Bankruptcy Attorney Andover CT
A trusted bankruptcy attorney Andover, CT residents can count on, from The Law Offices of Ronald I. Chorches knows that filing for bankruptcy might be the right thing for you to do during hard times. A common misunderstanding about bankruptcy is that it means you have no options or a bleak future. However, this is far from the truth. Filing for bankruptcy can allow you and your family to have a significant amount of freedom. In fact, it may be how you take back your financial freedom and wipe your slate clean.
Types of Bankruptcy
Chapter 7
This type of bankruptcy involves liquidating a debtor’s assets to pay off debt. The remaining debts are eliminated after the liquidation process. However, some debts, such as taxes and student loans, may still need to be paid back. This form of bankruptcy is best for those whose income is below the average state income with few assets. Chapter 7 bankruptcy can allow you to truly get a fresh start because it will allow you to pay off your creditors. With this method of bankruptcy, you will need to give up many of your assets to pay off creditors and may not be able to keep your house or your car. If you are hoping to pay off your debts and do so quickly, this may be the right bankruptcy to file for.
Chapter 13
This type of bankruptcy involves the creation of a repayment plan. The debtor will make monthly payments to a trustee who distributes these payments to the creditors. During this repayment period, most interest is frozen, and the remaining debt after the repayment period is eliminated. This type of bankruptcy is often filed by those looking to protect assets from liquidation. With Chapter 13 bankruptcy, you can work with your bankruptcy attorney to create a repayment plan so that you can start paying back your debts. It is also possible to keep your home if you are worried about foreclosure.
Not sure which one is right for you?
No need for concern over making the choice yourself. By collaborating with an attorney, they undertake a thorough analysis of your financial situation, meticulously reviewing your debts and assets. Subsequently, they adeptly assess your eligibility for specific bankruptcy options, and then work alongside you to craft a tailored plan that aligns with your circumstances.
A Few Advantages of Having a Bankruptcy Attorney Andover CT
Navigating Complexity
Bankruptcy proceedings include a web of intricate paperwork, exhaustive documentation, and intricate legal procedures. Navigating this process while avoiding errors and delays can be daunting. This is where the expertise of an attorney shines. Bankruptcy Attorneys manage the compilation and submission of all essential paperwork, ensuring that no crucial detail is overlooked. By skillfully organizing the documentation, attorneys minimize the risk of costly mistakes. What’s more, having an attorney on your side goes beyond managing paperwork to creating a heightened sense of security for you during the entire process.
Assets Protection
One of the key areas where attorneys provide invaluable guidance is in understanding exemptions. Bankruptcy laws allow individuals to exempt certain assets from the bankruptcy estate, shielding them from being sold to repay creditors. Attorneys can decipher the nuances of these exemptions, helping you identify which assets are eligible for protection. This knowledge enables you to make informed decisions about your possessions and maximize your chances of retaining items of personal and practical significance.
Financial Guidance
After emerging from the bankruptcy process, rebuilding your credit and managing your finances wisely become paramount. Fortunately, attorneys recognize the significance of this phase and are equipped with insights that can prove pivotal in setting you on a trajectory of steady recovery.
Drawing on their extensive experience, attorneys can offer personalized strategies for restoring your credit health. Moreover, they provide you with a roadmap tailored to your specific circumstances, shedding light on the steps you can take to gradually rebuild your finances. Therefore, by understanding the factors that contribute to creditworthiness and learning how to make strategic financial decisions, you become better equipped to regain your financial footing.
Business Bankruptcy
If you are a small business owner who is facing financial difficulties, you may be thinking about filing for bankruptcy. In this situation, a bankruptcy attorney Andover, CT clients trust may recommend filing for Chapter 11 bankruptcy. Unlike other bankruptcy chapters that involve liquidation or discharge of debts, Chapter 11 focuses on rehabilitation and reorganization. Under Chapter 11, the business remains operational while it proposes a plan to restructure its debts and operations. This plan is presented to creditors and the bankruptcy court. The plan outlines how the business intends to repay its debts over time, often involving negotiations with creditors to reduce or extend repayment terms. If the creditors and the court approve the plan, the business continues its operations according to the restructured terms.
If your company is financially distressed, an Andover, CT bankruptcy attorney can help you determine the best available solution.
Do You Have Bankruptcy Questions?
When confronted with daunting financial burdens, the support of a Bankruptcy Attorney becomes truly indispensable. To learn more about what we can do for you, please do not hesitate to contact The Law Offices of Ronald I. Chorches today to schedule a free review of your case.
Our service area also includes Columbia, Hebron, and Marlborough.