bankruptcy

Connecticut fans of "CSI" may be familiar with Gary Dourdan, one of the actors on the television show. He is making headlines for a different reason this time and is reportedly seeking a consumer bankruptcy. Documents in the case show the actor has about $1.8 million in assets, but owes $1.73 million. A major part of his debt is owed to banks.

The 10th U.S. Circuit Court of Appeals has solidified the ruling that Social Security income is safe from the "disposable income'" rule in a Chapter 13 bankruptcy filing. Currently, the Bankruptcy Code states the same thing, but one debtor ended up having to litigate the issue. This ruling could be reason for a sigh of relief for Connecticut residents and those who were watching this case to see the outcome.

Connecticut families in the midst of a foreclosure are aware of how emotionally and financially difficult the ordeal can be. One family who underwent a foreclosure recently is now suing the companies that were involved in the process. They claim the paperwork that documented who owned the mortgage was flawed, and they also allege violations of the Truth in Lending Act.

Connecticut readers may be able to commiserate with a college football coach who recently filed for Chapter 7. The coach has cited real estate investment debts as the main reason for his decision to file the Chapter 7 petition. With the slump in the real estate market, many people are experiencing overwhelming debt related to their home or land purchases.

When consumers begin to suffer under a heavy load of personal debt, there are options available to help them regain financial stability. Connecticut residents can opt to file for consumer bankruptcy, which can help discharge a significant portion of consumer debt. Such an action can also halt harassing phone calls from debt collectors. A recently filed lawsuit exemplifies the lengths to which some debt collectors will go to track down a debtor and collect on a debt.

Connecticut residents who have been watching the Olympics probably know of Gabby Douglas, the U.S. gymnast who won the all-around gold medal this year. While this Olympic story is certainly worth the positive media attention, her personal life is also making headlines for a completely different reason. Douglas' mother filed for personal bankruptcy earlier in the year. She sought Chapter 13 bankruptcy protection.

Connecticut residents faced with debt have the option of bankruptcy available to them. Several types of bankruptcy exist, so it is important to become familiar with the type that is most suited to one's unique situation. Many people are familiar with Chapter 13, but may not know the specific details about it.

Connecticut residents struggling to pay their bills may relate to a recent story about consumer debt. Currently, consumers fed up with credit card debt collection practices are filing lawsuits in droves. Every month since the start of the year, the number of lawsuits filed by debtors and credit card customers has risen. From January through May of this year, there were 6,256 lawsuits filed. This May saw three times as many lawsuits as the same month five years ago.

When young adults graduate from high school and begin their college careers, money is not always at the front of their minds. In the past, some college students in Connecticut and across the country succumbed to temptation by accepting credit card offers, only to later find themselves knee-deep in credit card debt by the time they graduated. With the federal passage of the Credit Card Act a few years ago, it is more difficult for college-age students to receive a card. But difficult is not the same as impossible.

When filing for bankruptcy in Connecticut, it's important for consumers to understand the types of bankruptcies available to them and which suits their situation best. Bankruptcy laws exist to help people who have staggering debt, but also to help creditors they owe. Filing for bankruptcy can be confusing, especially since laws can be complex and vary between states; however, going into it with some understanding of the types of filings available can be helpful to everyone.