debt relief

When consumers begin to suffer under a heavy load of personal debt, there are options available to help them regain financial stability. Connecticut residents can opt to file for consumer bankruptcy, which can help discharge a significant portion of consumer debt. Such an action can also halt harassing phone calls from debt collectors. A recently filed lawsuit exemplifies the lengths to which some debt collectors will go to track down a debtor and collect on a debt.

Many residents of Connecticut have received harassing debt collection calls. With the massive amount of job loss and the current state of the economy, Americans are being plunged into debt and can sometimes find themselves receiving relentless calls from collection agencies and other debt collectors. Fortunately, the federal government is beginning to take a closer look at those agencies and is beginning to fight against what can sometimes be overly aggressive and unscrupulous practices by these agencies.

Connecticut residents who have been watching the Olympics probably know of Gabby Douglas, the U.S. gymnast who won the all-around gold medal this year. While this Olympic story is certainly worth the positive media attention, her personal life is also making headlines for a completely different reason. Douglas' mother filed for personal bankruptcy earlier in the year. She sought Chapter 13 bankruptcy protection.

Connecticut residents struggling to pay their bills may relate to a recent story about consumer debt. Currently, consumers fed up with credit card debt collection practices are filing lawsuits in droves. Every month since the start of the year, the number of lawsuits filed by debtors and credit card customers has risen. From January through May of this year, there were 6,256 lawsuits filed. This May saw three times as many lawsuits as the same month five years ago.

Chapter 7 bankruptcy can sometimes be the best decision Connecticut residents can make when they are faced with insurmountable debt. In fact, several celebrities have filed for bankruptcy recently, including Danielle Staub, a former cast member of Bravo's "Real Housewives" series. Her Chapter 7 bankruptcy petition states that she has both assets and debts numbering between half a million and $1 million.

Consumers in Connecticut and across the country responded to the economic recession by slashing their credit card debt. According to a recent survey, the number of families with a card balance fell sharply between the years of 2007 to 2010. The survey reports that, as of 2012, only 39.4 percent of families carry a credit card balance, down from 46.1 percent in 2007. While this improvement is certainly welcome, paying off credit card debt is not a realistic possibility for everyone.

Filing for bankruptcy in Connecticut is a decision not easily reached for most people. However, when faced with overwhelming debts and the potential of losing everything you own, sometimes bankruptcy is the best way to find relief. Filing for bankruptcy seemed to be the best decision for Jamal Lewis, a former professional football player.

Connecticut homeowners facing foreclosure may be interested in a recent headline about the housing crisis of 2007 and how mortgage servicers are attempting to clean up their acts. During the crisis, countless homeowners were subjected to messy processes that often resulted in serious damage, including inappropriate foreclosures Those currently facing foreclosure may now have more options, thanks to the federal government stepping in and beefing up industry standards.

Due to the ebbs and flows of the economy, which still appears to be struggling, many Connecticut residents continue to have trouble paying their mortgage, credit card bills and other financial obligations. As we have discussed before on this blog, filing for bankruptcy can help a person who is deep in debt with managing that debt and ultimately gaining a solid financial footing. In that vein, readers may be interested to learn how retirement accounts are treated in bankruptcy.

One of the predicaments that Connecticut residents may face is that of credit card debt. Unfortunately, credit card debt can be intensely stressful due to the constant harassment of creditors. However, it is possible to gain control over the debt by taking some simple steps.