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Chapter 7 Archives

Will I have to sell off all my stuff in Chapter 7 bankruptcy?

Seeking debt relief through bankruptcy can be a difficult but positive experience for most people. However, individuals who file for Chapter 7 bankruptcy may worry about having to hand over all of their assets in order to satisfy their debts. While it is true that some property will be sold, people in Connecticut are often pleasantly surprised to find out just how much they will get to keep. 

How to decide what to file - Chapter 7 or Chapter 13?

Many Connecticut residents and others all across the nation are struggling with their finances. Despite an improving economy with lower unemployment, high levels of debt create a significant strain to a great number of families. Some consumers may decide that filing for bankruptcy is the decision that can help them start afresh and get their finances back in order. However, it may be difficult to determine whether to file for Chapter 7 or Chapter 13 bankruptcy.

Increase in senior citizens filing for Chapter 7 bankruptcy

In most cases, senior citizens in Connecticut and throughout the country look forward to their retirement years. Plans to travel, spend time with family or take up a new hobby are prevalent in the minds of many on the cusp of leaving the daily grind of work. However, for an increasing number of retirees, their financial situations will not allow them to experience retirement the way they had imagined. Filing for Chapter 7 bankruptcy has become a reality for those hoping to ease their financial burdens.

Handling debt through Chapter 7 and other means

There are many reasons why Americans can fall into debt. Sometimes, it can be a question of poor planning or financial habits, but for many Connecticut residents, unexpected circumstances like divorce or loss of a job can also cause debt to mount. Thankfully, there are a variety of ways to reduce debt, from credit counseling to Chapter 7 bankruptcy.

Car loans still possible after Chapter 7

One of the biggest fears surrounding a bankruptcy filing is the effect this financial move will have on an individual's credit rating. Specifically, Connecticut residents who file for Chapter 7 bankruptcy are often concerned they will be unable to secure loans after filing. In fact, at least in the case of car loans, the opposite is sometimes true.

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.