On March 26, 2020 the Coronavirus Aid, Relief And Economic Security Act (CARES Act) was signed into law. This act contains many provisions to ease the financial burden Americans are facing. These provisions include both direct financial relief and policy changes. Most...
Bridgeport Law Blog
Understand the benefits and types of bankruptcy
One of the most disheartening things that you might have to deal with when you can't afford to pay your bills is explaining to your creditors what's happening. Some might pressure you into finding a way to pay them, but it might not be possible for you to do that....
Chapter 7 bankruptcy can help you stop wage garnishment
Some collection agents are ruthless when it comes to getting the money they say you owe. If they put the pressure on you and aren't able to get payments, they might choose to turn to the court to get an order for collection. This means that they will take money...
Study looks at bankruptcy effects on employment
People in Connecticut who are considering bankruptcy might be concerned that it will have a permanent effect on their credit and even on their job prospects. However, a study that will appear in the Journal of Finance has found that this is not the case. The study...
Bankruptcy may provide protection from debt collectors
Some debtors in Connecticut may decide to file for bankruptcy after facing collection calls, lawsuit threats and other actions taken by creditors to. When a bankruptcy petition is issued, an automatic stay that halts all efforts to collect existing debts is initiated....
Eligibility criteria in a Chapter 7 case
Individuals who are unable to meet their debt obligations may be able to have their debts discharged through a liquidation bankruptcy. As the process implies, assets might be liquidated in an effort to raise money to pay off outstanding loan balances. Those who file...
How Chapter 11 bankruptcy can help a business with debt relief
When it comes to running a business in Connecticut, challenges can arise and lead to overwhelming bills. Sometimes, creditors will become aggressive in their collection efforts and place a business in jeopardy. Rather than close the business, Chapter 11 bankruptcy is...
Presidential candidate addresses medical debt during debate
Connecticut residents who tuned into the Democratic presidential debate on Jan. 14 will likely have heard Senator Bernie Sanders address the issue of medical debt. Sanders said that half a million Americans turn to bankruptcy each year because they are unable to pay...
The rules for filing under Chapter 13
Connecticut consumers can file for Chapter 13 bankruptcy regardless of their income. However, they must have no more than $1,257,850 in secured debts and no more than $419,275 in unsecured debts at the time that they file. Those who are looking to file for Chapter 13...
The difficulty of discharging student loans in bankruptcy
Some people in Connecticut may be struggling with substantial student loan debt. The total student loan debt nationwide is $1.59 trillion. Unfortunately, student loan debt is rarely dischargeable in bankruptcy. There are a few options for debt relief, particularly for...