Many Connecticut residents and others all across the nation are struggling with their finances. Despite an improving economy with lower unemployment, high levels of debt create a significant strain to a great number of families. Some consumers may decide that filing for bankruptcy is the decision that can help them start afresh and get their finances back in order. However, it may be difficult to determine whether to file for Chapter 7 or Chapter 13 bankruptcy.
Excessive amounts of debt wreak havoc on the financial well-being of many Connecticut consumers and others who reside elsewhere. Recent reports show that certain age groups have incurred larger amounts of debt than others. Yet, regardless of age and demographic group, the burden of carrying a lot of debt may prompt some to seek debt relief in a variety of ways.
As Connecticut residents or others around the country reach retirement age, many dream of spending time with their families, traveling, taking up a new hobby or embarking on a different career. However, increasing numbers of retirees are experiencing financial turmoil. Reports from the Employee Benefit Research Institute show that the average amount of debt for seniors has risen from just over $32,000 to over $36,750 from 2010 to 2016. This is almost a 15 percent increase in just six years. Many older consumers are now considering filing for Chapter 7 or Chapter 13 bankruptcy for relief.
Many Connecticut residents and others around the nation are overwhelmed with credit card debt. Recent reports show that the level of debt in the country is over $1 trillion. While most consumers are able to make their payments on time, nearly one quarter of the nation's total debt is delinquent. As some individuals seek debt relief because of these delinquencies, experts offer some insight on how this situation has evolved.