Personal Bankruptcy Can Give Debtors Much-Needed Breathing Room

Personal Bankruptcy Can Give Debtors Much-Needed Breathing Room

Personal Bankruptcy

Earlier this month, a media conglomerate that owns dozens of Massachusetts newspapers and websites filed for voluntary Chapter 11 bankruptcy in Delaware.

The company that is filing for bankruptcy, GateHouse Media, owns nearly 100 titles, both digital and print, that serve Massachusetts communities like Marblehead, Holbrook, Fall River and Concord.

The CEO of GateHouse Media told Wicked Local Brookline (a GateHouse publication) that the filing was a strategic maneuver and not something the company had been forced into. He said the company had a lot of debt that was going to come due in August 2014 and because of a challenging business climate had to take steps to meet those obligations while still preserving itself as a company.

Bankruptcy can be a proactive step that puts an individual back in charge of his or her financial situation.

Having worked with many Massachusetts families who have gotten turned around financially, I can tell you it is very easy for people to get in over their heads with unmanageable debt and then feel like they are completely at the mercy of their creditors.

Bankruptcy can be the answer to this situation, in some circumstances, because it provides you with the space and breathing room they need to right your financial ship.

If your financial picture is darker than you'd like, contacting us to see if there is anything to be done that could brighten it up.