Massachusetts Bankruptcy Filings Up in 2009

We have filed a record number of bankruptcies for our clients in 2009. Many ask questions before, during and after our representation. When the bankruptcy laws changed in October 2005, we filed what was at that time our record high number of bankruptcies, however, unfortunately, we are seeing even more this year.
Thus, to better serve our clients, we are initiating this blog: Boston Bankruptcy Lawyer Blog or
One look at the Federal Reserve Bank of Boston’s statistics bears this out: in the first two quarters of 2008, there were 8,137 bankruptcies filed in Massachusetts – in the first two quarters of 2009, the number is 10,185. This is a significant increase.
We feel it may be related to foreclosures, which, according to the Federal Reserve Bank of Boston’s statistics, 2008 was the high-water mark for foreclosures in Massachusetts: .57% of all houses (the former peak was 1992 with .52%). Their figures for 2009 are not out; however, the trend is against our clients. Our goal is to provide our clients with the most effective advice regarding filing a personal Chapter 7.