Bay State bankruptcy filings soar

Bankruptcy is popular in Massachusetts, and getting more so.

According to banking industry consultants the Warren Group, BKs are up 25 % in Massachusetts for the first half of 2010.

“A total of 11,847 filers statewide sought protection under Chapter 7, Chapter 13, and Chapter 11 of the U.S. bankruptcy code in the first two quarters, up from 9,461 a year earlier,” the Warren Group said in a press release that was reported in the Boston Globe. “The number of filings was also 13.7 percent higher than the previous two quarters, when there were 10,419 filings.”

“Bankruptcy filings are considered a lagging indicator, and these bankruptcy filings really reflect earlier economic conditions,” Warren Group chief executive Timothy M. Warren Jr. said in a statement. “Many people struggle to hold on for as long as they can before seeking bankruptcy protection, but even though the economy is recovering, consumers are still hurting and struggling to pay off the debt they’ve accrued over the years.”

Anyone who fits that description — struggling to pay off years of accrued debts — may give me a call and set up a free office consultation. It only takes about 30 minutes, and if it turns out that bankruptcy is the best option, I can do the legal work for one low flat fee — no fine print or endless charges.

And you’ll have plenty of company.

 

By Doug Beaton

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