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October 2017 Archives

Knowing when Chapter 13 is the right choice for you

Dealing with the consequences of insurmountable debt is overwhelming and frustrating. The consequences of carrying a lot of debt can reach into various areas of your life, and eventually, you may face threats of serious penalties such as foreclosure or repossession. If you are facing the possibility of losing your Connecticut home because you are behind and you lack the ability to catch up, you may consider the benefits of filing for Chapter 13 bankruptcy. 

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.