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Bankruptcy Archives

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.

Could you discharge student loans in bankruptcy soon?

Having a college degree is usually necessary for securing a good, well-paying job. But since most people in Connecticut have to take on student loans to get their degrees, getting that well-paying job might not even do much to advance a person's financial situation. Discharging student loans in bankruptcy is also virtually impossible, although getting rid of other debt can reduce some of the burden when it comes to repayment. However, a recently proposed bill could change all of this.

Bankruptcy: Will making financial New Year's resolutions help?

With New Year's Day and the end of 2019 less than a month away, some people are already thinking ahead to their 2020 resolutions. Weight loss and other forms of personal improvement are some of the most well-known resolutions, but they are far from the only popular ones. Rather than file for bankruptcy in the next year, a significant number of adults would rather improve their financial situations. Paying off debt is certainly a great goal, but many resolutions are more than the average person in Connecticut can realistically handle.

The role of debt consolidation in bankruptcy

Paying off all debts in the smallest amount of time might be the ideal situation, but it is not realistic for the vast majority of people. Instead, a person is more likely to make the minimum payments or even miss payments if he or she has too much debt. People who are in this type of situation may try to avoid bankruptcy by consolidating debt with personal loans, but it may not be as effective as some hope.

How financial confidence can lead to bankruptcy

Things are not looking too bad for Americans right now. The economy is performing relatively well, unemployment rates are low and there fewer delinquent credit cards than in 2009. Despite this, many Connecticut consumers might not realize just how close they are to needing bankruptcy.

Owe tens of thousands in extra debt? Bankruptcy is an option

Borrowing money may not always be ideal, but it is unavoidable for most people. Mortgages, auto loans and student loans can quickly pile on top of one another, putting consumers in a position where bankruptcy might be the best option. However, people in Connecticut are borrowing money for a lot of other reasons, too.

Negative equity can cause a financial crisis; bankrupcy can help

Buying a vehicle is a significant investment, but most people do not have any other options. Having a car is necessary for things like driving to work, going to the grocery store and even picking kids up from school. Cars do not last forever, though, and some Connecticut consumers might have to buy a new vehicle before they are ready. This can put people into precarious financial situations that may need to be addressed through bankruptcy.

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