Worcester County Bankruptcy Filings Decline in 2012
The Worcester Telegram and Gazete is reporting that Worcester County has seen a 17% decline in chapter 7 bankruptcy filings and a 27% decrease in Chapter 13 filings.
Chapter 7 bankruptcy is a good opinion for individuals and families that have no non-exempt assets and are current with their mortgage payments. In chapter 7 most people will be able to quickly eliminate unsecured debt such as outstanding medical, utility and credit card bills while retaining their personal and real property.
Chapter 13 bankruptcy, in addition to the benefits of chapter 7, will allow a person to prevent home foreclosure, eliminate second mortgages and equity lines of credit, manage tax obligations, and retain non-exempt assets.
If you have any questions about bankruptcy please do not hesitate to contact me.