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Debt Consolidation in Connecticut

Connecticut MapOver 77 million Americans are in debt from overextended credit cards, medical bills, utility bills and even child support payments. Of the consumers in Connecticut who are in debt, 74.4 percent are behind in their mortgage payments.

Considered one of the wealthiest states in the nation with the third-largest number of millionaires per capita in the country it also has the greatest disparity in incomes among its residents of any state.

Consumers who find themselves in the midst of a credit crunch have options. They can seek out credit counseling, apply for debt consolidation programs or if necessary, apply for bankruptcy. While deciding how best to handle their debt, consumers do have protections in place.

Many credit counseling services in the state offer a free counseling session to consumers who are struggling. These agencies often are able to help consumers negotiate lower payments to creditors and consolidate their debt into one convenient monthly payment. Consumers can pay off debt in as little as two to four years using one of these services.

Consumers who do not qualify for debt consolidation may have to claim bankruptcy. Chapter 13 bankruptcy allows consumers to work toward paying off debt while still keeping possessing of certain personal property, including homes. Chapter 7 bankruptcy is for those consumers who wish to absolve their debt without repaying anything to creditors. Those who opt for bankruptcy can expect it to negatively affect their credit rating for up to seven years.


Fitch: Connecticut should not expect tax revenue boon from sports betting

Legalized sports gambling could be in the cards for Connecticut, but it will not likely create a jackpot of tax revenue for the state, said one of the country's major credit rating companies. Tax revenue generated from sports gaming is expected to be ...

Published:  Sun, 20 May 2018 04:00:00 GMT

Connecticut Passes Bill to Ease Federal Tax Burden

Connecticut has joined New York and New Jersey in passing legislation that aims to blunt the impact of losing some deductions under the federal tax overhaul. The legislation proposed by Gov. Dannel Malloy, a Democrat, gives municipalities the authority to ...

Published:  Thu, 10 May 2018 19:52:00 GMT

Connecticut boat dealers seeing effects of tax cut

A cut in Connecticut's sales tax on marine vessels, set for July 1, already has begun to provide a much-needed boost to Connecticut's boating industry, according to boat sellers. Kathleen Burns, executive director of the Connecticut Marine Trades ...

Published:  Wed, 16 May 2018 14:26:00 GMT

Both Chambers Approve Amending State Tax Plan To Lessen Impact of Fed Changes

HARTFORD, CT - The House and Senate voted unanimously Wednesday to amend Connecticut's state and local tax laws to blunt the impact of the Tax Cuts and Jobs Act signed by Republican President Donald Trump in late 2017. The bill creates a new pass ...

Published:  Wed, 09 May 2018 19:20:00 GMT

Legislative Changes to the Connecticut Income Tax

On May 9, 2018, the Connecticut legislature unanimously passed the "Act Concerning Connecticut's Response to Federal Tax Reform" (the "Act" ). The Act includes a series of Connecticut income changes that either diminish the impact that the ...

Published:  Thu, 17 May 2018 15:20:00 GMT

Lawmakers pass bill protecting residents from new tax law

The Connecticut General Assembly fully passed late Wednesday a bill that is intended to protect residents from what lawmakers call the negative effects of President Donald Trump's tax law. The plan from Gov. Dannel Malloy aims to help Connecticut ...

Published:  Wed, 09 May 2018 20:16:00 GMT

Gas sales down 1 million gallons in Naperville, cutting tax money available for roads

Revenue from Naperville's local gas tax is down 6 percent compared to where it was in the first quarter of 2017. The city received $614,000 in revenues from the 15 million gallons sold, $40,000 less than in 2017, said Rachel Mayer, director of finance ...

Published:  Fri, 18 May 2018 16:32:00 GMT

Dan Haar: Groark's tax moment and today's GOP

The income tax and, more generally, fiscal crisis management, stands at the center of both Groark's memory and the agenda of the Republicans today - in opposite ways. What that tells us might go a long way toward solving the mystery of how Connecticut ...

Published:  Fri, 11 May 2018 17:47:00 GMT

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