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Personal Bankruptcy Archives

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.

Personal bankruptcy does not prevent improved credit scores

Residents of Connecticut who have a discharged and successfully completed bankruptcy often ask how long it will take to restore their credit to a respectable level. Until that is done, it is more difficult for them to obtain credit and they will tend to be hit with higher interest rates. After a personal bankruptcy is completed, however, it will not take more than a few years or even less in some cases to get the credit score up into the 700 range.

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.

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