On behalf of Law Offices of Mark M. Kratter, LLC on June 21, 2012
One Connecticut family claims their mysterious -- and repeated -- water issues have led to them file for bankruptcy. A seemingly never-ending subterranean water problem has caused repeated damage to their property, and they have spent more than $30,000 in an effort to repair it. Now, the Connecticut homeowners have had enough, and the husband says their only viable option in the wake of their repeated water woes is filing for bankruptcy.
No sooner do they repair one water-related problem than another surfaces on their property, which is very close to the Connecticut River. He believes that the problem has to be a threat to more than just their own property. Water problems have eroded their lawn, damaged their home's foundation, and caused mold.
This family believes that filing for bankruptcy and cutting their losses on the home is their best option. They hear water running beneath their home at night and actually hear groans from what they believe are pipes twisting from the pressure placed upon them by the house shifting. The homeowners believe that a study should be conducted to determine exactly what the cause of their water problems is, but town council members claim they can't justify the estimated $100,000 expense in light of the fact only one property appears to have this water-related trouble.
It's not hard to see why this family made the decision to file for bankruptcy, seeing as how the recently assessed $130,000 equity built up in their home is now gone. Filing for bankruptcy is never an easy choice for Connecticut residents, but sometimes it can be the right one. And for those who decide to do so, a consumer bankruptcy can often lead to increased financial stability in the long run.
Source: Hartford Courant, "Weird Water Woes Driving Wethersfield Family From Home," Bill Leukhardt, June 8, 2012
