By the time you decide to file for bankruptcy, your credit score has probably already taken a major hit. Bankruptcy will only exacerbate your existing credit issues. It is common for people's credit scores to drop by 200 points or more following a bankruptcy filing....
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Connecticut Bankruptcy Law Blog
What debts aren’t wiped out with bankruptcy?
Although the timing of individual bankruptcies often reflects the need for an automatic stay, it is the discharge that motivates most people to file. If your bankruptcy is successful, the court will discharge the remaining balances owed on most of your unsecured debts...
Creditor harassment is serious: Here’s how to stop it
When you’re behind on your bills or struggling to make ends meet, the last thing you want to deal with is debt collector harassment. The good news is that there are ways to put a stop to it and to focus on getting back on your feet without the constant reminders of...
How can bankruptcy help you?
The idea of bankruptcy intimidates many people. The average person thinks that bankruptcy is complicated and carries major social stigma. In reality, pursuing bankruptcy with the right help can be a straightforward process. More importantly, while a filing is part of...
How does the “means test” for Chapter 7 bankruptcy work?
People in different financial circumstances may qualify for different kinds of personal bankruptcy. Chapter 7 bankruptcy is likely the fastest path to a discharge for someone with high levels of unsecured debt. It doesn't require a repayment plan but rather the...
Who is eligible to file for bankruptcy?
Bankruptcy is a legal process that stops collection activity and potentially discharges some of a filer's unsecured debts. Both individuals and businesses struggling financially can potentially file for bankruptcy. Many people who might benefit from bankruptcy...
Will I lose my job if I file for bankruptcy?
Filing for bankruptcy in Connecticut might provide relief from a lot of financial problems you’ve been experiencing. However, bankruptcy does have some drawbacks that are important to be aware of. Bankruptcy, in some cases, may impact your ability to be hired or...
Can you keep your car if you file for bankruptcy?
Many people in Connecticut who are struggling with overwhelming levels of debt hesitate to file for bankruptcy because they think that they will lose their cars and other assets if they file. However, people can choose between the state or federal bankruptcy...
What really happens when you file for bankruptcy
Although filing for bankruptcy should be seen as a last resort, it can be an effective way to help you get out of debt in a timely manner. In some cases, it may be possible to reorganize your debts without losing property such as a car or Connecticut home. Finally, it...
An overview of various bankruptcy options
If you need help obtaining debt relief, it may be a good idea to file for bankruptcy. Typically, individuals will file for either Chapter 7 or Chapter 13 protection. Understanding the difference between these debt relief options may make it easier to make a decision...