Some Connecticut residents and others across the country have elected to file bankruptcy to confront overwhelming financial burdens responsibly and to get a fresh start on their finances. Many choose to file for Chapter 7 bankruptcy, where an individual's nonexempt assets are sold to pay creditors. There are certain assets that are determined to be protected and are not used for the payments to creditors. Recently, a dispute over what assets are protected occurred in one of the country's Bankruptcy Court of Appeals.
Credit card debt continues to be a major area of financial concern for Connecticut residents and others around the country. Many consumers have sought debt relief due to the overwhelming burden of debt from credit cards. Though they can lead to problems, experts still contend that credit cards can be useful, if used wisely, and are still an option for payment transactions.
Many Connecticut residents and others around the nation are saddled with debt from student loans. Students frequently need funding to complete their educations and loans are often readily available. Unfortunately, it proves difficult for some to repay the loans after graduation while in entry-level jobs. A state senator in another state has suggested a way to provide debt relief to those struggling with student loan debt, while potentially boosting his area's economy.
Seeking debt relief through bankruptcy can be a difficult but positive experience for most people. However, individuals who file for Chapter 7 bankruptcy may worry about having to hand over all of their assets in order to satisfy their debts. While it is true that some property will be sold, people in Connecticut are often pleasantly surprised to find out just how much they will get to keep.