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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.

 

A statewide car tax could cut your tax bill, but if you live in Greenwich, you're out of luck

In at least 156 of Connecticut's 169 cities and towns, motor vehicle taxes would go down under a bill that is gaining momentum to create a uniform auto tax collected by the state. Top Democrats say th...

Published:  Sun, 17 Feb 2019 03:19:00 GMT



Progressives ready to battle Connecticut's rich over taxes

A major liberal block in the House of Representatives unveiled a series of tax proposals Thursday that could put them at odds with Gov. Ned Lamont and other of their fellow Democrats in the ...

Published:  Thu, 14 Feb 2019 17:05:00 GMT



More CT lawmakers seek end to wealthy estate tax

For years, minority Republicans in the General Assembly have fought to repeal Connecticut's tax on inheritances of the wealthy. This year they are not alone. A growing number of Democrats want the leg...

Published:  Tue, 12 Feb 2019 10:50:00 GMT



The state and local tax deduction cap probably isn't going away - despite Trump's comments

About 6.1 million California residents filed for the deduction in 2015, reducing their federal taxable income by $18,438 on average, according to the Urban-Brookings Tax Policy Center. Only New York a...

Published:  Sat, 16 Feb 2019 13:00:00 GMT



New Connecticut Bill would Add a 50% Tax to Ammunition

Hartford, CT --(Ammoland.com)-Connecticut state representative Jillian Gilchrest is proposing a 50% "sin tax" on ammunition. House Bill (HB) 5700 has been introduced to the Connecticut State House of ...

Published:  Fri, 08 Feb 2019 07:24:00 GMT



Tobacco wholesaler sentenced to 3 years for defrauding Connecticut of $5.8 million in taxes

NEW HAVEN - A Fairfield man has been sentenced to three years in prison for defrauding the state of nearly $6 million in taxes. Rishi Malik, 46, a citizen of India residing in Fairfield, was ...

Published:  Wed, 13 Feb 2019 16:56:00 GMT



New tax law brings unpleasant surprise to filers

Unlike tax deductions, which reduce the amount of taxable income ... asked James Lagana of Accounting & Auditing Services LLC, which provides services to clients in Massachusetts, Connecticut and Sout...

Published:  Sat, 16 Feb 2019 23:25:00 GMT



Lamont to propose tax on sugary beverages

The Rudd Center on Food Policy and Obesity at the University of Connecticut also has advocated for the tax. Roberta Friedman, a public health policy consultant who has worked with Rudd Center and ...

Published:  Sun, 17 Feb 2019 03:59:00 GMT



Lamont Makes Case For Tolling All Vehicles In CT

He said if the state approves electronic tolling on all vehicles he'd pursue a possible reduction in the gas tax and or "discount for Connecticut EZ-Pass users and/or offered a "frequent driver ...

Published:  Sat, 16 Feb 2019 08:52:00 GMT



Free Tax-Filing Assistance Up and Running in CT

HARTFORD, Conn. - There are a lot of changes to income-tax filings this year, but there's free help available to sort it all out. The AARP Foundation's Tax-Aide program has IRS-certified volunteers at ...

Published:  Mon, 04 Feb 2019 00:34:00 GMT



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