No one wants to lose their home to foreclosure – and lenders would prefer not to take that step either. Fortunately, there are a number of potential options to consider if you’re not able to keep up with your mortgage payments. Refinancing or a loan modification may...
Bridgeport Law Blog
Mistakes to avoid when filing for Chapter 7 bankruptcy
Filing for bankruptcy gives you a chance to obtain relief from overwhelming debt and make a fresh financial start. It's an opportunity to reorganize your finances and work towards a more stable future. However, when you’re applying for Chapter 7 bankruptcy, know that...
The Foreclosure Mediation Program in Connecticut
Your mortgage lender may attempt to take ownership of your mortgaged property and sell it to recover the amount you owe on the defaulted loan. A foreclosure may end up on your credit report and, in turn, affect your credit score. That's why it's vital to fight it....
3 ways personal bankruptcy can help to prevent foreclosure
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...
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...