Massachusetts bankruptcies increase 25 percent.
The first half of the year has not been kind to consumers and businesses in Massachusetts.
According to the Warren Group, a Massachusetts-based firm that publishes real estate and financial information pertaining to New England, bankruptcy filings in the Bay State rose 25 percent in the first six months of the year when compared to the same period in 2009. There were a total of 11,847 petitions for protection from creditors under Chapters 7, 11 and 13 through June of this year, a sharp rise from the 9,461 that filed in the same timeframe last year.
“Even though the economy is recovering, consumers are still hurting and struggling to pay off the debt they’ve accrued over the years,” said Warren Group CEO Timothy Warren. “Many people struggle to hold on for as long as they can before seeking bankruptcy protection.”
The Warren Group said that Chapter 7 filings made up the biggest chunk of bankruptcy cases in the first half of the year, with 9,142 petitions filed. That number is a 17.6 percent increase from the 7,774 in the same time last year. Meanwhile, the number of consumers seeking Chapter 13 protection skyrocketed 62 percent, from 1,594 last year to 2,586.
However, a separate report from the Warren Group said that the number of foreclosure petitions in Massachusetts dropped 21.7 percent from June 2009 to the same month this year.
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