Personal Bankruptcy

Connecticut fans of "CSI" may be familiar with Gary Dourdan, one of the actors on the television show. He is making headlines for a different reason this time and is reportedly seeking a consumer bankruptcy. Documents in the case show the actor has about $1.8 million in assets, but owes $1.73 million. A major part of his debt is owed to banks.

Connecticut residents may avoid filing for personal bankruptcy because they believe it will prevent them from purchasing a home for many years. Although a bankruptcy will stay on an individual's credit record for at least seven years, filers can actually begin to apply for mortgages as soon as a year after filing for bankruptcy, as long as they have shown that they are working to improve their credit and overall financial status.

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.

When filing for bankruptcy in Connecticut, it's important for consumers to understand the types of bankruptcies available to them and which suits their situation best. Bankruptcy laws exist to help people who have staggering debt, but also to help creditors they owe. Filing for bankruptcy can be confusing, especially since laws can be complex and vary between states; however, going into it with some understanding of the types of filings available can be helpful to everyone.

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.

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.

Filing for bankruptcy in Connecticut is never an easy decision. While it does provide debt relief, there are potentially lasting impacts on a person's life, including a negative impact on your credit score. However, filing for bankruptcy is not the end all be all, and the truth is that people can both survive and come out of it financially stronger. There are other ways to manage debt in order to prevent a bankruptcy filing, but for many people, it is the only way to move forward and begin a clean financial slate.

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.

In 2005, the U.S. bankruptcy laws were changed so as to prevent abuse of the process. That is, the change in the law was meant to prohibit those who could afford to pay their debt from filing for bankruptcy. However, one unfortunate consequence of the 2005 reforms is that it made filing for bankruptcy more expensive.

Many Connecticut residents and others across the country are starting to bounce back from the effects of the Great Recession and are beginning to get their finances in order. In the last few years, many individuals filed for bankruptcy because of financial conditions out of their control. Yet, according to the latest financial information, the number of personal bankruptcy filings is expected to keep decreasing for at least the remainder of 2012.