The MetroWest Daily News reported yesterday that bankruptcy filings in Massachusetts have quadrupled this month as compared to last October.
Reason is, the new bankruptcy law takes effect this coming Monday.
The good news, according to the article, is that the new law won’t have an adverse effect on anyone who makes less than the state’s median income. The new rules don’t penalize those folks or make it impossible for them to file, it just requires that they get financial counseling.
The bad news, if you will, is that the “U.S. Census Bureau estimated the median four-person family income in Massachusetts would be $82,561 for fiscal 2006.”
So, if you have a family of four, and make less than $82,561, you are losing ground in the rat race.
More lousy news: our local natural gas and electricity rates will go up this winter by 50% and 27%, respectively (Keyspan and NStar).
And a toss-up: NOAA gives the East Coast “equal chances of warmer, cooler or near-normal temperatures this winter.”
This is as opposed to their prediction of “warmer-than-normal temperatures across much of the central and western United States, including Alaska and Hawaii.”