Many people struggle with overwhelming debt. Overwhelming debt can be sudden and unexpected. For example, suffering an injury may cause someone to face large amounts of medical debt, while unemployment may lead someone to fall behind on their debt obligations. One of...
Bridgeport Law Blog
Never do these 3 things in bankruptcy
Filing bankruptcy isn’t something that’s done on a whim. Most people think for a long time about whether they’re going to file or not. Once you decide that you’ll file, you must ensure that you don’t do anything that can have a negative impact on the filing. Here are...
The unscrupulous tactics that debt collectors do
The incessant calls from debt collectors have gotten you unnerved. They want the money you owe to creditors, and they will not stop at anything to get it. This is harassment. One way to stop this is to file for bankruptcy – a move that you had considered well before...
Is bankruptcy on the rise?
People have been struggling financially since time immemorial. The precise number of people filing for bankruptcy has fluctuated over the years, but what do studies suggest today? Is bankruptcy on the rise? If this is the case, then why is it happening? A 10%...
In a Chapter 7 bankruptcy, which debts are discharged?
The process of declaring bankruptcy can be complicated, emotionally taxing, and perplexing. No one makes this choice lightly, so you need to understand exactly what it means for you. As difficult as it feels, it might be a genuinely wise financial choice that allows...
Is a second bankruptcy possible if your finances don’t improve?
Bankruptcy can serve as a quick and effective solution to aggressive collection activity. Creditors have to stop calling you all the time and dismiss any pending lawsuits against you. You can protect your property from repossession or foreclosure after it's as well...
How does filing for bankruptcy affect someone’s credit?
One of the primary reasons why consumers hesitate to file for bankruptcy is that they worry about what taking this step will do to their credit. This concern isn’t without merit. Filing for bankruptcy does temporarily affect an individual’s credit history and credit...
Can filing for bankruptcy benefit your mental health?
It's no secret that an overwhelming financial burden can have a negative effect on mental health. While the decision to file for bankruptcy can be stressful, there are potential benefits you may not have considered. What are some ways filing for bankruptcy can help...
3 debts you can include in your Chapter 13 repayment plan
Filing for bankruptcy is a serious financial step, but you may consider it if you’re struggling with debt. By filing for Chapter 13 bankruptcy, you will be able to restructure overwhelming debts by setting up a repayment plan. Below are the kinds of debts you can...
Is bankruptcy the best option if your small business fails?
What do you do when it becomes evident that your small business is failing? There are several reasons a business may fail, but some may be beyond your control. However, if your business is failing and your personal assets are at risk, then it may be time to shut...