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Chapter 7 Bankruptcy Archives

Chapter 7 bankruptcy can ease the financial woes of seniors

Consumer bankruptcy filings in Connecticut continue to be vigorous despite the relative recovery in the economy. For example, personal Chapter 7 bankruptcy filings have grown among senior citizens who are 65 and older.  The main reason for that increase is the high cost of medical debt, which has hit the older population particularly hard due to the prevalence of fixed or static incomes among them. 

Lularoe sellers filing for Chapter 7 bankruptcy

Some Connecticut readers may be familiar with the online retailer Lularoe. The company offers women's apparel and accessories, sold through local merchants running a home-based business. The company enjoyed substantial success in recent years, but it appears that some female Lularoe merchants are struggling to ply their wares.

Avoiding accusations of Chapter 7 bankruptcy fraud

For most Connecticut residents, filing for bankruptcy is an unfamiliar process. Faced with the need to identify, list and value all accumulated assets, many people will make a number of mistakes. In some cases, those mistakes can be misconstrued as acts of fraud. That's why it's critical to work with a qualified Chapter 7 bankruptcy attorney throughout the process.

Were these consumers made aware of Chapter 7 bankruptcy?

When a Connecticut resident is in need of bankruptcy services, the initial stages of that process involve a consultation with a bankruptcy attorney. That professional will review the consumer's financial information, and provide a recommendation about which type of bankruptcy is appropriate. Very often, consumers with no sizable assets are advised to pursue Chapter 7 bankruptcy, which can lead to the elimination of many forms of unsecured debt.

Chapter 7 bankruptcy as an estate planning option

For most Connecticut residents, estate planning and bankruptcy are two distinct sets of needs, with very little crossover between the two. That said, there are circumstances in which Chapter 7 bankruptcy can play a powerful role in the estate planning process. With proper planning, it is possible to pass down wealth from one generation to the next, without placing those assets at risk for loss.

How Chapter 7 bankruptcy can impact a 401(k) account

When a Connecticut resident is considering bankruptcy options, one of the most important considerations is how that choice could affect retirement savings. Many people spend the bulk of their adult lives setting aside money to fund retirement. They are concerned that seeking bankruptcy protection could jeopardize their savings, leaving them unable to retire as planned. The following information is offered in the hopes of clearing up the impact that Chapter 7 bankruptcy can have a 401(k) account.

Will Chapter 7 bankruptcy increase if health bill passes?

Most Connecticut residents are aware that health care has become a primary area of focus for the new administration. In fact, the Senate is considering a revised health bill that has led to a great deal of debate. Some experts believe that if the bill should pass, then 15 million people could lose their Medicaid coverage. They go on to suggest that an increase in Chapter 7 bankruptcy could quickly follow.

Options for when Chapter 7 bankruptcy disappears

For many Connecticut residents, the decision to file for bankruptcy comes at a time of significant stress. It is easy to become overly focused on the negative aspects of Chapter 7 bankruptcy, while overlooking the fact that the bankruptcy process is a springboard toward lasting financial stability. A recent article looks at bankruptcy statistics, and notes that millions of Americans will soon have their personal bankruptcies removed from their credit reports.

Basics of Chapter 7 bankruptcy

The phone keeps ringing, letters keep arriving and bills keep piling up. Sometimes it seems like there is no end in sight for a Connecticut consumer facing financial problems. However, with Chapter 7 Bankruptcy, there can be an end to the financial burden and relief for the individual.

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