Bankruptcy is a process that lots of people think they know well. It seems straightforward. However, misconceptions about bankruptcy mean that you could miss out on the benefits it offers. For instance, it seems counterintuitive, but did you know that declaring...
Bankruptcy
What are some advantages to filing for Chapter 13 bankruptcy?
Financial hard times can fall on just about anyone in Bridgeport. A job loss in a tough economy, a mortgage that is underwater or an illness that leads to massive medical bills can all spell financial catastrophe. In these situations, a person in Connecticut may...
CARES Act brings special provision for those considering and undergoing bankruptcy
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...
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....
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...
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...
Credit cards not ideal for paying medical bills
Medical costs continue to rise, in Connecticut and across the country, and many people have been forced to take on or carry debt in order to afford necessary health care. There are ways that people can avoid putting medical bills on their credit cards or reduce the...
Older adults struggle with medical bills
Older adults in Connecticut could be at risk of bankruptcy because of medical debt. When people who are older file for bankruptcy as a result of medical bills, they have usually run out of savings. Many are either not working at all or working reduced hours, so their...
The statute of limitations for unpaid debts
Connecticut residents who have bills that they are unable to pay often deal with daily phone calls or letters from banks, credit card companies and debt collectors, but state law places strict limits on how long creditors can pursue unpaid debts in court. The statute...