Asset Protection Attorney Connecticut

Asset Protection Attorney Connecticut

When debt collectors are calling, you are facing foreclosure or your business is in the red, your most pressing concern is to protect your valuable assets. At this time, it is critical to work with a bankruptcy lawyer who will explain your options and help you get out of debt legally.

At The Law Offices of Ronald I. Chorches, in Hartford, Connecticut, we can help protect your assets from foreclosures, repossessions and other debt collection actions. We bring decades of experience and knowledge to every case we handle.

We are knowledgeable and experienced in asset protection. The most important thing we are getting rid of in bankruptcy is your debts. After that, we can work with you to make sure your equity and valuable assets are protected. We can stop collection efforts including garnishment of wages and repossession of motor vehicles.

As one of the few bankruptcy attorneys who is also a bankruptcy trustee, attorney Ronald I. Chorches knows all of the options available to protect your interests and can advise you on the best options available to you.

Asset Protection Through Bankruptcy

Chapter 7 and Chapter 13 bankruptcy are powerful tools for asset protection. Because of the generous exemptions in Connecticut, you could protect significant portions of your home equity and other valuable assets in the process.

You could also eliminate other debts that could leave with the income needed to retain and stay current on debts for property you want to retain.

We also help local businesses protect their assets in Chapter 11 bankruptcy and other asset protection alternatives. We can find the financial solutions that will work for your business.

 Understanding the Automatic Stay

When an individual or a business files for bankruptcy, a legal protection referred to as “The Automatic Stay” is put into place. This legal protection keeps creditors from demanding payment and from pursuing collection actions – under nearly all circumstances – for the length of time that a bankruptcy case remains active.

Generally speaking, the automatic stay prevents creditors from contacting borrowers directly (and instead prompts them to speak with a filer’s attorney and/or the court), halts garnishments and bank levies, and temporarily prevents foreclosure actions. However, there are some exceptions to this rule, so it is important to clarify how this legal protection will affect you uniquely. The experienced Connecticut asset protection attorney at The Law Offices of Ronald I. Chorches can help.

There are several reasons why the automatic stay exists. First, it allows bankruptcy filers time to resolve their bankruptcy cases without creditors interfering, confusing matters, and otherwise making the process difficult to track. (For example, if a borrower files a $10,000 debt with the court, and over the course of the bankruptcy case, the creditor of this debt tacks on $900 in fees, the court will have a harder time resolving the debt if it is unsure of how much the debt totals at any given moment.) Additionally, the automatic stay gives both filers and the court time to notify creditors of the bankruptcy filing and allows creditors time to formulate a response to that action.

Making Excellent Use of Exemptions

If you are not a high income-earner and you qualify for Chapter 7 debt relief, the asset protection attorney team at The Law Offices of Ronald I. Chorches can help you to protect your property throughout this process. Technically, the trustee assigned to a Chapter 7 case is empowered to sell a filer’s non-exempt property and assets. However, our team understands how to utilize every exemption available to protect our clients’ assets and property to the fullest extent possible under the law.

Making Debt Repayment Manageable

If you earn too much income to qualify for Chapter 7 bankruptcy relief and you aren’t struggling to keep a business afloat, chances are that you’ll be filing for Chapter 13 bankruptcy. This process reorganizes debt to make monthly repayments truly manageable. Filing for this kind of bankruptcy can help individuals protect assets in a variety of ways. Primary among them are saving one’s home from foreclosure, giving a filer time to catch up on secured debts so that they don’t lose their cars, etc., and generally making it so that you don’t have to sell your property to cover your debts.

If you have questions about your unique financial situation, don’t hesitate to connect with the trusted asset protection attorney team at The Law Offices of Ronald I. Chorches to learn more about how filing for bankruptcy may affect you uniquely.

 Asset Protection Through Alternatives to Bankruptcy

There are a number of alternatives to bankruptcy that could also help you protect your asset. We help clients negotiate mortgage modifications and debt settlements, and protect them through the strong foreclosure defense. 

Get In Touch With Us

Whether you are seeking individual asset protection solutions or protection of your business assets, we can help. Call us at 860-563-3955 or email us today to schedule a free consultation.