Personal bankruptcies up nearly 60% in Mass., real estate publisher reports

July 21, 2009

Justin H. Dion, Esq.

Debtors are filing for Chapter 7 bankruptcy in order to escape debts they can't otherwise pay.

The number of Chapter 7 bankruptcy filings increased statewide by 58.12 percent from 2,839 in the second quarter of 2008 to 4,489 in the second quarter of this year which ended July 1, according to statistics released Monday by The Warren Group, a Boston-based provider of real-estate information and publisher of Banker & Tradesman newspaper.

Chapter 7 bankruptcy can eliminate most of a filer's debt after most assets are sold. In contrast, Chapter 13 bankruptcy requires debtors to arrange a three- to five-year repayment plan. Chapter 11 bankruptcies protect business from their creditors while those businesses reorganize themselves. ...

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by: Jim Kinney

July 21, 2009

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