Even though millions of Americans are bogged down with student loan debt, it’s one of the relatively few types of debt that is usually not dischargeable in bankruptcy. Typically, a person has to prove that “undue hardship” is caused by the debt. Talk of student loan...
Bridgeport Law Blog
Filing for bankruptcy: You’re not even close to alone
People are sometimes a bit leery of filing for bankruptcy because they think that they're the only one doing it. It makes it feel like some sort of personal failure. They may know that they can run all the numbers and see that bankruptcy would seriously help them, but...
How do you sell a home that is near foreclosure?
If you have fallen on hard times, or are living from paycheck to paycheck, even the slightest change in your income can have significant rippling effects. One of these rippling effects can come in the form of a default on your mortgage payments. If you are unable to...
Have you calculated the total cost of your debt?
Getting into debt is typically easier than getting out of it. Lenders design it that way. For all the regulations requiring lenders to be more transparent, making sense of how much you will have to pay back if you borrow money can be tough. Even if you have the...
Proactive measures can boost your credit score post-bankruptcy
Financial hardship is no laughing matter, and it is not rare either. Around 40% of American households are in debt, with millions of people struggling just to meet basic living costs. On top of that, you have medical debt, which is one of the leading causes of...
Going bankrupt doesn’t mean you are blameworthy
Bankruptcy is commonly viewed in a negative light. For those in a comfortable position financially, it may seem like an alien concept that only happens to those who have chosen to be reckless with their money. This is a misconception that is not based on real events....
Companies that offer debt solutions may make matters worse
Household debts often start small and build over time. You added a little to the balance on your credit cards every month while filling the gas tank and buying groceries. Now, you owe so much on your credit cards that you don't pay the balance off every month. In...
Does bankruptcy mean you can never buy a house?
Many people are hesitant to file for bankruptcy because they know that it will impact their credit score. What they believe is that they're going to be ineligible for loans in the future. This is concerning because they may have just been renting and hoping to buy a...
Can I stop a foreclosure by filing bankruptcy?
The last two years have brought about a lot of economic hardship. You may find yourself facing some serious financial problems that you never anticipated. You may even be facing foreclosure on your house. If you live in Connecticut, this can happen if you’ve missed...
Discharge isn’t guaranteed in bankruptcy
If you’re considering bankruptcy, you probably already know that the discharge of the bankruptcy is the final goal in the process. The discharge is the order from the bankruptcy court that will release you from liability for the debts that are dischargeable. Once the...