While filing for bankruptcy can have a negative impact on your credit score at first, proper planning and guidance can make bankruptcy an important first step in improving your credit over the long term. How Chapter 7 affects your credit score Chapter 7 is one of the...
Stratford Bankruptcy Blog
Should I reaffirm my car loan in Chapter 7 bankruptcy?
Most people who file bankruptcy want to keep their car and continue to pay their car loan. Filing Chapter 7 bankruptcy should not cause you to lose your car. A reaffirmation agreement waives the discharge of your personal liability on a particular debt. When you...
Which personal bankruptcy option is best for your situation?
When considering bankruptcy, you may have several options. The option you choose depends on your individual situation. In this blog, we will go over the differences between the two most common types of bankruptcy: Chapter 7 and Chapter 13. How do they work? Chapter 7...
The COVID-19 virus could influence bankruptcy rates
The spread of the COVID-19 virus is weighing heavily on the minds of Americans. As schools, restaurants and other establishments temporarily close, Connecticut workers have even more to worry about. People living paycheck to paycheck or those who are already behind on...
Bankruptcy — credit card debt is setting new records
American consumers set a brand new record in 2019, but it is not one that many people would be proud of. Last year, adults took on another $77 billion of credit card debt. When asked about what they would do to get rid of credit card debt, a number of people said they...
Bankruptcy — mortgages can make consumer debt worse
Buying a home is an accomplishment that homeowners should be proud of, but it is also an enormous undertaking. Houses require regular maintenance and upkeep, and since nothing in life is perfect, most homeowners in Connecticut can expect to deal with unexpected...
Don’t be scared to talk about bankruptcy
Discussing finances can be comfortable, so no one really likes to talk about debt. Just mentioning the word bankruptcy might even feel taboo. Unfortunately, this perspective can make it even harder for someone to take necessary action when paying off debt becomes...
Bankruptcy is more likely without financial literacy
Adults in Connecticut probably assume that they understand the basics of their finances. Many might even think they know quite a bit on the subject. Unfortunately, a lot of people understand far less about finances than they realize. A general lack of financial...
High-income households not immune to bankruptcy
There are plenty of misconceptions when it comes to debt. One of those misconceptions is that Connecticut residents with higher incomes have enough disposable income to not even take on that much debt in the first place. And if they do bankruptcy is not an option...
Bankruptcy and millennials — it’s not just about student loans
For millennials, it might just feel as if there are opportunities for new credit cards around every corner. This is unfortunately not that far off from reality, so adults regularly use credit cards for making large and even everyday purchases. But credit card debt can...
