People fall behind financially for a variety of different reasons. Unexpected medical issues could lead to a combination of major expenses and a sudden drop in income. The loss of a job, possibly because a business closes its doors, could create temporary financial...
Bridgeport Law Blog
How can a “cramdown” help people filing for bankruptcy?
Unlike Chapter 7 bankruptcy, in which much of a person’s debt can often be discharged, Chapter 13 requires a debt reorganization plan where a repayment schedule is worked out with the court. That doesn’t always mean, however, that creditors get everything that’s owed...
Exemptions in a Chapter 7 bankruptcy
Knowing that you’re in debt and being unable to afford making those payments can be challenging. Once you realize that payments just aren’t going to happen may lead to you exploring bankruptcy. Chapter 7 bankruptcy is one type that some people consider. This is often...
Bankruptcy and child support: Can the former discharge the latter?
Bankruptcy benefits people who can't pay all their debts. It offers them a fresh start. But what if one has unpaid child support? Does declaring bankruptcy mean they don't need to pay their child support arrears? Here is what to know about bankruptcy and child...
Statute of limitations for debt collection in Connecticut
The statute of limitations for debt collection is a critical legal framework determining the time frame a creditor can legally sue to collect a debt. In Connecticut, this period varies depending on the type of debt involved. The statute of limitations for debt...
Can bankruptcy lead to a discharge of income tax debts?
Those considering a personal bankruptcy filing may have a variety of different financial obligations complicating their household budgets. Medical debts and credit card balances are often the driving force behind a personal bankruptcy filing. However, people accrue...
How soon might a bank foreclose on a home?
If you're a homeowner facing the distressing situation of missed mortgage payments, you're likely concerned about the impending threat of foreclosure. When a borrower misses payments, a chain of events is set in motion. The lender, usually a bank, holds the mortgage...
3 tips for productively addressing emotions in bankruptcy
Navigating the emotional rollercoaster of filing for bankruptcy can be challenging. This is a significant financial decision that paves the way for a fresh financial start for you. You may experience various emotions during the process. Consider these tips to handle...
What is a bankruptcy certificate and why does it matter?
Bankruptcy can be a complex and challenging process for individuals and businesses. To navigate this financial maze successfully, it's essential to understand different parts of bankruptcy, including the bankruptcy certificate. While the bankruptcy certificate is not...
2 facts about holiday credit card spending
With the holidays here, you may feel the pull to spend money on gifts to give out. The desire to buy gifts can lead to financial difficulties if you don’t have the financial means to do this. Thinking carefully about your holiday spending before heading to the first...