The Law Offices of Ronald I. Chorches

Wethersfield Office: 860-563-3955

Waterbury Office: 203-754-8000

Winsted Office: 860-563-3955

Hamden Office: 203-494-1700

Hartford Bankruptcy Law Blog

What's the waiting time to buy a new home after a foreclosure?

Whether you've been through a foreclosure or a short sale, you're probably eager to get back on sound financial footing again by purchasing another home as soon as possible. However, those who have been through short sales and foreclosures will need to go through a waiting period before you can buy a new home.

Waiting times for foreclosures and deeds-in-lieu of foreclosure: Most people who have been through a foreclosure will need to wait 24 to 72 months before they can get approved for a new mortgage that has a competitive interest rate.

What should be looked at when considering personal bankruptcy?

Many people, including those in Hartford, Connecticut, seriously consider personal bankruptcy as an option. While viewed by some as a drastic measure, it can be right for some people in some cases.

To know if bankruptcy is right for you, you should ask yourself some questions.

Debt relief should be pursued carefully

Residents of Hartford, Connecticut, have varying levels of debt. They may have incurred that in order to start or expand a business, to build a home, for purely personal reasons or unintentionally by overspending. However, they got the debt, many now seek debt relief. To that end, they may look at debt settlement. Those who do should be aware of why it can be a flawed approach.

Debt settlement has had a troubled history, with many companies charging large sums to people who can ill afford them, promising debt relief and failing to deliver. That practice led to substantial regulation and enforcement, which has winnowed out some of the bad actors in the field and left a higher probability that people will actually get the service that they paid for

Bankruptcy can be emerged from

Many Hartford, Connecticut, businesses are prospering. However, for others, business & commercial bankruptcy options are something worth discussing with an experienced attorney. Bankruptcy is something that has affected businesses nationwide, including in the retail sector.

Payless ShoeSource is an example of a retail company that went into bankruptcy but is now set to emerge from it. They are one of the biggest retail chains to do that successfully, which makes reading about them valuable for other businesses considering filing for bankruptcy. Payless' plan, despite the fact that many retail companies are focused on e-commerce, is to focus on brick-and-mortar sales instead. They are banking on the belief that people still want to visit physical stores in person, especially for things like shoes, which often require trying on multiple pairs and getting direct help from salespeople.

Managing money includes dealing with debts

Most people nationwide, including those in Hartford, Connecticut, deal with debts of some kind from time to time. Correspondingly, most people can gain value from good debt management practices. That includes controlling credit card debt.

One tip is to keep careful track of your income and your expenses. Credit cards should not be used casually, as though they are an infinite source of spending money. They are not. When credit cards are used casually, without tracking income and expenses, balances due increase and with them, the interest that you have to pay.

How at risk of foreclosure are Connecticut homeowners?

As warm weather has swept across the nation this summer, good news has begun to shine through when it comes to the rate of foreclosures in some of states that were hit hardest during the financial collapse in 2008 and 2009. Among the states that were most impacted by the recent foreclosure crisis, Connecticut was the fifth most affected and, despite some improvements, continues to be be.

During June of 2017, ATTOM Data Solutions reported that the country's foreclosure rate improved significantly for the first time since November of 2015. June of 2017 marked a decrease in foreclosures by as much as 22 percent, for the first time in many years. Currently in the United States, there are just under 75,000 total properties in foreclosure.

Financial advice for those facing debt

Debt is stressful, it can impact all areas of your life and it often feels overwhelming. If you've been dealing with it, you know that it's important not only to know what to do about the debt that you have, but also to understand how you can prevent future debt.

Below are a few different pieces of advice that may help.

Things that tend to happen before corporate bankruptcy

As the owner of a company, you're hoping to put bankruptcy off and stay afloat. Before deciding that it's actually in your best interests to declare bankruptcy, there are a few things you may try, options other owners just like yourself often turn to as they search for answers.

First of all, you may grow cautious. When you started your company, you knew that risks were needed and you embraced them. Now you'll be ultra careful as you try to limit mistakes and losses.

Foreclosure and emotional and mental health

People often think of foreclosure in strictly financial terms. What does it mean for your credit score? How will it impact your ability to get a loan in the future?

These are important questions, but some experts point out that it's more than money. There is also an emotional side. There's a mental side. They claim that losing a home can be traumatic in the same way as losing a loved one or getting divorced.

Can you take appliances during foreclosure?

Your home is being foreclosed by the bank, and you're moving out. You know that you're allowed to take your personal items, like clothes, desks, artwork and everything else that you purchased. These furnishing can go with you since you brought them to the home initially.

But what about appliances? Are they yours, or do they stay with the house?

The Law Offices of Ronald I. Chorches

Wethersfield Office
449 Silas Deane Hwy
Wethersfield, CT 06109

Phone: 860-563-3955
Fax: 860-513-1577
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Waterbury Office
One Exchange Place
21 West Main Street
4th Floor
Waterbury, CT 06702

Phone: 203-754-8000
Fax: 203-841-0304
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Winsted Office
487 North Main Street
Winsted, CT 06098

Phone: 860-563-3955
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Hamden Office
2558 Whitney Ave
Hamden, CT 06518

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