Bay State bankruptcy filings jump

From the Boston Globe

July 22, 2010

Massachusetts bankruptcy filings spiked 25 percent in the first half of the year when compared to the same period in 2009, the Warren Group said today.

“A total of 11,847 filers statewide sought protection under Chapter 7, Chapter 13, and Chapter 11 of the U.S. bankruptcy code in the first two quarters, up from 9,461 a year earlier,” the Warren Group said in a press release. “The number of filings was also 13.7 percent higher than the previous two quarters, when there were 10,419 filings.”

Headquartered in Boston, the Warren Group publishes Banker & Tradesman and tracks real estate and bankruptcy data.

“Bankruptcy filings are considered a lagging indicator, and these bankruptcy filings really reflect earlier economic conditions,” Warren Group chief executive Timothy M. Warren Jr. said in a statement. “Many people struggle to hold on for as long as they can before seeking bankruptcy protection, but even though the economy is recovering, consumers are still hurting and struggling to pay off the debt they’ve accrued over the years.”

Leave a Reply

Your email address will not be published. Required fields are marked *