What is The Latest Bankruptcy Rate and Statistics in Massachusetts 2013?

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Bankruptcy Rate Decline In Massachusetts For 2nd Quarter 2013

As a testament to the continued improvement of the U.S. economy, the bankruptcy rate in Massachusetts for the 2nd quarter of 2013 declined once again. This trend of fewer individuals and businesses declaring bankruptcy has been encouraging across the board.
In Massachusetts in 2012, there were a total of 16,100 bankruptcy filings; with most of those being Chapter 7 bankruptcy. From 2011 to 2012, bankruptcy filing was down 14% nationally and 18% in Massachusetts. This downward trend is most definitely continuing into 2013. Already, numbers are down in the first quarter of 2013. Compared to the first quarter of 2012, filings in Massachusetts are down 13% from the same time last year. Every indicator points to a marked decreased in the second quarter also.

There Is a Light at the End of the Tunnel

The decline the last few years has renewed optimism for Massachusetts residents. There are a number of reasons economists and analysts alike have given for this continued trend. One reason that is resonating across the entire country is the drop in the unemployment rate. This simply means more people are back to work and able to avoid the financial pitfalls that lead to filing bankruptcy. A stable housing market in Massachusetts also means more people are able to stay in their homes or sell for an amount that doesn’t necessarily leave them in a deeper financial hole. As the recession continues to improve and consumer confidence grows, more people are gaining back control of their credit card debt rather than feeling helpless as it compounds before their eyes. All of these reasons combined mean a brighter financial picture is forming for all of Massachusetts.

Benefits of Filing For Bankruptcy – A “Fresh Start”

While the declines across the board, nationally and in Massachusetts, are impressive and encouraging, there are still a number of people out there who have reached a point where filing for bankruptcy seems to be the only option left on the table. No individual or business should venture into bankruptcy without a professional legal counsel who specializes in bankruptcy filing in Massachusetts. The entire process from the first inkling that bankruptcy is a viable and sensible solution to the end of the legal avenues involved can be very complex and overwhelming for families and businesses. The complexities themselves can intimidate even the most financially astute citizen.
At Anna Shapiro Esq., PC, our compassionate legal team understands that filing for bankruptcy is not a sign of personal failure or an unwillingness to work hard to meet your financial obligations. It is most often a last resort when people feel their most helpless and unsecure about what their future holds. Our firm not only exhibits the compassion and understanding needed to help individuals and businesses navigate the bankruptcy process, but we also ensure each client is fully aware of and understands the legal process and possible long term ramifications of filing bankruptcy in Massachusetts. We can and will handle the court system, outline the eligibility requirements, handle negotiations with those you owe money to and help you maintain control of your situation as best as we possibly can. Before your individual situation becomes more unmanageable or convoluted, let us determine where you stand and what we can do for you. Our help and assistance in determining the best course of action can be the first step to regaining your financial independence and being on the pathway to a secure future.

By Anna Shapiro, Esq., PC
400 West Cummings Park Suite 3900
Woburn, MA 01801
Office: 339-200-9933
ashapiro@shapirolegal.com