financial crisis

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.

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.

As the foreclosure crisis continues across the nation, some help may be on the way for Connecticut residents. On Jan. 30, the state attorney general and U.S. Rep. Rosa DeLauro held a joint news conference at the United Way in Milford to tout measures that may bring some relief and protection to area homeowners. The measures are designed to reduce frustration and to potentially avoid foreclosure in some cases.

Connecticut residents have no doubt felt the effects of the sluggish economy, and can easily relate to anyone else undergoing similar experiences. When it comes to political candidates, some Americans believe those elected should assist in efforts to halt foreclosures for their constituents and not be struggling with their own financial problems. For one political candidate, his quest for public office may be impacted by the fact that he is not exempt from the problems affecting millions of Americans.