personal bankruptcy

Connecticut Debt Relief Law Firm Teaches Clients that Filing for Bankruptcy is No Longer a Stigma

Bankruptcy. The word carries with it so many different meanings for different people. For far too long, Americans have felt that because filing for bankruptcy was a last resort before total financial annihilation, it was therefore a humiliating process, one to be kept secret or hidden from friends and neighbors. But due to the difficult economy and recent economic recession, this perception is quickly changing.

Learning the truth about bankruptcy sometimes comes too late. A person might hear about its extraordinary benefits from a friend or acquaintance, but it could be too late if property and a home have already been lost to creditors. Hopefully, sharing accurate facts about this federal remedy will help get the information out to Connecticut residents who are facing overwhelming debt and can still benefit by filing for bankruptcy.

Connecticut homeowners with an underwater mortgage may soon see relief. March 1 begins a new program by Freddie Mac and Fannie Mae. The program will allow homeowners forced to stay in their homes because it isn't worth as much as they owe to move out and be relieved of their debt. This program could benefit those who are contemplating filing for bankruptcy.

Some encouraging numbers have been seen on the Connecticut bankruptcy front, leading experts to suggest that consumers who file may have more optimism when it comes to paying down debts and turning their financial situations around. Although Chapter 7 bankruptcies are more common in the state than Chapter 13, the overall numbers for Chapter 7 have declined. Recent reports show Chapter 13 bankruptcies have increased by almost 1000 from 2011 to 2012.

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.

A couple that won several million dollars in a lawsuit has recently filed for bankruptcy. This filing may be surprising, but it also shows that Chapter 7 bankruptcy can happen for many reasons and to any Connecticut resident. The couple was embroiled in a lawsuit several years ago over butter flavoring used in popcorn.

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.

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.

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.

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.