Facing debt from multiple sources can be overwhelming. Some Connecticut borrowers are able to get a handle on their amounts owed with some simple debt management planning and cutting back. For others, the debt load is much heavier and can require more action, up to and including bankruptcy. Here are some of the first steps people should take to manage their debt, whether it is large or small.
Debt is not an uncommon problem for people across the United States. Collectively, Americans hold $1.5 trillion in student loan debt alone. The weight of this combined with other household debt and bills can be overwhelming for some Connecticut families. In some cases, personal bankruptcy may be the best option.
One of the biggest questions people have about bankruptcy is how it might affect their future ability to purchase items, particularly on credit. One of the specific issues Connecticut filers may wonder about is their ability to buy a car during Chapter 7 bankruptcy. The answer to this question is not always straightforward, as there is a difference between being able to buy a car and it being a good idea.
When people visit a professional to discuss financial issues, they are usually hoping to come out with some enhanced knowledge and and an awareness of the next steps to tackle their challenges. A debt management plan is a common way that professionals will work to address manageable debt for Connecticut clients. Here are a few things people should know about these plans in order to decide if this is the best path to take in their situation.