Bankruptcy Attorney in New Haven, CT
A bankruptcy attorney in New Haven, Connecticut can help if you’re in serious financial trouble. Most people don’t plan on what to do if they’re facing bankruptcy, so it can be an overwhelming process for many once they start filing the paperwork required to get them out from under serious debt. Everyone has their own reason to declare bankruptcy, and every case is different: but is it really a solution for people who can’t get clear from their debts?
The Pros and Cons of Declaring Bankruptcy
The initial benefits of declaring bankruptcy are pretty straightforward. Over time, we build up various debts, and if they become too much, it can be impossible to get out of such a tight bind – no matter how much we work and how much we pay off every month. Filing for bankruptcy is a way out, and it can be an incredible relief once your debts are cleared and you can start over from a clean slate.
However, after you file for bankruptcy, you’re not out of the woods completely. Although bankruptcy is a way out from crushing debt, it can seriously damage your credit, which is difficult to build back up. This blow to your credit will make it difficult for you to apply for loans, purchase a house, and even apply for jobs in the future. Certain types of bankruptcy will stay on your name for up to ten years, so before you jump into filing for bankruptcy, it’s important to weigh the pros and cons. You should be as informed as possible, and that means getting familiar with bankruptcy, and having professional assistance from a bankruptcy attorney in New Haven, CT.
Getting Familiar with Bankruptcy
When it comes to personal bankruptcy, there are two common options you can take. You might have heard of different chapters, or types of bankruptcy, and there are several to keep track of. Some are only available for certain businesses (Chapter 11 is for company reorganizations, chapter 12 is for family-owned farms and fisheries) but in cases of an individual filing for bankruptcy, Chapter 7 and Chapter 13 are the most common.
- Chapter 7: Also referred to as “liquidation bankruptcy”, Chapter 7 bankruptcy means your assets will be sold off, and the money from selling (or liquidating) your assets will be used to pay off your creditors. When people use the term asset, they’re referring to all non-exempt property: cars, other homes, personal collections, and more.
- Chapter 13: This is also called “reorganization bankruptcy”. Filing for Chapter 13 bankruptcy means you can hold onto your assets while you meet the requirements of a court-mandated payment plan.
Contacting a Bankruptcy Attorney
Whatever the type of bankruptcy you’re dealing with, it pays to get in touch with a professional. A bankruptcy attorney can walk you through the entire process (filing for bankruptcy is much more easily said than done) and can even help you decide which type of bankruptcy is right for you. Getting in touch with a qualified bankruptcy attorney can make a normally painful process go much smoother, and you’ll have an important resource for all the information you’ll need about your case.
At the Law Offices of Ronald I. Chorches, we understand that filing for bankruptcy is an especially difficult time for you. Every case is different, and there are many reasons you might file for bankruptcy: that’s why we provide personalized case management to all our clients, and are dedicated to making sure you have all the information you need while you go through your bankruptcy.