The dream of starting or running a business is a big part of being in America. The nation, after all, has a history of being built on big risks that either paid off or did not. But if an enterprise becomes so logged with debt that it is time to sell off parts of it,...
BANKRUPTCY REPRESENTATION FOR MORE THAN
100 YEARS COMBINED
Chapter 7
How sickness is driving Americans bankrupt
Most people are only one or two paychecks away from financial disaster -- and they simply don't have the resources to handle a major medical disaster, even if they have insurance. The financial strain of chronic or sudden illness is driving many ordinary Americans...
What debts can be discharged with Chapter 7 bankruptcy?
If you are considering filing for Chapter 7 bankruptcy due to your debt, it's important to know the type of debts that can be discharged in this form of bankruptcy. Chapter 7 bankruptcy is best for individuals who are looking to have most of their debt discharged, so...
The Chapter 7 means test
Should one ask the average Bloomfield resident to describe personal bankruptcy, the most likely answer would be that it forgives a person’s debts. What they are describing is a broad view of Chapter 7 bankruptcy. There is a good reason why most default to this...
Is Chapter 7 the option for you?
As a Connecticut resident currently weighing your bankruptcy options, you may have been looking into Chapter 7, as it is one of the most popular choices. It offers many benefits, though there are some drawbacks as well. Today, we will look at both.According to...
Is tax debt discharged in Chapter 7 bankruptcy?
Dealing with the Internal Revenue Service can be a nightmare if you are a Connecticut resident who cannot afford to pay the federal taxes you owe. However, if you try to avoid dealing with the IRS over the taxes owed, it can impose tax liens on your property that...
Can credit cards help to rebuild credit following bankruptcy?
Filing for bankruptcy can have a major impact on your credit score, as well as your ability to purchase a home, take out a loan or make financial transactions in the future. There are ways, however, that you can rebuild your credit once your bankruptcy has been...
How do I get ready to file for bankruptcy?
As we discuss in numerous posts in this blog, you may want to explore other options before you file for bankruptcy or go through with a foreclosure. However, you and other Connecticut residents may decide that a personal bankruptcy is the best route to take, after...
Medical expenses responsible for many bankruptcies
As many Americans struggle to keep up with their credit card debt, mortgage and other expenses, a number of people are forced to file for bankruptcy as a last resort. The most common cause of bankruptcy, however, is related to medical debt. Many people in Connecticut...
An automatic stay may stop creditor harassment
When people are behind on their credit card payments, mortgage payments or have excessive medical debt, they may begin to receive creditor calls. At first, the calls may start out as a friendly reminder for clients to make a payment on their loan. As time passes,...