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Bankruptcy filings spike

February 13, 2009

SPRINGFIELD – The number of Hampden County residents who turned to Chapter 7 bankruptcy as the only way to get out from under their debts jumped 51.5 percent last year.

“When times are tight people put food on credit cards, they put their gas on the credit cards, all that comes back to haunt you,” said Justin H. Dion, a lawyer with Bacon & Wilson in Springfield and chairman of the bankruptcy section of the Hampden County Bar Association.

“I think we are going to see more of this with the economy,” he said.

He said he sees people in his practice with debts that are two or three times greater then their annual incomes. Once they miss a payment they face late charges and interest.

“It’s very hard, if not impossible to dig your way out,” Dion said. “It’s like a snowball rolling down a mountain.”

You may read more at the link below.

by: Jim Kinney

February 13, 2009

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