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July 2017 Archives

How Chapter 7 bankruptcy can impact a 401(k) account

When a Connecticut resident is considering bankruptcy options, one of the most important considerations is how that choice could affect retirement savings. Many people spend the bulk of their adult lives setting aside money to fund retirement. They are concerned that seeking bankruptcy protection could jeopardize their savings, leaving them unable to retire as planned. The following information is offered in the hopes of clearing up the impact that Chapter 7 bankruptcy can have a 401(k) account.

Study focuses on reasons behind need for debt relief

Virtually all Connecticut residents have struggled with debt at some point in their lives. Whether debt comes from an unexpected medical issue, a college education or simply the need to replace a car engine, it can be stressful to live with the knowledge that those bills are out there, just waiting to be repaid. Many people are not even aware of how they got into serious debt problems. They seek debt relief services, which can relieve some of the pressure. That said, unless a consumer is fully aware of how he or she got into trouble in the first place, there is a significant likelihood that high debt will return in the years to come.

The best debt management tips and techniques for young adults

Not so many decades ago, most young people had little concern about debt and how to manage it. Debt was something that came later in life, once someone settled down, purchased a home and started a family. Today, however, many people in their 20s are already saddled with high levels of debt, and are looking for a way out. The following tips can help young Connecticut residents with debt management, helping them to enter their 30s free of a heavy financial burden.

A different approach to life after successful debt management

For many Connecticut families, managing debt is a top priority, and one that can change the course of family finances for the better. In some cases, it takes years of debt management efforts to reach a state of equilibrium, where paying down remaining debt is not only possible, but easy to work into the family's budget. For these households, looking for ways to reduce spending in the future is an important part of preserving financial stability.

Why personal bankruptcy is an option for senior citizens

Many Americans were raised on the belief that if they worked hard and followed the rules, then financial success would be a guaranteed outcome. In reality, however, things are not quite that simple. There are many ways that senior citizens in Connecticut and other areas of the nation can encounter financial turmoil after spending their entire early and middle adulthoods playing by the rules. Fortunately, there are ways to overcome high levels of debt, including but not limited to filing for personal bankruptcy.

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