Despite several reports of the improvement in the national economy, there are many Connecticut families that are still having financial problems. There are individuals who are unemployed, while others may be faced with unforeseen medical bills or mountains of credit card debt. Regardless of the reasons, there are consumers who are overwhelmed with their current monetary situation. At this point, some have reached the decision to file for either Chapter 7 or Chapter 13 bankruptcy.
In need of debt relief? Time for some financial spring cleaning
Spring has arrived in Connecticut and all across the nation. Many individuals set apart time for "spring cleaning" and give their residences extra attention as they begin a new season. This process can be applied to someone's budget as well. Some consumers are in need of debt relief because their finances have been left unattended, and credit card balances have continued to mount. Experts recommend developing a plan to clean out debt and get one's financial house back in order.
How is Chapter 7 bankruptcy different from Chapter 13?
Often, the news is filled with reports of how the nation's economy is improving. Statistics are presented that show higher employment figures or lower rates of inflation. While these are positive indicators, some Connecticut residents still find themselves in dire financial situations. These consumers may be considering bankruptcy as a means to get a fresh start with their finances. Therefore, it is important to understand the differences between filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy.
Debt relief: Ways to pay off credit card balances faster
Credit card companies often extend offers to Connecticut college students or other young adults initially entering into the workplace. Many are excited about the possibility of getting their first credit card and accept the offers. While some cardholders maintain the habit of paying off their balances in full each month, there are others who are in a cycle of carrying ongoing debt on their cards. If unaddressed, some even find themselves in need of debt relief to break the cycle. Experts recommend taking control of one's debt and creating a plan to pay it off as quickly as possible.
