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Asset Forfeiture Archives

Debt collection process: From a late payment to asset forfeiture

Missing a payment for a credit card or another type of debt can certainly lead to a series of unfortunate events for Connecticut residents. Initially, late fees are assessed and the balances continue to mount. One's credit score can suffer once credit agencies are notified of delinquencies, thus affecting the ability to obtain the best interest rates when making major purchases. Continued skipped payments can lead to repeated calls from collection companies and possible asset forfeiture should creditors decide to start the repossession process. It is important to understand the process of debt collection and how to avoid potential problems.

Federal and some state laws proprosed to slow asset forfeiture

The government has been shut down for over a month now, and it has caused financial stress to Connecticut families and others all across the nation. While some households of government employees have lost one -- or both -- sources of income, many are certainly wondering how their bills are going to be paid. It is encouraging to see numerous local or national restaurants offering free meals to those furloughed employees. Now, one state has proposed legislation that will protect the employees affected by the shutdown from potential asset forfeiture, and other federal relief may be on the way.

Asset forfeiture can be an unfortunate consequence of debt

Falling behind on certain bills can be scarier than falling behind on others. For example, the delinquency of a secured loan may carry consequence of asset forfeiture that an unsecured loan does not. No one in Connecticut wants to go through the foreclosure of a house, but the repossession of a vehicle can be just as traumatic and embarrassing. Without a vehicle, one may lose the only means of getting to work or fulfilling family obligations.