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Debt keeping you awake at night? Consider Chapter 7

| Jul 29, 2020 | Bankruptcy

The stress that comes along with having financial problems can affect many areas of Connecticut residents’ lives. Some individuals may lose sleep, experience nausea or headaches, have trouble concentrating and more because their minds are constantly thinking about their overwhelming debt and their inability to pay it. For some, filing for Chapter 7 bankruptcy may be a way to bring that stress and its repercussions to an end.

Understandably, many people are hesitant to consider bankruptcy because the negative aspects of this process are often blown out of proportion. It is common for people to think that they will never be able to get a loan or credit card after filing for bankruptcy and that their credit will never recover. Fortunately, that is typically not the case. Individuals can use various tactics to rebuild their credit, and secured lines of credit are often available.

Still, some people may not know whether they truly need to file for bankruptcy protection. However, if the stress of debt is keeping one awake at night, that issue is often a red flag. Some other signs that Chapter 7 may be a step in the right direction is if a consumer has tried negotiating with creditors to no avail, has not had luck with credit counseling and found no help through consolidating debt.

Often, individuals turn to bankruptcy when they feel as if they have no other options. Certainly, Chapter 7 is a serious step to take to address outstanding debt, so it is smart to ensure that it is needed and that interested Connecticut residents could qualify. If parties would like to gain more information on whether this debt relief option could work for them, they may want to discuss their specific financial affairs with experienced bankruptcy attorneys.

 

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