| July 20, 2009

Massachusetts seeing more bankruptcies

As unemployment climbs, more people in Massachusetts are finding themselves filing for bankruptcy in order to deal with their debt problems.

According to The Warren Group, the number of Chapter 7 bankruptcies filed in the state during the second quarter was up 58 percent when compared to the same time in 2008. In all, 4,489 filings for Chapter 7 bankruptcy were made between April and June.

“The dramatic jump in bankruptcy filings shows just how hard it has been for consumers to keep up with their bills in this tough economy,” Timothy M. Warren Jr., CEO of The Warren Group, said.

Bankruptcies also climbed as compared to the first quarter of the year when 3,285 filings were made. Chapter 7 bankruptcies saw a 36.6 percent jump between the first and second quarters of 2009.

According to the group, 82 percent of bankruptcy filings in Massachusetts were made up of Chapter 7 filings.

It’s possible that unemployment in the state may be one of the factors driving bankruptcy filings up. The most recent report from the U.S. Bureau of Labor Statistics shows that unemployment has reached 8.6 percent in Massachusetts.
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