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.
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?
Many residents in Connecticut and all around the country are anxiously awaiting their tax refunds, if they were so fortunate to receive one. While some taxpayers plan to use their refunds to go on vacation or remodel their homes, others may decide to save the money or use it to pay off some bills. However, there are individuals who need the refunds to help them take the steps toward getting their finances back on track. This group of people has waited for the refunds to file for a Chapter 7 or Chapter 13 bankruptcy because they could not afford it before.
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.
While recent reports indicate that the economy has improved, there remain many Connecticut residents and others around the country that continue to struggle to pay their bills each month. While certainly not the first course of action, some consumers make the decision to file for either Chapter 7 or Chapter 13 bankruptcy. Having the "clean slate" that bankruptcy often provides gives the impetus to get one's finances in order. However, things do not always go as hoped and some individuals may be wondering if they could actually file for bankruptcy a second time.
Many Connecticut residents struggle with their finances. While some homeowners or business owners may be feeling "on top of their games," others are struggling to keep their heads above water. For the latter, Chapter 7 bankruptcy might be an option to prompt immediate debt relief and lay the groundwork for getting finances back on track.
Many Connecticut consumers spend a significant amount of money during the holiday season. Starting after Thanksgiving, there is a sharp increase in gift purchases, and many of them are made by credit card. After Christmas shopping and holiday spending, some people may not be able to manage their debt properly. In some circumstances, Chapter 7 bankruptcy may help.
There have been many signs that the economy is improving nationally, thus creating positive financial outlooks for many Connecticut residents and others around the country. However, for others, there have been continuing monetary hardships with little hope for recovery. Some consumers elect to file for Chapter 7 or Chapter 13 bankruptcy to wipe the slate clean and get a new start with their finances. Regardless of the type someone files, there will be questions about the bankruptcy process and how it may affect one's financial situation.
Debt is one of the most challenging issues facing most American families. Here in Connecticut and elsewhere in the country, hundreds of thousands of families are facing insurmountable debt in the form of credit cards, medical expenses and more. Thankfully, a Chapter 7 bankruptcy filing can help to relieve that financial pressure by forgiving some debts and helping to repay others.
Some Connecticut residents and others across the country have elected to file bankruptcy to confront overwhelming financial burdens responsibly and to get a fresh start on their finances. Many choose to file for Chapter 7 bankruptcy, where an individual's nonexempt assets are sold to pay creditors. There are certain assets that are determined to be protected and are not used for the payments to creditors. Recently, a dispute over what assets are protected occurred in one of the country's Bankruptcy Court of Appeals.