Asset Protection Lawyer Hartford, CT
If you’re worried about losing ownership of your property as a result of a Chapter 7 bankruptcy filing, connect with an experienced asset protection lawyer Hartford, CT residents trust. Speaking with our firm will almost certainly set your mind at ease, given that it is very rare for those who are eligible to file for Chapter 7 bankruptcy to lose ownership of much – if any – of their property. However, it is certainly worth voicing your concerns and seeking personalized legal guidance tailored to your unique situation. Depending on the circumstances you’re navigating, you may discover that Chapter 7 bankruptcy remains the best possible debt relief solution available to you, but you could also discover that your unique situation makes an alternative – such as Chapter 13 bankruptcy – a preferable option, given your needs and priorities.
The Value of Using All Applicable Exemptions During Bankruptcy
If you choose to file for Chapter 7 bankruptcy, the trustee assigned to your case will be empowered to sell your property and assets that are “nonexempt” so that they can pass along proceeds from the sale in question to your creditors. Thankfully, most Chapter 7 filers don’t own much – if any – property that can’t be safeguarded by an exemption. As soon as you label eligible property as exempt, your trustee can’t sell that property. As a result, it’s important to work with our firm’s Hartford, CT asset protection lawyer to take full advantage of every single exemption that applies to your situation.
One of the things that ma75es exemption issues easier to deal with as a Connecticut filer is that Connecticut is in the minority of states that allows filers to choose between state exemptions and federal exemptions. As a result, you’ll be able to choose the exemption structure that safeguards your property best instead of being “stuck” with a single scheme that might not fit your needs. In addition to specific values related to equity in your home, equity in your car, and various financial assets, Connecticut personal property exemptions cover the full value of necessary appliances, bedding, clothing, and household furniture, as well as a host of other “odds and ends.” These exemptions generally cover most of what a family eligible for Chapter 7 bankruptcy owns.
Legal Assistance Is Available
When you schedule a consultation with the experienced Connecticut legal team at the Law Offices of Ronald I. Chorches, we’ll review your debts, expenses, income, and property so that we can provide you with the most objective analysis of your options possible. That way, you’ll be able to evaluate your financial situation in informed ways before committing to a plan of action. If, after reading the above information, you still have concerns about losing ownership of your property as a consequence of filing for Chapter 7 bankruptcy, our firm’s capable Hartford, CT asset protection lawyer team will answer all of your questions and help you to make whatever informed decision is best for you and your family at this time; we look forward to speaking with you.