bankruptcy

While some states are seeing lower numbers of foreclosure, Connecticut is turning out to be the opposite. Currently, the state has seen a foreclosure increase of 38 percent. In the south central region of the state, those numbers have increased a whopping 75 percent, from 481 foreclosures in 2011's first quarter to 851 in 2012's first quarter.

Chapter 7 bankruptcy can sometimes be the best decision Connecticut residents can make when they are faced with insurmountable debt. In fact, several celebrities have filed for bankruptcy recently, including Danielle Staub, a former cast member of Bravo's "Real Housewives" series. Her Chapter 7 bankruptcy petition states that she has both assets and debts numbering between half a million and $1 million.

Consumers in Connecticut and across the country responded to the economic recession by slashing their credit card debt. According to a recent survey, the number of families with a card balance fell sharply between the years of 2007 to 2010. The survey reports that, as of 2012, only 39.4 percent of families carry a credit card balance, down from 46.1 percent in 2007. While this improvement is certainly welcome, paying off credit card debt is not a realistic possibility for everyone.

One Connecticut family claims their mysterious -- and repeated -- water issues have led to them file for bankruptcy. A seemingly never-ending subterranean water problem has caused repeated damage to their property, and they have spent more than $30,000 in an effort to repair it. Now, the Connecticut homeowners have had enough, and the husband says their only viable option in the wake of their repeated water woes is filing for bankruptcy.

Filing for bankruptcy in Connecticut is a decision not easily reached for most people. However, when faced with overwhelming debts and the potential of losing everything you own, sometimes bankruptcy is the best way to find relief. Filing for bankruptcy seemed to be the best decision for Jamal Lewis, a former professional football player.

Filing for bankruptcy in Connecticut is never an easy decision. While it does provide debt relief, there are potentially lasting impacts on a person's life, including a negative impact on your credit score. However, filing for bankruptcy is not the end all be all, and the truth is that people can both survive and come out of it financially stronger. There are other ways to manage debt in order to prevent a bankruptcy filing, but for many people, it is the only way to move forward and begin a clean financial slate.

Due to the ebbs and flows of the economy, which still appears to be struggling, many Connecticut residents continue to have trouble paying their mortgage, credit card bills and other financial obligations. As we have discussed before on this blog, filing for bankruptcy can help a person who is deep in debt with managing that debt and ultimately gaining a solid financial footing. In that vein, readers may be interested to learn how retirement accounts are treated in bankruptcy.

One of the predicaments that Connecticut residents may face is that of credit card debt. Unfortunately, credit card debt can be intensely stressful due to the constant harassment of creditors. However, it is possible to gain control over the debt by taking some simple steps.

In 2005, the U.S. bankruptcy laws were changed so as to prevent abuse of the process. That is, the change in the law was meant to prohibit those who could afford to pay their debt from filing for bankruptcy. However, one unfortunate consequence of the 2005 reforms is that it made filing for bankruptcy more expensive.

Many Connecticut residents may know firsthand the stress associated with a large debt burden. Indeed, it may feel overwhelming, if not paralyzing. Fortunately, though, U.S. federal law allows for debtors to escape from their debt burden by filing for bankruptcy.