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. Knowing the right steps to take to ensure that your experience goes well without an issue is critical. Due to the complexity of the bankruptcy process, having guidance from a bankruptcy lawyer can make a huge difference in the success of your case. 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?
Understanding Your Debt Relief Options
Bankruptcy is just one of many forms of debt relief that people can consider if they are dealing with financial struggles. In addition to bankruptcy, other solutions include debt consolidation and debt settlement. Figuring out which option is the best solution for your financial problem can be tough without a lawyer to turn to for advice. Meeting with a skilled bankruptcy attorney who can provide an in-depth evaluation of your financial struggles can help you make the most informed decision and make you feel assured throughout the process. Each solution has various pros and cons, but if you choose the one that is best for you, you can be on your way to achieving financial freedom.
Reasons For Filing For Bankruptcy
In many cases, bankruptcy is a result of unexpected financial hardship. It can occur for reasons beyond out of control debt. A sudden emergency medical bill or loss of a job can upend a person’s life. Things happen in life that cannot be anticipated. Bankruptcy, in many cases, is out of a person’s control. When people are faced with financial challenges, they may have to be forced to make a difficult decision and bankruptcy may be one of them.
Contrary to popular belief, anyone can find themselves in a position where bankruptcy is the only way to bring financial relief. It is in no way a reflection of a person’s ability to be financially responsible or a failing of their character. Having to file for bankruptcy does not mean that you are a bad person. Debt issues can affect anyone, no matter how responsible they might try to be with their money. Sometimes, it is a case of bad luck and timing. Every person who files for bankruptcy has a unique financial background, so each case will look different and is dependent on various circumstances.
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 in 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.
Financial Recovery After Filing For Bankruptcy
The good news is that bankruptcy is not going to be a permanent stain on your record forever. While there are consequences to filing for bankruptcy, such as a reduced credit score, many people can begin rebuilding their credit and make positive gains soon after filing for bankruptcy. In fact, for many filers, they have found that their credit score has increased to a higher amount than their previous one before filing. After bankruptcy, there is new hope and opportunities for you to pursue financial stability and freedom. As long as you keep track of your finances, make your payments on time, and work on making good habits to manage your debt you can accelerate your recovery.
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.
Before you commit to bankruptcy as your debt relief solution, schedule a consultation with an experienced and reliable bankruptcy attorney that you can trust. If you need to get out from under debt, contact a bankruptcy attorney in New Haven, CT that you can trust – reach out to the Law Offices of Ronald I. Chorches today.