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January 2020 Archives

Personal bankruptcy effective for handling medical debt

There are a lot of things people can do to avoid taking on extra debt. Limiting shopping trips and using credit cards less often are just two examples. The problem is that there are so many things outside of the average person's control that can dig them deeper and deeper into debt. Anyone who has visited a doctor or hospital in Connecticut recently can probably understand why so many people pursue personal bankruptcy because of medical debt.

Is bankruptcy the solution for jumbo mortgages?

Owning a home is just one part of the American dream, but it often turns out to be more expensive than prospective homeowners in Connecticut expect. Finding a lender who is willing to offer fairly large mortgages might feel like the perfect solution to an expensive housing market. But securing a jumbo mortgage can actually cause more problems than it solves. As the past has already shown, jumbo mortgages play a surprisingly large role in bankruptcy filings.

Why would someone with a good credit score file for bankruptcy?

A person's credit score affects his or her ability to get a loan, obtain good interest rates and more. Not only do lenders view borrowers with good scores more favorably, they are also more likely to give those consumers access to more diverse credit offers. A record number of Americans now have good or excellent credit scores, so it might feel counterintuitive to think of this group being at risk for bankruptcy. That risk is unfortunately very real.

Student loans are disrupting adult's lives -- bankruptcy can help

Living with debt is a daily struggle, especially for those who feel as if the cycle of debt will never end. It does not take long to end up in a situation where debt is the most defining aspect of a person's life. In fact, young adults in Connecticut are frequently starting their careers already saddled with more debt than they can realistically handle, although bankruptcy may help.

Overspending is nudging consumers toward bankruptcy

A budget is an important tool for managing personal finances. Many people in Connecticut already use budgets to track their bills, daily expenses and spending habits. This is an excellent habit that even more people should take advantage of, but it is not necessarily enough to conquer debt and avoid bankruptcy.

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