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February 2019 Archives

Is personal bankruptcy or debt consolidation better?

Balancing multiple monthly payments is a juggling act that most people in Connecticut cannot keep up with forever. In some situations, debt consolidation can help individuals create more manageable payment schedules that get them back on financial track. When this is not possible, personal bankruptcy may be a more effective option for relief.

Who is most at risk for personal bankruptcy over credit cards?

Credit card debt might feel like an unavoidable feature of modern life, and rising balances seem to support this idea. Consumers in Connecticut and across the rest of the United States seem increasingly willing to take on more and more debt on their credit cards, with the current average debt for individuals at $5,331. So are those with more debt in worse shape and more likely to file for personal bankruptcy than those who owe less? Maybe, but maybe not.

Medical debt frequent cause of personal bankruptcy

Connecticut job seekers prioritize several different factors when looking for work. From looking for certain base salaries to commuting distances, one of the biggest considerations is often employer-offered health insurance. Unfortunately, even securing a decent health insurance policy can't fully immunize a person to falling into medical debt, which is a significant contributor to personal bankruptcy.

Key differences between Chapter 7 and Chapter 13 bankruptcy

Filing for bankruptcy can be an essential lifeline for Connecticut consumers who are drowning in debt. However, deciding to file for bankruptcy is not quite as simple as filing a piece of paper and then going from there. Before any of that can take place, individuals must decide whether they will pursue Chapter 7 or Chapter 13 bankruptcy.

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