The Law Offices of Ronald I. Chorches

Wethersfield Office: 860-952-3878

Waterbury Office: 203-754-8000

Winsted Office: 860-563-3955

Hamden Office: 203-494-1700

Hartford Bankruptcy Law Blog

Tips to reduce the stress of debt

Debt is one of the biggest things that causes stress, meaning those who know they have debt hanging over their heads may always have it in the backs of their minds. This isn't a healthy way to live, but there are some things that you can do to reduce that stress.

First off, some experts suggest spending your money not on items, but on experiences. They note that most items are exciting right away and then boring a short time later. Experiences can create memories that last for life.

Tips for quickly selling your home prior to foreclosure

You're not in foreclosure proceedings yet, but you know they're coming. You've missed payments and you know you're not going to be able to get caught up.

Other homeowners in your position will sometimes try to sell their homes quickly. This can get rid of the debt and help you avoid having a foreclosure on your record. It also means the bank won't simply reclaim your house, so you may get your money back out of it -- depending on how much you paid and what the current market looks like. Below are some tips to help you sell when you want to do it quickly.

One sudden change can lead to bankruptcy

People sometimes think that bankruptcy must stem from a series of bad choices, as if all people who go bankrupt have spent years missing car payments, taking out loans they can't afford, and not doing anything to manage the income they do have.

The negative stigma is unfair. While these things can and do lead to bankruptcy, a lot of cases stem from one sudden change. Even people who have been fiscally responsible for their entire lives can be impacted by these changes.

Typical prohibited debt collector practices

If you have debt, you may have experienced how annoying debt collectors can be. Because they hold a lot of power, they often think they can get away with irritating and abusive behavior. But, you still have rights even when in debt. Below are some of the usual ways in which creditors take advantage of people.

 

What can I do to stem my debt after losing my job?

The loss of a job can bring a variety of challenges and stresses. Of course, your primary concern is getting back into the workforce as soon as possible. But in the meanwhile, you will likely need to take some proactive steps to minimize your debt until things turn around for you.

What debt collectors can and can't do

No one goes into debt with the intention of never paying it back, but sometimes life intervenes. An unexpected illness or job loss can make it difficult to keep up with bills, and once you fall behind, it can feel like an exercise in futility trying to catch up. On top of that stress, you have to deal with constant letters and phone calls from creditors, who often try to make you feel like a criminal for being in debt. They may even resort to illegal tactics to scare you into paying. Thankfully, we have the Fair Debt Collection Practices Act, which protects debtors from harassment.

The FDCPA outlines the following requirements for collectors:

  • They cannot call at inconvenient hours, specifically between eight o'clock in the morning and nine o'clock at night.
  • They cannot call you repeatedly in an effort to annoy or abuse you.
  • They must stop calling if you send a written request asking them to do so.
  • They cannot threaten you with legal actions or arrest.
  • They are prohibited from using profanity or abusive language with you.

Obtaining relief from overwhelming medical bills

According to the World Health Organization, Americans spend more per capita on health care than any other nation, roughly 10 times the global average. Health care spending in the U.S. rose 5.8 percent in 2015 to $3.2 trillion - or an average of $9,980 per person.

Given these alarming statistics, it is no wonder millions of people struggle to pay their medical bills. As a result, an illness or injury - or even just accumulated clinic visits - can cause overwhelming medical debt.

The Law Offices of Ronald I. Chorches

Wethersfield Office
449 Silas Deane Hwy
Wethersfield, CT 06109

Phone: 860-952-3878
Fax: 860-513-1577
Wethersfield Law Office Map

Waterbury Office
One Exchange Place
21 West Main Street
4th Floor
Waterbury, CT 06702

Phone: 203-754-8000
Fax: 203-841-0304
Map & Directions

Winsted Office
487 North Main Street
Winsted, CT 06098

Phone: 860-563-3955
Map & Directions

Hamden Office
2558 Whitney Ave
Hamden, CT 06518

Phone: 203-494-1700
Map & Directions

Review Us
Back To Top