NORWALK - A study released Tuesday shows the number of people declaring bankruptcy is on the rise, especially in Connecticut.
The study shows bankruptcy filings in Connecticut increased by 42 percent last year alone. Bankruptcy lawyer George Weber says he's seen a number of clients lately who are struggling with debt.
Weber says there are some definite benefits to filing for bankruptcy. First, it can eliminate some unsecured debts altogether. Second, with secured debts like a mortgage, it will give residents more time to pay.
?Chapter 13 gives you an opportunity to catch up on missed payments,? says Weber.
However, there are downsides to filing for bankruptcy. Those who file can only do so once every eight years. The bankruptcy will also remain on a credit report for seven to 10 years.
If done right, however, Weber says it can actually be the beginning of a secure financial future.