Bankruptcy Lawyer New Haven, CT
Is Chapter 7 Bankruptcy Right for You?
Chapter 7 bankruptcy is a debt solution that is ideal for people who are struggling, or unable, to pay their bills. It is typically the easiest form of bankruptcy to file, making it a popular choice for individuals and families. As a bankruptcy lawyer New Haven, CT might tell you, this option is generally ideal for those who are burdened with unsecured debt. In most cases, it is possible to keep your home, vehicle, and other assets. Although it is possible to file for bankruptcy on your own, doing so is tedious, albeit challenging. Having a New Haven, CT bankruptcy lawyer to help is advisable.
Will You Lose Your Assets?
Chapter 7 bankruptcy is also known as liquidation bankruptcy. This is because some assets may be sold to pay back creditors. As a leading law firm, The Law Offices of Ronald I. Chorches can tell you that with the right guidance, actual liquidation might not actually occur. Under state and federal laws, there are specific items that can be kept. Known as exemptions, these laws protect certain assets from creditors, and the overall bankruptcy case.
Will All My Debt Be Cleared?
Chapter 7 bankruptcy wipes out most, if not all, unsecured debt. Some debts, like child support, student loans, and taxes typically cannot be eliminated through chapter 7. It may be possible to discharge some of these debts through chapter 13. A bankruptcy lawyer in New Haven, CT can discuss this with you in further detail during a consultation.
When is Chapter 7 Right For Me?
Chapter 7 bankruptcy may be right when:
- You are paying your minimum credit card payments every month, but not much more
- You have payday loans
- You have medical bill debt
- You are being sued
- You make very little money – or just enough to survive
- You have had a change in family status
- You are being pursued by debt collectors
- Your vehicle has been repossessed
- Your wages are being garnished
- You cannot pay your bills
- You are concerned about your finances and your future
If any of these things are applicable, please reach out to a bankruptcy lawyer in New Haven, Connecticut. Call The Law Offices of Ronald I. Chorches.
You Must Go Through Debtor Education
According to US law, anyone filing for chapter 7 bankruptcy will be required to go through credit counseling and debtor education. The federal government, as well as Connecticut state government provide a list of all approved education agencies. If you are unsure about where to go for these things, please talk with your lawyer.
Credit counseling will provide you with advice regarding your debt, finances, and budget. Once you complete it, you will receive a certificate to use in your bankruptcy filing. In addition to this you will be provided with workshops and educational materials. Credit counseling does not affect your credit. A lawyer will help you to understand the legal requirements needed to file.
If you are in debt, and facing financial hardship, consulting a bankruptcy lawyer in New Haven, CT is advisable. Call The Law Offices of Ronald I. Chorches today.