Bankruptcy Attorney

Bankruptcy Attorney Newington CT

A trusted bankruptcy attorney Meriden, 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. Bankruptcy is often misunderstood as a hopeless situation with no alternatives or prospects. However, this misconception couldn’t be further from the truth. In reality, filing for bankruptcy can provide you and your family with newfound opportunities and a fresh start. It serves as a pathway towards reclaiming your financial independence and starting afresh with a clean slate.

Common Reasons People File for Bankruptcy

Individuals choose to file for bankruptcy for various reasons. Every situation is unique. However, here are some common reasons for bankruptcy that we often see in our practice:

Job Loss

Experiencing a job loss can be extremely challenging for many individuals. The decrease in income makes it hard to cover essential expenses and meet important financial obligations. Additionally, finding a new job can be a prolonged and daunting process. In such circumstances, seeking bankruptcy protection becomes a viable option for reorganizing debts in a more manageable manner.


It’s unsurprising that divorce can bring significant financial challenges in certain situations. The need to establish separate living arrangements and furnish a new home can require substantial funds. Additionally, the legal fees and other expenses associated with divorce can quickly become a financial burden. As a result, divorce often becomes a common reason for individuals to consider filing for bankruptcy.

Medical Expenses

Unfortunately, medical expenses for ongoing health struggles or emergency services can be extremely costly. We’ve seen clients with insurance who still have substantial debt due to co-pays, high deductibles, and uncovered treatments. 


An automatic stay goes into effect once a bankruptcy is filed. This automatic stay immediately halts foreclosure proceedings. Therefore, bankruptcy allows people to explore options to address their mortgage debt and potentially keep their property. 

Business Failure

Some businesses struggle to generate sufficient revenue to cover their operational expenses. As a consequence, significant debt accumulates from various sources like loans and credit lines. Bankruptcy offers business owners the option to either restructure the business or liquidate it entirely, providing a means to address the financial challenges and find a way forward.

Overwhelming Credit Card Debt

When people depend too heavily on credit cards, interest rates can quickly spiral out of control. As of May 2023, the average credit card interest rate is 24.14%, according to Forbes Advisor’s weekly credit card rates report. When interest accumulates, and minimum payments become unmanageable, many people go bankrupt as a way out of their heavy credit card debt. 

How do I know which kind of bankruptcy to file for? 

Collaborating with a bankruptcy attorney will involve a thorough examination of your finances, debts, and assets. They will carefully assess your financial situation to determine the most appropriate bankruptcy option you qualify for. Additionally, they will provide invaluable assistance in creating a personalized plan to navigate through the bankruptcy process successfully.

Chapter 7 Bankruptcy. Filing for Chapter 7 bankruptcy offers the opportunity for a genuine fresh start, as it allows you to fulfill your obligations to creditors. However, it is essential to be aware that this type of bankruptcy involves surrendering many assets to repay creditors, and there is a possibility of losing your home or car. If your main goal is to swiftly repay your debts, Chapter 7 bankruptcy may be the appropriate option for you.

Chapter 13 Bankruptcy. Opting for Chapter 13 bankruptcy allows you to collaborate with your bankruptcy attorney in developing a repayment plan tailored to your circumstances, enabling you to commence repaying your debts. This repayment plan typically spans three to five years, providing a reasonable timeframe for debt resolution, while also allowing you to retain ownership of your property. If you are concerned about foreclosure, Chapter 13 offers the possibility to protect your home during the bankruptcy process.

Chapter 11 Bankruptcy. Chapter 11 bankruptcy is a type of bankruptcy primarily designed for businesses, although individuals can also file for it under specific circumstances. It allows financially distressed businesses to restructure their debts and operations while continuing their operations. It is a complex and expensive process that involves court approval of the reorganization plan, aiming to make the business more financially stable and viable in the long term.

Have bankruptcy questions?

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 Bridgeport, Berlin, and Cromwell