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Personal Bankruptcy Archives

Are student loans contributing to personal bankruptcy?

Getting a college education is perhaps one of the best ways to obtain a satisfying and well-paying job in Connecticut. Unfortunately, the cost of getting that education is firmly out of reach for most people. While student loans bridge the gap between university tuitions and what students can afford, they are also pushing many toward personal bankruptcy. 

Study reveals how cancer patients feel about personal bankruptcy

While some financial challenges are avoidable with budgeting and planning, others are a bit more difficult to prevent. Medical debt is a major concern for many people in Connecticut and across the United States. A new study has revealed interesting information on the relationship between cancer treatments and personal bankruptcy.

Why do people file for personal bankruptcy?

Debt is not an uncommon problem for people across the United States. Collectively, Americans hold $1.5 trillion in student loan debt alone. The weight of this combined with other household debt and bills can be overwhelming for some Connecticut families. In some cases, personal bankruptcy may be the best option. 

More older individuals facing personal bankruptcy

Reaching retirement is often a time in life that many Connecticut residents look forward to, especially if that time is near. Hopefully, individuals have utilized retirement accounts to give themselves a nice nest egg to live on after they stop working. However, many older individuals appear to be struggling financially as of late, and numerous baby boomers are filing for personal bankruptcy.

How to get a business loan after filing for personal bankruptcy

Many entrepreneurs have hit financial snags on their way to success. But in the current financial landscape, modern business builders in Connecticut may wonder if business loans are obtainable for those with a history of personal bankruptcy. Luckily, lenders often have options for people with a less-than-ideal credit history.

Choosing between personal bankruptcy and debt consolidation

When choosing whether or not to file for bankruptcy, most people consider a few different options. One of the most common considerations is debt consolidation. This refers to taking on new debt to cover old debt, combining most or all outstanding balances under one new loan. Connecticut individuals weighing the options between this and personal bankruptcy have a few things to consider.

How to manage interest rate hikes after personal bankruptcy

One of the biggest concerns people have when filing for bankruptcy is how it will affect their credit score. Credit scores can affect many things for individuals in Connecticut, from their ability to rent an apartment to the cost of leasing vehicle. However, a recent study from LendingTree showed that while those who have filed for personal bankruptcy pay more on loans, there are certain ways to lessen the load by demonstrating positive repayment habits.

Is personal bankruptcy the best option for mounting debt?

Many people in Connecticut face debt of one sort of another, but when does crushing debt get so serious that personal bankruptcy is a viable option? Many individuals and families do not know the answer to this question, but there are many professionals who can help advise them on this issue. Here are a few pieces of information people should consider when facing the possibility of personal bankruptcy.

Medical debt the leading cause of personal bankruptcy

There are many personal and financial situations which can lead a family or individual to consider bankruptcy. For one Connecticut family, the high cost of giving birth in a hospital has made personal bankruptcy an option. Health care costs and outstanding bills can be a serious financial issue for underinsured individuals.

When should someone consider personal bankruptcy?

For people dealing with mountains of debt, bankruptcy can seem like a reasonable option. However, it is important that Connecticut individuals considering personal bankruptcy understand the legal, financial and personal implications of taking this step. There are many misconceptions about bankruptcy, so education is critical for anyone considering this step.

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