Bankruptcy Attorney Columbia CT
A trusted bankruptcy attorney Columbia, 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?
Don’t worry about choosing. When you work with an attorney, they will examine your finances closely, look at your debts, and look at your assets. Then, they can help determine which bankruptcy you are qualified for and help you create a plan.
A Few Advantages of Having a Bankruptcy Attorney Columbia CT
Expertise and Knowledge
Bankruptcy lawyers possess a deep understanding of the intricate nuances within bankruptcy law. Moreover, their expertise extends across the various chapters and provisions of the law, enabling them to offer specialized guidance that aligns seamlessly with your unique financial circumstances. By seeking their counsel, you gain access to insights that empower you to navigate the complexities of bankruptcy with confidence.
With their guidance, you can explore the array of options available to you under the bankruptcy code. They help you comprehend the potential advantages and drawbacks of each avenue, enabling you to make decisions that are not only legally sound but also aligned with your short-term and long-term financial objectives.
Legal Counsel
Bankruptcy attorneys are dedicated to providing you with invaluable legal counsel. Their guidance goes beyond just imparting information; it aims to illuminate the intricate web of your rights, responsibilities, and the myriad of potential outcomes that lie ahead within the bankruptcy process.
In times of financial distress, attorneys stand as beacons of legal clarity, enabling you to approach the bankruptcy process with a sense of preparedness and understanding. By tapping into their wealth of knowledge, you are better equipped to navigate the complexities of bankruptcy while making decisions that align with your best interests and long-term aspirations.
Protection from Harassment
With an attorney by your side, creditors are bound by law to direct their communications exclusively toward your appointed legal representative. Therefore, you are granted a measure of protection from the often invasive tactics employed by aggressive creditors. The frequent and sometimes hostile contacts that can lead to emotional distress are effectively curtailed. You can then shift your focus on the legal proceedings and the road to financial recovery.
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 Columbia, 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, a Columbia, CT bankruptcy attorney can help you determine the best available solution.
Do You Have Bankruptcy Questions?
Whether you’re an individual or a business entity facing financial distress, bankruptcy attorneys have the knowledge and experience to tailor their advice to your specific needs. In the face of overwhelming financial challenges, the assistance of bankruptcy attorneys is invaluable. 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 Andover, Hebron, and Marlborough.