Bankruptcy Filings, Consumers, and False Deals

Debt and bankruptcy lawyers across MA know it's not just Massachusetts bankruptcies, a look at all bankruptcy filings by state shows bankruptcy filings continue to rise. For additional statistics see the American Bankruptcy Institute's News Room and Statistics. The ABI shows a graph alongside their assertion that consumer debt is consistent with bankruptcy filings and also states:

Research by the Federal Reserve indicates that household debt is at a record high relative to disposable income. Some analysts are concerned that this unprecedented level of debt might pose a risk to the financial health of American households. A high level of indebtedness among households could lead to increased household delinquencies and bankruptcies, which could threaten the health of lenders if loan losses are greater than anticipated.

As go consumers (and consumer bankruptcy) so go some retailers, too. Linens-N-Things and Circuit City are only two recent big name business bankruptcies. Some consumers looking for last minute deals may be scouring the "going-out-of-business sales" in search of a bargain price. A Better Business Bureau article, however, is warning shoppers to be on the lookout for false deals. The BBB article cites examples of prices being marked up by the liquidators handling the sale.

If you'd like to discuss bankruptcy or alternatives to bankruptcy with a Massachusetts attorney, contact us. If you are a Wilson & Whitaker, LLC client looking for our online bankruptcy portal (where you can work on or enter all the needed information from any computer connected to the internet), visit here.