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Personal Bankruptcy Archives

How the Affordable Care Act impacts personal bankruptcy

A great deal of media attention has been focused on the Affordable Care Act and how it has impacted the average American. One aspect of the ACA that has not been given a great deal of attention is how Obamacare has impacted personal bankruptcy. Medical bills are among the leading causes of consumer financial strain, and many people who are burdened by high medical debt will eventually turn to personal bankruptcy. According to economists, however, the Affordable Care Act has reduced health care expenses for individuals in Connecticut and across the nation.

Is personal bankruptcy a good option for senior citizens?

There is never a good time to deal with overwhelming debt, but there may be some phases of life when financial strain can be especially difficult to manage. Perhaps the most challenging time to deal with high levels of debt is during one's retirement years, when many Connecticut residents would prefer to be focused on spending time with their grandchildren, pursuing hobbies and interests and generally getting to do all of the things that they had no time for during the demands of early and middle adulthood. In many cases, personal bankruptcy is the most expedient path out of crippling debt.

As important as whether is when to file for bankruptcy

Anyone can find themselves in financial difficulties. It seems there are stories in the headlines of Connecticut newspapers every week about wealthy personalities suddenly in debt trouble or facing unexpected tax obligations. People in the highest income brackets often point to someone they hired to manage their money as the reason they are in trouble.

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