Christmas has come and gone for residents of Connecticut and elsewhere around the nation. However, for many, the bills of making that Christmas celebration merry are beginning to arrive. While some consumers were already struggling with their finances and in need of debt relief, the additional bills are not welcome at all.
Many Connecticut residents struggle with their finances. While some homeowners or business owners may be feeling "on top of their games," others are struggling to keep their heads above water. For the latter, Chapter 7 bankruptcy might be an option to prompt immediate debt relief and lay the groundwork for getting finances back on track.
Many Connecticut consumers spend a significant amount of money during the holiday season. Starting after Thanksgiving, there is a sharp increase in gift purchases, and many of them are made by credit card. After Christmas shopping and holiday spending, some people may not be able to manage their debt properly. In some circumstances, Chapter 7 bankruptcy may help.
Many recent fiscal indicators have pointed to a more robust economy, such as lower unemployment rates for Connecticut residents and others around the nation. Many households are in a more favorable financial position than they were a year ago. However, there are still those who are struggling just to make ends meet. Some of these consumers may decide that filing for bankruptcy could be the most viable solution to ease their financial burdens. When the decision is reached to file for bankruptcy, an individual has to then determine whether to file for a Chapter 7 or Chapter 13 bankruptcy.