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July 2017 Archives

Sorting through advice for debt relief

Everyone has advice for dealing with life. An expectant mother may hear advice from total strangers, and someone heading off to college may feel crushed by the amount of advice offered. The same may be true for anyone struggling with debt. In many cases, those in Connecticut longing for debt relief may keep their problems secret to avoid the perceived judgment and well-meaning advice of others. For example, much financial advice centers around budgeting.

Asset forfeiture can be an unfortunate consequence of debt

Falling behind on certain bills can be scarier than falling behind on others. For example, the delinquency of a secured loan may carry consequence of asset forfeiture that an unsecured loan does not. No one in Connecticut wants to go through the foreclosure of a house, but the repossession of a vehicle can be just as traumatic and embarrassing. Without a vehicle, one may lose the only means of getting to work or fulfilling family obligations.

Chapter 13 bankruptcy provides relief in many situations

When the struggle to pay bills and keep food on the table becomes too great, Connecticut residents may explore options for debt relief. If alternatives for consolidating loans or avoiding creditors have failed, bankruptcy may be the best solution. Those who have a steady income will likely consider Chapter 13 to get their finances under control. Chapter 13 has several advantages over Chapter 7 liquidation 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.

What protection does Chapter 13 bankruptcy offer?

Consumers in Connecticut who have experienced unanticipated financial difficulties due to job loss, medical emergencies or other reasons may be exploring ways to get back on track. While some spend valuable time trying all kinds of remedies and getting deeper into debt, it might be worthwhile to research the protection offered by personal bankruptcy. The most attractive advantage of Chapter 13 bankruptcy may be the automatic stay that becomes effective as soon as the consumer files for bankruptcy.