Boston Bankruptcy Lawyer Blog

Banker and Tradesman, a publication of the Warren Group published their bankruptcy statistics noting that Chapter 7 Personal Bankruptcies were up 33% in 2009. This is not news to readers of this blog or our website.

What is news, however, is that Banker and Tradesman acknowledges that Massachusetts is different. While all states have folks filing bankruptcy following layoffs and business declines, we don't have the medical bankruptcy rate that other states appear have. Instead we have seen an increase in the number of clients sensitive to huge interest rate hikes by the credit card companies.

What we have seen, I explained to Banker and Tradesman, is an increased number of clients who actually could pay their credit card debt. However, when the creditors unexpectedly increased the interest rates -- that pushed them over the edge: they see no way they can ever make the payments. When they file for bankruptcy, they get a fresh start, but they were not headed in that direction before the interest rate increases.

In Canada, a recent article by a bankruptcy trustee, found the same results.

Boston attorney Thiadora Pina appeared in Suffolk Superior Court on behalf of the owner of Brigham's Ice Cream stores on November 18, 2009. We represented the owner, Luke Cooper, individually, as a vendor filing suit against Brigham's Ice Cream's holding companies, including Deal Metrics, LLC.

The vendor alleged that Brigham's Ice Cream owed them a considerable amount of money. In their suit to collect that money directly from the bank holding Brigham's Ice Cream's funds, the vendor sought to also collect money directly from Luke Cooper. Attorney Pina argued on behalf of Mr. Cooper in an effort to deny the vendor the right to attach his personal bank accounts. She successfully presented her argument to the Suffolk Superior Court and the vendor's Motion was denied as to Luke Cooper, individually.