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No matter how healthy a person's diet may be or how often he or she exercises, it is nearly impossible to avoid serious medical problems. Whether because of an illness, accident or other unexpected event, at some point in time most people in Connecticut will need to seek medical care. Even for seemingly minor health issues, the resulting medical bills can be debilitating. Those medical bills are a driving factor in many personal bankruptcy filings.
Medical debt, student loans frequently cited in bankruptcy
Can bankruptcy address five-figure credit card debts?
Consumers in Connecticut generally do not want to carry a balance on their credit cards. Still, many have trouble when it comes to actually paying those balances off. Consumers who have higher balances might struggle more than others when it comes to paying down debts, and some may benefit from considering bankruptcy.
The student loan crisis is influencing bankruptcy
Attending college often feels more like a requirement than an optional move after high school graduation. Not only do many jobs now require even entry-level employees to have graduated from college, but having a college degree often feels like job security in highly competitive fields. Unfortunately, that security comes at a cost. An increasing number of personal bankruptcy filings are being blamed on student loan debt.
Even confident consumers may need bankruptcy
Is ignorance really bliss? Not when it comes to personal debt. A surprising number of people in Connecticut might not even realize how much debt they have. While this might feel like a coping mechanism to prevent stressing over finances, it can ultimately land consumers in a difficult place. For some, delving into the details of debt and addressing it through bankruptcy can be a smart way to get back on track.
Can I buy a house after bankruptcy?
Debt can complicate dreams of buying a home. When adults are busy scrambling to make ends meet or juggling which bills to pay and which to put off, saving for a down payment can feel impossible. Even though bankruptcy could help address that type of debt, many people in Connecticut still do not take advantage of the process. This is partly due to the fear that bankruptcy will prevent them from buying a house in the future.
