Law Offices of Jennifer LaRese, LLC
Call Today 203-583-8668

Chapter 7 Archives

How Chapter 7 bankruptcy works

There is a great deal of misinformation circulated about bankruptcy in the American consciousness. For many Connecticut residents, the prospect of declaring Chapter 7 bankruptcy can be daunting or even frightening. It can be very helpful for individuals struggling with debt to understand how the process actually works, in order to determine whether it is the right financial move for them.

Waiting to file Chapter 7 bankruptcy can be problematic

It is a common misconception that filing for bankruptcy represents some kind of personal shortcoming on the part of the individual or the family, but many experts would argue that it can be a valuable tool in debt reduction. In Connecticut and across the country, a Chapter 7 bankruptcy filing can actually help get someone out of debt faster and more effectively than attempting to slowly dig out of a financial sinkhole. However, waiting on a necessary filing can cause more harm than good.

Determine whether Chapter 7 or Chapter 13 bankruptcy is best

Most people in Connecticut or any other state have experienced financial challenges at some point. How swiftly or easily one is able to overcome such problems often hinges on the types of resources available and what specific solution is chosen as a best course of action. The problem is that determining the answer to that question is often difficult. For instance, the average person may not understand the differences between Chapter 7 and Chapter 13 bankruptcy; therefore, figuring out which one best fits a particular situation can be challenging.

Student loans and Chapter 7 bankruptcy

It is generally understood that in the world of bankruptcies that certain debt cannot be discharged by the court. Connecticut students may already be aware that the hardship standard for discharging student loans through Chapter 7 bankruptcy is challenging, to say the least. However, it is important to know that in some cases, it is possible to discharge student debt through a bankruptcy. 

Removing Chapter 7 bankruptcy from a credit report

There is something of a misunderstanding when it comes to how Americans perceive bankruptcy. In popular culture, Chapter 7 bankruptcy is often portrayed as a desperate act that can ruin a Connecticut resident's credit indefinitely. Thankfully, neither of these things is true: a bankruptcy filing can be an extremely important financial decision that can lead to reduced or cleared debt, and there are many things one can do to improve credit even while the bankruptcy is still on the books. 

Restaurant owned by prominent rapper files for Chapter 7

It is common for celebrities to branch out into areas of business outside of the industry that made them famous. This was the hope for T.I., known to Connecticut fans as an actor and rapper, who opened a restaurant in another state in an attempt to broaden his brand. Unfortunately, the restaurant has fallen on hard times, but thankfully the rapper's business partner recently filed for Chapter 7 bankruptcy. This will help both entrepreneurs to recoup and move forward effectively. 

Keeping a vehicle in Chapter 7 bankruptcy

Most people know that filing for bankruptcy often results in assets being liquidated to pay down debts. With that said, many Connecticut residents base their understanding of Chapter 7 bankruptcy on what they have seen in movies and television. The truth is there are multiple ways to proceed through a bankruptcy filing, and not all of them involve losing major assets like homes or cars.

Duration of a Chapter 7 bankruptcy on a credit report

Bankruptcy is a common practice used by people all over America to recuse themselves from insurmountable debt. The two most common types available to Connecticut residents are Chapter 7 and Chapter 13 filings, both of which are used to reduce or discharge unsecured debts like credit cards, medical bills and more. But many questions frequently arise as to how filing for bankruptcy affects credit moving forward.

Considering the impact of Chapter 7 bankruptcy

Debt is no stranger to many American families, as the average household carries considerable debt of different types. Some Connecticut residents know just how quickly credit card debt can mount, or how an unexpected illness can lead to crippling medical debt. This is why it is important for residents to understand how Chapter 7 bankruptcy influences a credit score from the day of the filing through to the end of the bankruptcy period. 

Considering Chapter 7 bankruptcy for debt problems

Bankruptcy is not an uncommon practice in American life, particularly during periods of economic instability. The average Connecticut resident likely contributed to the estimated $13 trillion in American consumer debt accrued by the end of 2017, and some may find themselves among the estimated 733,000 individuals and businesses that will file for Chapter 7 bankruptcy this year. Thankfully, bankruptcy is a viable and -- at times -- necessary strategy to handle serious debt issues.