Buying a home is a momentous achievement for which many people in Connecticut strive. Upon reaching the level of home ownership, few people ever expect to leave their homes. Unfortunately, financial troubles can complicate even the best-laid plans. Foreclosure is a legal tool that mortgage holders can use to kick out property owners who are behind on their payments, and to subsequently sell the property to recover financial losses.
Discharging debt through bankruptcy is extremely appealing for those who are currently unable to make ends meet. While this is possible through both Chapter 7 and Chapter 13 bankruptcies, most people find the first option more appealing as the latter first requires careful adherence to a repayment plan for a period of three to five years. However, not everyone qualifies for Chapter 7 bankruptcy.
Getting a college education is perhaps one of the best ways to obtain a satisfying and well-paying job in Connecticut. Unfortunately, the cost of getting that education is firmly out of reach for most people. While student loans bridge the gap between university tuitions and what students can afford, they are also pushing many toward personal bankruptcy.
While some financial challenges are avoidable with budgeting and planning, others are a bit more difficult to prevent. Medical debt is a major concern for many people in Connecticut and across the United States. A new study has revealed interesting information on the relationship between cancer treatments and personal bankruptcy.