Consumers with a Boatload of Debt, Taking the Bus or Getting Run Over by It?
Bankruptcy avoidance vs. filing for bankruptcy in MA has been a recurring theme I've been discussing in my law office with lawyers, debtors, and creditors in several recent discussions. Some are potential bankruptcy clients while others are small business owners worried about debts they're owed. The economy is hitting many hard. Gas prices and public transportation reliance provides a continuing example.
It is being reported that transportation data to be released is revealing 5.2 percent increase in transit ridership during the second quarter, "as record-high gas prices pushed people to take millions more trips on buses and rail systems." While gas prices are certainly one factor in the equation hitting peoples wallets there are others too.
People are struggling and unable to pay their rising debts. Many are worried about their homes, medicine, heating costs, credit cards, collection companies, mortgages, taxes, insurance... This has led to more conversations around places like Weymouth about bankruptcy and bankruptcy avoidance options. Whether they're single, married, kids, no kids, individual consumer, family, business owner..., no two case are the same.
Anyone in debt should not rely on rumors and unsubstantiated advice when it comes to their financial security and future. Instead they should seek the assistance of an attorney or debt relief agency that can find options for a fresh start or a workable plan. Not all plans or proposed solutions, however, are created equal. If something doesn't feel right, get a second opinion. I have a client who has struggled to make payments under a "plan" arranged for him by a credit "assistance" group, but it's obviously only made things worse for him during the last year -- he's in more debt now. Now it's time to file bankruptcy, it probably was the right time a year ago...
