Financial distress can feel overwhelming. Mounting bills, relentless creditor calls, and the pressure of making ends meet can weigh heavily on individuals and families. If you're facing this kind of pressure, you may be wondering: Is bankruptcy right for me? For Connecticut residents, bankruptcy is a powerful legal tool—but it’s not always the first or best solution for everyone.

In this article, Connecticut bankruptcy attorney Mark Kratter offers insights into when bankruptcy makes sense, what your alternatives might be, and how to make the most informed decision possible.

What Is Bankruptcy—and How Can It Help?

Bankruptcy is a federal legal process designed to help individuals and businesses eliminate or repay debt under the protection of the U.S. Bankruptcy Court. The two most common types for individuals are:

• Chapter 7 Bankruptcy – Also known as “liquidation bankruptcy,” this option allows qualifying individuals to discharge most unsecured debts, such as credit card balances and medical bills, often within a few months.

• Chapter 13 Bankruptcy – This “wage earner’s plan” lets you reorganize your debts into a manageable repayment plan over three to five years, often allowing you to keep property like your home or car.

Both types offer protection from creditors through an “automatic stay,” which immediately stops most collection actions as soon as you file.

When Bankruptcy Might Be the Right Move

Filing for bankruptcy is a significant decision, but there are certain warning signs that it may be the right path forward:

• You’re only making minimum payments on high-interest credit cards, and the balances never seem to go down.

• You’re using credit to pay for basic needs like groceries or utilities.

• You’re facing lawsuits, wage garnishment, or foreclosure.

• You’ve depleted your savings and retirement accounts to stay afloat.

• Your debt load is overwhelming, and no realistic budget or payment plan could help you recover within a few years.

If these signs apply to you, it may be time to consider bankruptcy as a strategic financial reset—not a failure.

Alternatives to Bankruptcy

Bankruptcy isn’t always necessary. Depending on your situation, you might explore other options, including:

• Debt Consolidation – Combining your debts into one loan with a lower interest rate may make payments more manageable.

• Debt Settlement – Negotiating with creditors to accept less than the full amount owed, though this can come with credit score consequences.

• Credit Counseling – Reputable nonprofit agencies can help you create a repayment plan or budget tailored to your needs.

• Loan Modification – Especially in cases involving mortgage debt, lenders may be willing to modify loan terms to help you avoid foreclosure.

Mark Kratter works with clients to evaluate all available options before recommending a bankruptcy filing.

Why Choose Mark Kratter to Guide Your Bankruptcy Journey?

With decades of experience practicing bankruptcy law in Connecticut, Attorney Mark Kratter is committed to helping individuals and families make the best decision for their unique financial situations. He understands the emotional toll financial hardship can take—and he offers compassionate, results-driven legal guidance every step of the way.

Mark takes the time to explain your rights, answer your questions, and help you determine whether bankruptcy is right for you. If it is, he’ll walk you through the process with clarity and confidence. If it isn’t, he’ll help you find a better path forward.

Schedule a Free Consultation Today

If you’re unsure whether bankruptcy is the right solution for you, don’t make the decision alone. Schedule a free, confidential consultation with Mark Kratter, a trusted Connecticut bankruptcy attorney. Your financial future is too important to leave to chance—get the guidance you need to take control today.

👉 Visit www.laws4ct.com or call (203) 847-2000 to get started.