Bankruptcy is an often-misunderstood process that sometimes leads to the perception that it won’t help consumers to file. It’s imperative that anyone who’s struggling to pay their bills explores the possibility of filing for bankruptcy because it might provide them...
Chapter 7 Bankruptcy
Can Chapter 7 bankruptcy discharge all my debts?
There are many reasons a person in Bridgeport will file for Chapter 7 bankruptcy, also known as “liquidation bankruptcy.” A job loss in a tough economy, an unexpected illness that leads to overwhelming medical bills, or a divorce can all spell financial disaster....
How often can you file for bankruptcy?
Most people are able to come back stronger after filing a bankruptcy case and getting their debts under control, but not everyone is able to maintain the financial stability that they need. Whether it’s because of a medical emergency, job loss or other situation, a...
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...
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...
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...
Tips for dealing with medical debt
People in Connecticut who are struggling with medical debt are not alone. They are among around 137 million people throughout the country who are in the same situation. Many of them are like one 59-year-old woman who lost her job in 2013 and could not keep up with her...
Determining if bankruptcy is the right choice
New Jersey consumers who are in debt have several options to reduce or eliminate it. There are many factors that may influence which tools they use to reduce the amount that they owe to creditors. For instance, those who make $100,000 a year may be able to commit to...