Many Americans carry credit card debt, which can be one of the most difficult forms of debt to pay down. For some Connecticut residents, options like a personal loan can help to pay down high balances. For others who are in more serious financial straits, a Chapter 7 bankruptcy filing might be a more appropriate way of handling mounting debt.
Topping a national list typically brings celebration to a city. Metro areas are proud to proclaim the news when they have been recognized as a best place to live or an area where the best schools are located. However, being number one on some lists may bring cause for concern. Connecticut has two cities in the listing of areas with the highest credit card debt. This level of debt may leave some consumers searching for debt relief.
After experiencing continued financial struggles, some Connecticut residents and others around the nation make the decision to file for bankruptcy to get a fresh start. One option when filing for bankruptcy is Chapter 7. This type of filing is also commonly know as liquidation bankruptcy, since certain assets are sold and the proceeds are used to pay one's creditors. There are very specific guidelines regarding which debts can be discharged. Yet, how should unpaid income taxes be handled in this type of bankruptcy filing?
Being saddled with a mountain of credit card debt is quite common for many Connecticut residents and others across the country. Consumers frequently get bombarded with advice on how to reduce or eliminate this type of debt because it can become quite expensive if not paid in a timely manner. One suggestion to provide debt relief from growing credit card balances is to consider taking out a personal loan.