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.
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.
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.
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.
If you have filed for bankruptcy in the past year, or are considering it in the future, it is important to understand how that decision effects preparing your taxes. As long as you understand how to file, you should have no problem filing your tax returns.