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Personal Bankruptcy Archives

Personal bankruptcy rates are on the decline, but why?

Filing for bankruptcy is often the most effective way for struggling Connecticut consumers to deal with their overwhelming debt. Despite this, fewer people are pursuing personal bankruptcy than just a handful of years ago. Experts have a few ideas as to why this is, including things like improved health care coverage and the costs associated with filing.

Personal bankruptcy an option for people with over-due car loans

Debt can be a significant burden for Connecticut consumers who can no longer manage their obligations and make payments on time. For many, a significant portion of their debt burden is a result of auto and other similar personal loans. When a person is no longer able to make payments and is struggling with the consequences of overdue debt, personal bankruptcy may be an option by which he or she can discharge the debt and secure a better financial future.

Drowning in medical bills? Personal bankruptcy could help

Having health insurance is an important part of being able to access and afford necessary medical care. Unfortunately, it is not always enough. For some people in Connecticut, health insurance policies still leave gaps that leave them burdened with so much medical debt that filing for personal bankruptcy is the only option.

Personal bankruptcy and stopping the wage garnishment process

When Connecticut consumers have an overwhelming amount of debt, it can lead to various consequences that impact almost every area of their lives. From threats of losing the family home to phone calls from debt collectors, a consumer may feel overwhelmed and unsure of what to do next. One of the most unfortunate effects that debt can bring is wage garnishment, but personal bankruptcy could be the solution.

Will growing consumer debt lead to more personal bankruptcy?

Since the financial crisis that rocked consumers in Connecticut and across the country 10 years ago, there has been a renewed focus on national consumer debt levels. In recent years, consumer debt has been growing, but not everyone is worried. Some experts believe that the current stronger economy can support the growing levels of debt. However, there are always exceptions to these generalities, and some people might find that personal bankruptcy is their best solution to overwhelming debt.

Personal bankruptcy could help prevent student loan defaults

A college education is often the key to unlocking a fulfilling and financially rewarding career. However, a college degree is not cheap, and students in Connecticut and across the rest of the United States often struggle with paying back hefty loans. As experts predict high future rates of default, personal bankruptcy could be a smart option for some borrowers.

Which generation is most likely to need personal bankruptcy?

Which generation holds the most debt? While some people in Connecticut may think they have the answer, the reality of debt in America may be surprising to most. Generation X currently leads the list. However, debt is not isolated to this demographic alone, and virtually anyone of any age could find themselves in need of debt relief through personal bankruptcy.

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. 

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