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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.

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.

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