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...
Bridgeport Law Blog
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...
What is the automatic stay in bankruptcy?
People often try to avoid answering the phone or checking the mail when they have creditors hounding them for money. Those interactions with a creditor can make a nice day turn sour quickly, especially if you know that you can’t afford to pay them anything. One...
3 steps to protect yourself when worried about vehicle repossession
Financing a vehicle purchase can be a common-sense choice. It is a fast way of making a purchase when you need a vehicle. You don't have to spend months saving or restrict yourself to the low-quality vehicles that you can afford with the cash that you have on hand....
Can you keep jewelry during bankruptcy?
You want to declare Chapter 7 bankruptcy, but you know that that means you’ll have to liquidate some of your assets. This is concerning to you because you have jewelry that you would like to keep. You know that it’s valuable, but you don’t want to be forced to sell it...
What is the wildcard exemption?
If you file for Chapter 7 bankruptcy, there are numerous exemptions that you can use to protect the property that you own. This is important because people are usually concerned about having to give up all of their assets, and they may worry that they won’t be able to...