At the Law Offices of Charles A. Maglieri in Connecticut, we see an ever growing number of senior citizens coming to us for help in filing bankruptcy. As the New York Times recently reported, if you are 65 or older, your inadequate pension and personal savings, plus the rising costs of medical care and prescription drugs, may have put you in the position where bankruptcy is your only realistic option. A recent study shows that seniors such as you represent 12.2 percent of all bankruptcy filers today. In 1991, seniors represented only 2.1 percent of filers.
At the Law Offices of Charles A. Maglieri in Connecticut, we help people file and successfully negotiate their way through bankruptcy. Once you begin your post-bankruptcy life, you should do several things to ensure that it will be far better than the one that led to your financial problems.
If you are a Connecticut resident whose credit card and other debt has ballooned to the point where it is no longer manageable, you may be thinking about filing bankruptcy under Chapter 7 as a way to discharge these debts. While you are correct that Chapter 7 usually discharges credit card debt, that is not always the case when it comes to credit card charges you make shortly before you file bankruptcy.
If you are a Connecticut resident whose debts have gotten out of hand and you are unable to pay them, you may be considering bankruptcy as a last resort. You may or may not be aware that there are several different types of bankruptcy and that you will need to decide which type is better for you.
Connecticut residents looking to eliminate eligible debt and stop repossessions may find the answer in filing for Chapter 7 bankruptcy. As with Chapter 13 bankruptcy, federal law lays out certain requirements a person or entity must meet in order to qualify for Chapter 7. Among these factors, eligibility can be affected by a filer’s financial standing and past record in bankruptcy court.
Reaching the decision to declare bankruptcy usually isn’t easy. Many people still have a negative perception of bankruptcy, even though it can sometimes be the best way to start a clean slate financially. Even so, bankruptcy has far-reaching implications for your credit score, your debt and your current and future financial stability. It can have negative consequences, but it also has strong benefits.