Law Offices of Jennifer LaRese, LLC
Call Today 203-583-8668

Chapter 7 Archives

Is Chapter 7 an option when medical bills are making you sick?

Medical treatment is expensive. Even for minor injuries and illnesses, health care can come at a great cost. Connecticut readers know that even with a good insurance plan, a major accident or prolonged illness can wipe out savings and leave a family in extreme debt. Medical bills can quickly outpace your ability to pay, eventually leading to financial trouble and significant stress. However, Chapter 7 bankruptcy may be an option. 

Chapter 7 may be just the ticket to restored financial stability

Connecticut is not immune to economic downswings from time to time, just as most other states in the nation have experienced. When an individual resident or a business owner comes upon difficult financial times, it may be challenging to figure out the most viable option to rectify the problem. What works in one set of circumstances may not even be possible in another; for instance, some people are not eligible for Chapter 7 bankruptcy while others are.

Debt settlement versus Chapter 7 bankruptcy

In cases where an individual or company is facing overwhelming debt, several options are available. In some cases, a Connecticut resident might be offered the opportunity for debt settlement, a process wherein the creditor agrees to forgive portions of the debt in exchange for a mandated payment schedule. While this can have its benefits, it does not preclude Chapter 7 bankruptcy as an option for those who are unable to meet these requirements. 

Two construction companies file for Chapter 7 bankruptcy

Two construction companies that have been struggling financially for some time have filed for bankruptcy, according to business news. Both companies filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in the month of August. Connecticut business owners will recognize this as being an intelligent and prescient financial move on the part of both businesses, as Chapter 7 bankruptcy can help to ease the burden of debt for struggling companies. 

Appliance store files for Chapter 7

A popular appliance store has closed its doors, according to business news sources. Prestige Appliance, based in another state, filed for Chapter 7 bankruptcy on Sept. 7 in a United States Bankruptcy Court. As some Connecticut residents are aware, this move is meant to free the business owners from the constraint of a company's accrued debt and use its assets to pay down creditors. 

Chapter 7 bankruptcy vs. debt settlement company

Falling behind on the bills is not a pleasant feeling. In fact, it may seem as if the debt will smother the borrower, making it difficult to sleep or affecting one's ability to relate with loved ones. When overdue debt reaches the point where creditors are calling, accounts are in the hands of collectors and credit scores are damaged, a Connecticut borrower may reach out in desperation. While Chapter 7 bankruptcy may be an option, some may try other methods of debt relief that may only make matters worse.

Chapter 7 can provide a fresh start within months

Life can be full of unanticipated twist and turns, some of which can be extremely challenging. Some Connecticut consumers may not realize that circumstances can drive them into situations that force them to consider filing for Chapter 7 bankruptcy. It is important to understand that such a step is a reflection of the situation rather than a reflection of the individual.

Credit card debt still common reason for Chapter 7

Shopping with a credit card has its advantages. Along with the convenience and the ability to purchase items that may otherwise be unaffordable, some credit cards offer perks for their loyal customers. However, consumer advocates may be concerned about the dramatic increase in the required spending to earn those attractive perks, especially since credit card debt is one major factor when consumers in Connecticut and elsewhere file for Chapter 7 bankruptcy.

Weighing the pros and cons of Chapter 7 bankruptcy

For those struggling every month to pay their bills, harassing phone calls from creditors, warning letters in the mail and the sinking feeling when the doorbell rings may be part of everyday life. They may daydream of having all their debts magically disappear so they can start fresh. For many in Connecticut in this situation, Chapter 7 debt relief may be a possibility.