Chapter 7 Bankruptcy Lawyer Hartford, CT
If you don’t earn much income and you’re struggling with debt-related financial challenges, it may be time to connect with a Chapter 7 bankruptcy lawyer Hartford, CT residents trust. Filing for bankruptcy isn’t the best debt management solution for every situation. Depending on the kinds of debt you’re dealing with, whether you own a great deal of valuable property, and what your financial goals are, your needs may be best served by pursuing debt consolidation or a debt management plan. However, if a significant fraction of your debt is unsecured (including overdue credit card balances, medical debt, etc.) and you’re hoping to achieve a fresh financial start, filing for Chapter 7 bankruptcy may be an excellent fit for your situation.
The Potential Benefits and Drawbacks of Filing for Chapter 7 Bankruptcy
Chapter 7 bankruptcy is not a debt relief solution that is available to all Americans. There are income limits imposed on this Chapter of the Bankruptcy Code so that only low-income Americans unlikely to be in a position to repay their debts any time soon can take advantage of it. These limitations are put in place because, unlike Chapter 13 bankruptcy, Chapter 7 bankruptcy doesn’t require filers to repay a significant portion of their eligible debts before they can be discharged. At the end of successful Chapter 7 bankruptcy filing process – which can be wrapped up in as few as 90 days – all of the filer’s eligible debts are discharged outright. This means that the filer will never be held responsible for that debt again and creditors can never ask that the debts in question be repaid. As Chapter 7 bankruptcy significantly limits the rights of creditors to receive repayment, this debt relief solution remains available only to the lowest-income American filers.
The primary drawback associated with the Chapter 7 bankruptcy process is that the trustee assigned to a filer’s case has the authority to sell any of that filer’s property that is considered exempt. Connecticut has generous exemptions available that protect most or all of an “average” filer’s property. However, if you own a significant amount of luxury property that isn’t exempt, you may want to ask a Hartford, CT Chapter 7 bankruptcy lawyer how filing for debt relief under Chapter 7 could affect your ownership of these assets.
Legal Assistance Is Available
You don’t have to know for sure whether filing for bankruptcy is the best option for your situation before connecting with the experienced Connecticut legal team at the Law Offices of Ronald I. Chorches. We’d be happy to review your financial situation in a consultation setting and then advise you of all the options applicable to your situation. We’ll also never try to “sell” you on our services. You’ll never face any pressure to file for bankruptcy when you speak with our team. Our job is to explain your rights and options and to provide you with our objective analysis of which option(s) may best suit your circumstances. Please contact an experienced Hartford, CT Chapter 7 bankruptcy lawyer with our firm today; we look forward to speaking with you.