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Bay State sees increase in bankruptcy, while debt management may provide route to avoiding filing
By Angela Hawke on Jul 26th, 2010
Some consumers in Massachusetts have had it harder during the first half of this year, according to a recent report from the Warren Group.
The firm reported that the first six months of 2010 saw total bankruptcy filings increase by 25 percent when compared to the same time in 2009. Chapter 7 filings alone increased by 17.6 percent when comparing the two years.
In all, 11,847 individuals and businesses filed during the first six months of this year, up from 9,461 in 2009.
Warren Group chief executive officer Timothy Warren noted that despite the economy's recent recovery, consumers are still feeling the weight of debts amassed over the last few years. He also said people may hold off bankruptcy for as long as they end up filing.
Before falling into bankruptcy, consumers may try alternative measures. One of those options could be a debt management plan, which could lead to a lower amount paid on bills over a period of time.
However, experts note that consumers should make sure they don't accrue additional debt while taking part in such a program, as it could curtail any positive effects.
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