Foreclosure filings in many U.S. regions appear to be on the rise in 2023, according to information provided by ATTOM Data Solutions. Unfortunately, Connecticut is among ten states with high foreclosure rates. From Jan. through June of 2023, nearly 2,500 properties in...
Bridgeport Law Blog
How credit cards trick you into spending too much
Credit cards are virtually indispensable for most consumers. They offer a great deal of convenience and flexibility when a major expense crops up. However, credit card companies don’t make money unless you carry a balance. That means they actively use a complex web of...
2 common causes of bankruptcy
Bankruptcy is a legal option available to those who are overcome by debts. The most common types of personal bankruptcies are Chapter 7 and Chapter 13. Chapter 7 is also referred to as “total” bankruptcy. In most cases, debtors are able to discharge all of their...
What is the automatic stay in bankruptcy?
People who file for bankruptcy are usually tired of having to deal with creditors trying to get money from them. For some people with debts, there simply isn’t enough money to pay their bills. You might benefit from filing for bankruptcy if you’re in this position....
What’s a deficiency judgment after foreclosure?
If you’re a homeowner who is having financial problems, the specter of losing your home to foreclosure may sound like the worst of all possibilities – until you learn about deficiency judgments. When a lender reclaims a property through foreclosure, they will usually...
What is the bankruptcy means test, and how does it work?
Chapter 7 bankruptcy provides financial relief by discharging most of your debts, allowing you to put your house in order without creditors breathing down your neck. However, Chapter 7 bankruptcy applicants must meet certain requirements to qualify. For starters, you...
Can I open a business after filing for Chapter 7 bankruptcy?
Filing for Chapter 7 bankruptcy doesn’t carry the stigma that it once did. More Americans are feeling the crunch of these uncertain financial times, so getting out of debt is considered more of a plus than a negative these days. But it does carry some baggage with it....
Are you paying “zombie” debts?
If you, like so many Americans, have more debts than you can keep track of, it’s easy for a “zombie” debt to sneak in there unnoticed. What’s a zombie debt? The term refers to debts a person may be contacted about that they aren’t required to pay for any number of...
What someone does with credit cards before bankruptcy matters
Credit cards are a key financial tool that help people to cover necessary expenses even when they have budgetary shortfalls. The responsible use of credit cards typically involves paying off the full balance every month. Those who accrue balances end up paying huge...
The health impact of financial stress
If you’ve been living with a lot of financial stress, you may be considering bankruptcy and other tactics to alleviate that stress. Maybe you just have more debt than you can afford. You need a fresh financial start because you know you’re not going to accomplish your...