There's a new university study out that suggests that if the credit rules of the 1970s were in force today, fewer people would be facing the possibility of personal bankruptcy. The reality is those regulations aren't in place. And for some folks in Connecticut, the availability of debt relief through bankruptcy is a godsend. Still, the findings bear consideration.
Filing for Chapter 13 personal bankruptcy is a complex process that no one should attempt to handle on their own, whether you're in Connecticut or any other state. Creditors often hire powerful attorneys, and those seeking bankruptcy protections without solid legal help may find they regret it later.
A foundational notion of bankruptcy is the view that in the end it will restore a semblance of balance to those filing for the protection. The rights of those seeking compensation for what they feel they are owed isn't overlooked, though. Even in the simplest of personal bankruptcy cases, the process can become complicated. It gets worse when claims are many, as they are in the Bernard Madoff case.
After living in the same home for 19 years, a bank's error resulted in a woman losing her home twice. While such stories might seem rare, Connecticut attorneys familiar with bankruptcy law know that it can happen all too often.