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How long will a personal bankruptcy haunt my credit?

Many Connecticut consumers can achieve lasting financial relief by seeking bankruptcy protection. However, concerns over the damage that a personal bankruptcy might do to their credit keeps some from filing. It can be helpful to understand the ins and outs of personal bankruptcy, including just how long the action will remain on file, and how damaging that information might be. 

Personal bankruptcy can set the scene for a new beginning

Those residents of Connecticut who have filed and completed a bankruptcy, and those who are contemplating doing so, can look forward to a fresh start and the chance to do things right the next time around. Successfully completing a personal bankruptcy is not the end of the world but instead a new beginning. It is a chance to wipe the slate clean and start over without the burdens of overwhelming debt.

Medical debt may lead older individuals to personal bankruptcy

Older people often find themselves facing various medical issues. Though anyone of any age could end up with medical needs, older Connecticut residents may be particularly susceptible to developing health problems that could lead to significant medical bills. Unfortunately, elderly individuals may also have a more difficult time paying these bills, but personal bankruptcy may be able to help.

Personal bankruptcy often follows medical debt

When many Connecticut residents think about bankruptcy, they envision a scenario in which an individual has made numerous financial mistakes. In reality, however, it is entirely possible for someone to make all the right choices, yet still require personal bankruptcy assistance. An example lies in a retiree who filed Chapter 13 bankruptcy after facing insurmountable medical debt.

Should you file personal bankruptcy because of credit card debt?

Connecticut readers may know that most Americans have credit card debt. For some, however, this debt eventually becomes more than is reasonably manageable. When left unchecked, credit card debt can lead to financial struggles in other areas, and compounding interest can make a person feel like he or she will never get ahead. When overwhelmed by a credit card debt situation, credit card holders may wonder if they should file personal bankruptcy

Is personal bankruptcy better than debt settlement?

Faced with a mountain of debt, many Connecticut residents are looking for a way out. Among the available options are personal bankruptcy and debt settlement. It is important to understand the differences between the two when charting a course of action. In many ways, personal bankruptcy offers a better path out of debt than most settlement plans.

Why personal bankruptcy is an option for senior citizens

Many Americans were raised on the belief that if they worked hard and followed the rules, then financial success would be a guaranteed outcome. In reality, however, things are not quite that simple. There are many ways that senior citizens in Connecticut and other areas of the nation can encounter financial turmoil after spending their entire early and middle adulthoods playing by the rules. Fortunately, there are ways to overcome high levels of debt, including but not limited to filing for personal bankruptcy.

How the Affordable Care Act impacts personal bankruptcy

A great deal of media attention has been focused on the Affordable Care Act and how it has impacted the average American. One aspect of the ACA that has not been given a great deal of attention is how Obamacare has impacted personal bankruptcy. Medical bills are among the leading causes of consumer financial strain, and many people who are burdened by high medical debt will eventually turn to personal bankruptcy. According to economists, however, the Affordable Care Act has reduced health care expenses for individuals in Connecticut and across the nation.

Is personal bankruptcy a good option for senior citizens?

There is never a good time to deal with overwhelming debt, but there may be some phases of life when financial strain can be especially difficult to manage. Perhaps the most challenging time to deal with high levels of debt is during one's retirement years, when many Connecticut residents would prefer to be focused on spending time with their grandchildren, pursuing hobbies and interests and generally getting to do all of the things that they had no time for during the demands of early and middle adulthood. In many cases, personal bankruptcy is the most expedient path out of crippling debt.

As important as whether is when to file for bankruptcy

Anyone can find themselves in financial difficulties. It seems there are stories in the headlines of Connecticut newspapers every week about wealthy personalities suddenly in debt trouble or facing unexpected tax obligations. People in the highest income brackets often point to someone they hired to manage their money as the reason they are in trouble.

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