mortgages

Good news has been issued concerning Connecticut-area foreclosures. The rate in the Norwich area has decreased from the numbers reported in October of last year. However, many families are still affected by foreclosure and may feel like they are drowning in debt. When this occurs, several options exist including bankruptcy. Filing for bankruptcy or seeking other alternatives can help homeowners who may be struggling to keep their homes while still juggling other debts.

Connecticut residents may avoid filing for personal bankruptcy because they believe it will prevent them from purchasing a home for many years. Although a bankruptcy will stay on an individual's credit record for at least seven years, filers can actually begin to apply for mortgages as soon as a year after filing for bankruptcy, as long as they have shown that they are working to improve their credit and overall financial status.