Chapter 7

Connecticut gamers may have already heard of the financial woes experienced by the video game company 38 Studios. Now, the company has sought Chapter 7 bankruptcy protection. It's owned by former Red Sox pitcher, Curt Schilling. Several factors weigh into any decision to declare Chapter 7 bankruptcy, but the company could not find a resolution to its current financial situation and has let all of its employees go.

Most Connecticut residents have probably heard of Nadya Suleman, also known as "Octomom." Suleman has 14 children but is most famous for giving birth to octuplets. Recently, her financial troubles have apparently become too much, and she has filed for Chapter 7 bankruptcy protection. She claims she has about $1 million in debt and wants to start over financially. Suleman stated that difficult decisions have led her to the decision to file for Chapter 7 bankruptcy.

A baby stroller company with its headquarters in Norwalk, Connecticut, recently filed for bankruptcy following a product recall of about a million of its strollers. The company, Maclaren, is internationally renowned for its strollers, which are often seen in well-to-do neighborhoods. The company has units in Europe, Hong Kong and North America, but the U.S. unit filed for Chapter 7 bankruptcy late last year.

Even as the national economy begins to rebound, many Connecticut residents continue to face economic hardship. Often through no fault of their own, many have found themselves unable to meet their financial obligations, such as paying off their credit card bills or making the monthly mortgage payment. However, fewer residents found themselves filing for bankruptcy in 2011 according to a new report released recently.

Some Connecticut residents may have been a bit surprised to learn that one a Fry's Electronics official filed for Chapter 7 bankruptcy back in July 2011. The filing stated that the man had assets of about $7 million and liabilities of more than $136 million, which included millions of dollars in gambling debts.