Michael J. Culkin Law Office

4 Budgeting apps that will help you rebuild your credit

Many of those who would benefit from bankruptcy are nervous about the way it’ll affect their credit score. Your credit score will certainly be hurting for a while — but it can be rebuilt.

Whether you are contemplating bankruptcy, in the middle of a repayment plan or just finishing the process, check out these budgeting apps to establish best practices for managing your money.

Rejecting bankruptcy could trigger a tax aftershock

Being overloaded with debt is a horrible condition. Few people can appreciate the pressure it puts on individuals and families in Connecticut. Even the process of finding solutions can be hard. Many avoid it altogether because of shame at being in the situation at all. Embarrassment or lack of information leads some individuals to pursue methods of debt resolution that achieve desired results, but leave them open to an unexpected financial aftershock.

Don't dismiss bankruptcy

Debt and plans for retirement

What would you like to do when you retire? Even if you don't have an inkling of what you would want to do, it's unlikely that your Social Security benefits will entirely bankroll your retirement.

We all know that saving for retirement is a lifelong pursuit, but many of us fail to participate in the task adequately.

How one organization helps Connecticut families avoid foreclosure

Although the United States has seen an increase in economic stability, Connecticut continues to be among the top five states with the most foreclosures. According to a study conducted by Attom Data Solutions, 8 Connecticut homes are being foreclosed for every 1,000. The information used to analyze the foreclosure ratings among the states was based on foreclosure filings listed in the public records of over 2, 500 national counties.

Making a change to local communities facing foreclosure

Medical debt is a widespread crisis in America

One of the central needs in life aside from food and shelter is healthcare. However, it can also be one of the most expensive aspects of your lifetime. Despite your health insurance coverage, you might still end up with bills you can’t pay.

Healthcare expenses have created an enormous debt for Americans. So much debt, in fact, that today a webinar hosted by the National Alliance of Healthcare Purchaser Coalitions pleaded to forgive nearly $20 million in unpaid medical bills. That amount is nowhere near the national total, however.

The potential problems of debt consolidation

Large medical expenses, a divorce or a lost job can all force responsible spenders into a situation where they need to carry debt to make ends meet. These debts can sometimes snowball into a situation where the debt begins to feel unmanageable.

In these situations, people look for services to help them deal with their debt. One service that is often pursued is debt consolidation.

Consumer debt levels highest in a decade

If you've taken out a loan to make a major purchase recently, you're probably not alone. Consumer debt is at its highest level in a decade following the recession in 2008, according to New York Times. Although debt and recession aren't usually used positively in the same sentence, a high-level of consumer debt actually signals confidence in the economy today.

While this is a good sign for the economy overall, the implications of debt at the household level can vary from family to family. Financial experts quoted in the Times do warn that debt can have its downside too.

Chapter 7 vs. 13 Bankruptcy: What's the difference?

As families move through their lives, debt may start to build up from late credit card payments, unexpected medical bills or other sources. When that debt becomes overwhelming, families may turn to bankruptcy as a form of relief.

Two of the most common forms of bankruptcy are chapter 7 and chapter 13 bankruptcy. Here are the differences between them and how they can benefit you if you are facing large amounts of debt.