger years. Seniors in Massachusetts and across the nation may find that they are increasingly racking up medical bills all while living on a fixed income. This can put them in a very precarious financial situation. While some may find that they just need to "tighten their belts" for a little while, others may find that their medical expenses are more than they could ever afford.

Bankruptcy options for small businesses

Sometimes your business does not work out as you planned. If you are in financial turmoil with your business, you might be considering bankruptcy. Filing for bankruptcy can be a scary and intimidating thought, but it is sometimes necessary and even helpful. The bankruptcy process helps you eliminate or repay your business debt.

Changes are coming to when medical debt appears on credit reports

While the old adage goes, "Always expect the unexpected," in reality there are many things people in Massachusetts can't always see coming down the road. For example, a person could be seriously injured in a sudden car accident. Or, perhaps a person goes to their doctor for a routine check-up, only to find they have cancer. In other cases, a person may have a chronic illness, but suddenly be laid off from work, meaning they no longer have insurance to cover their medical costs. In fact, around 50 percent of all unpaid debt that shows up on credit reports involves medical bills.

Are there risks to debt relief companies in lieu of bankruptcy?

For residents of Quincy and throughout Massachusetts who are facing financial challenges, the prevalence of advertisements promising help with clearing debt without filing for bankruptcy might be an alluring temptation. For many, there is an ingrained fear of the word "bankruptcy" that leads them to try alternatives. However, there are often underlying circumstances with debt settlement companies that people are unaware of. These can ruin the attempt to eliminate debt and make the person's problems worse.

Am I eligible for Chapter 13 bankruptcy?

Massachusetts residents who are experiencing financial problems will frequently be confused as to how to rectify them and what options are available to do so. It can be overwhelming to be in significant debt. Often, people do not know how to get the fresh start they so desire. One alternative under the bankruptcy code is Chapter 13. Chapter 13 is known as a "wage-earner's plan." The eligibility requirements for Chapter 13 must be understood before pursuing it as an option.

What's the best bankruptcy filing for me?

Most would likely agree that the economy is generally on the upswing. Recent news about the real estate market in Norfolk County, however, suggests there is room for further improvement. The good news is that residential and commercial properties are selling at higher prices. The bad news is that fewer property transactions are taking place. Also, the mortgage lending rate was down last month, compared to the same month a year ago.

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