The Connecticut legislature recently enacted a new homestead exemption, which will come into effect in October of this year. This is great news for anyone with large amounts of debt as well as anyone who has been contemplating declaring bankruptcy. Here’s what to know...
Stratford Bankruptcy Blog
How over-limit fees work in Connecticut
If you have a credit card, you can decide to enter a "credit card over-limit" agreement with your credit card issuer in Connecticut so that your card can never be declined when making payments. But, this option comes with penalties and extra fees that could be...
Rebuilding credit after a bankruptcy
Many people in Connecticut and around the country are reluctant to file for bankruptcy even when their financial situations have become unmanageable and are unlikely to improve. This is often because they have been told that a Chapter 7 or Chapter 13 personal...
Dealing With Debt Collection Calls
If you receive a call at your Connecticut residence from a debt collection firm, it’s generally a good idea to listen to what that company has to say. Even if you don’t owe anybody money, ignoring collection calls will most likely lead to more calls, letters or other...
What is liquidation bankruptcy?
When you file for Chapter 7 bankruptcy in Connecticut, you'll have the opportunity to discharge most of your debts after you go through the process of liquidation. This allows you to pay off your creditors and start over with a clean slate. What is liquidation? In...
You can now file bankruptcy without leaving your home
If you are in debt and considering filing bankruptcy to get a fresh financial start, you can now complete the bankruptcy process without leaving your home. Since the COVID-19 pandemic started, people who file bankruptcy can attend their hearing by telephone. These are...
How will bankruptcy affect my credit score?
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...
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...
