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.
Five Steps To Take When Preparing for Chapter 7 Bankruptcy
If you’re considering a Chapter 7 bankruptcy filing, there are several steps you should take. Following this plan will help your filing go as smoothly as possible.
1. Locate and Organize Your Income Statements
To file for bankruptcy you need proof of your income. Get copies of your tax returns and pay stubs from the last six months. With this info, you can take the Chapter 7 Means Test.
The Chapter 7 Means Test compares your household income to the average household income in your state. Your eligibility for Chapter 7 will be based on the outcome of this test. Your income must be below your state’s median income or your disposable income must be below a determined amount.
2. Obtain Copies of Your Credit Reports
All creditors, secured, unsecured, and priority unsecured, must be included in the list of creditors you prepare for the filing. Your credit reports will help ensure that you don’t forget to list a creditor. You will personally owe money to any unlisted creditor after the bankruptcy filing.
3. Make a List of Your Assets
To file for Chapter 7, you need a list of your assets. This includes bank or investment accounts as well as property such as vehicles and real estate. You should contact an asset protection lawyer in Hartford, CT for assistance with this step. An attorney can help you protect your assets from liquidation in the filing.
You will need bank statements for this step. In addition, collect statements from any investment accounts, including retirement accounts and life insurance.
4. Complete a Credit Counseling Course
Anyone filing for bankruptcy must complete a credit counseling course. It will ask many of the same questions you will be asked when you file, thereby preparing you. The course is typically taken with a nonprofit credit-counseling agency.
After you have completed the course and filled out all the bankruptcy forms, you are ready to file with the bankruptcy court. It’s a good idea to retain an asset protection lawyer in Hartford, CT, to assist you with the filing. A lawyer can review your paperwork for accuracy and help the process move forward smoothly.
5. Prepare for Your Hearing
After you file the court will schedule the First Meeting of Creditors. At this brief hearing, you will be asked questions about your debts, assets, income, and expenses. Be prepared to answer by reviewing what you included in your bankruptcy forms.
4 Commonly Asked Questions About Chapter 7 Bankruptcy
Filing for bankruptcy can be a complicated and intimidating process. Gaining an understanding of what to expect when filing for Chapter 7 Bankruptcy is important, and much of the vital information you need can be broken down into a few simple questions and answers. For any other queries, feel free to contact an experienced asset protection lawyer in Hartford, CT at the Law Offices of Ronald I. Chorches.
1. Who Qualifies for Chapter 7 Bankruptcy?
Chapter 7 filing is available to any individual who resides in the United States, or who owns property or conducts business in the United States. However, Chapter 7 filing is not available to those who have been involved in a separate bankruptcy case that was dismissed in the past 180 days. Individuals meeting the residency prerequisites may qualify for Chapter 7 Bankruptcy and be excused from paying most types of debts when they are no longer able to pay their bills.
2. Can Spouses File Jointly?
Married couples have the option to file for Chapter 7 jointly or as individuals through the Law Offices of Ronald I. Chorches, a trusted asset protection lawyer in Hartford, CT. Deciding whether or not to file jointly may depend on a few factors, including respective credit scores, property, and bills. If any of the debts to be discharged are owed by both spouses, debtors may attempt to collect from the other spouse if only one individual decides to file. It should be noted that filing jointly entails only a single filing fee.
3. Will I Lose All My Property?
Certain properties are exempt from being taken by creditors under state and federal laws. When filing under Chapter 7, nonexempt properties can be claimed by the trustee for the sake of paying outstanding debts. As a Chapter 7 Bankruptcy filing exists to help individuals get a fresh start, certain properties including your home may be declared exempt if they are deemed reasonably necessary for your continued livelihood and employment.
4. Can a Business File for Chapter 7 Bankruptcy?
A business or company can file for Chapter 7 Bankruptcy, but the process differs from that of individual filing. A business filing for Chapter 7 does not receive a discharge of debts, and instead shuts down the company and liquidates its assets. The advantage of filing for Chapter 7 through an asset protection lawyer in Hartford, CT in this situation is to delegate the liquidation process to a Chapter 7 Trustee to ensure an orderly liquidation of assets and distribution of proceeds to creditors under the guidelines and protection of established law.
3 Important Emotional Do’s and Don’ts When Filing For Bankruptcy
You’ve gone over all the paperwork and have decided that filing for bankruptcy is the best option to remedy your current financial situation. In doing so, you’ve taken the first steps in your journey toward a future of well-managed finances. We know that that choosing bankruptcy and trying to find a dependable asset protection lawyer in Hartford, CT is a big decision, and we also understand that this process can carry some surprising emotional challenges. Here are a few simple “do’s and don’ts” to help you stay confident and optimistic.
Do Allow Yourself to Feel Relief
With the help of an asset protection lawyer in Hartford CT such as the Law Offices of Ronald I. Chorches, your bankruptcy will be filed and taken care of in an easy, straightforward way. And as you work through the process, remember that it is natural to feel a healthy sense of relief as you begin this new chapter of your life.
Do Look Forward to a Fresh Start
Filing for bankruptcy and working with the Law Offices of Ronald I. Chorches means that you have decided to embrace an opportunity to set things right. Going through this legal process will give you the chance to reflect and make changes going forward that will be beneficial for the rest of your life. Just as it’s okay to feel relief, it’s also completely normal to look forward to a fresh start.
Don’t Let the Past Hold You Back
In choosing bankruptcy, you have opted to take a smart approach toward managing debt and getting things under control. You have merely shifted course toward a powerful and effective legal strategy that will help you to build a better future. There is no need for a sense of guilt, shame, or regret! On the contrary, you should take pride in the knowledge that you have moved forward despite your previous difficulties.
Don’t Forget How Far You’ve Come
Life is about the journey. As we live, we also learn, and your asset protection lawyer in Hartford, CT can help you to build a new foundation for the future that involves getting and keeping your finances under control. Once your bankruptcy has been filed, you will be leaps and bounds ahead of where you started this journey in terms of organization and financial stability.
We want to help you as you take these important steps forward to financial independence. The Law Offices of Ronald I. Chorches are happy to consult with you as you begin this process, and will remain by your side every step of the way!
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.
Many people think that an asset protection lawyer in Hartford, Connecticut, is out of their pay grade. Asset protection is a solid way to guard your wealth, but it’s not just for the super-rich. It can benefit anyone, and can make the difference between losing everything and managing to hold onto your prized possessions.
In a perfect world, we wouldn’t have to worry about losing everything we’ve worked so hard to own: that second (or third) house, that dream car, your savings, and even collections of rare baseball cards. Everything we own can tell a story, and every asset can be looked at like an investment, cared for and looked after over the years. But all of that can vanish in a blink of an eye, for a few life-changing reasons.
Losing your Assets
Ordinarily, we’d like to think the things we own are ours until we say otherwise. Unfortunately, there are many ways people can lose their assets:
- Bankruptcy: When you file for Chapter 7 bankruptcy, it means your assets will be liquidated to pay off your creditors. While bankruptcy is a quick and easy way to get out from under crushing debt, it does mean you’ll have to sell off much of what you own. This usually means losing non-exempt property: Cars over a certain value, collections, pretty much everything that’s not a primary residence, appliances, or work tools. The list of exempt properties is bigger than you’d think, so contacting an asset protection lawyer in Hartford, CT, is a smart way to protect what you own.
- Lawsuits: Typically, we’d expect insurance to cover our losses in the event of certain lawsuits. If a branch from your tree falls and damages your neighbor’s roof, or your dog bites someone on your property, you’d think homeowner’s insurance could pay for any damages from a lawsuit. However, some policies fall short, either in terms of amounts paid or coverage in general. When this happens, you could be forced to sell off assets to make up for the difference. You can never completely rely on insurance to keep your possessions safe.
Do you really want to lose everything you’ve worked hard to gain? And what about your precious family heirlooms? These are all at risk – you can lose these possessions just like pretty much anything else that can be liquidated, unless you take steps to protect them.
How Can I Protect My Assets?
The first step you can take to protect your assets is to reach out to a qualified asset protection lawyer. Asset protection attorneys specialize in the legal methods you can use to protect your property, and will work closely with you to develop a personalized asset protection plan that works best for what you own and what financial troubles you anticipate for yourself. Asset protection lawyers know which legal techniques you can use to best guard your wealth, and they can protect you and your properties from creditors and those who are seeking to sue you.
Lawsuits and bankruptcy can happen to anyone, so make sure you’re protected. If you’re looking to keep your wealth safe, reach out to an asset protection lawyer in Hartford, CT, and see what the Law Offices of Ronald I. Chorches can do for you