Chapter 7 Bankruptcy Lawyer Hartford, CT
If you plan on filing Chapter 7 bankruptcy, you should consult a Chapter 7 bankruptcy lawyer Hartford, CT residents trust. Bankruptcy can be a complex process, so it’s helpful to have someone skilled on your side. A lawyer can guide you through the entire process and address your questions and concerns.
Signs You Should File Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy is a big decision and shouldn’t be taken lightly. Here are a few signs declaring bankruptcy may be the right choice:
- Most of Your Debt is Dischargeable: Before you file for bankruptcy, it’s important to understand that not all debts are dischargeable. Student loans, child support and tax debt can’t be discharged in bankruptcy. If the majority of your debt is dischargeable, such as medical bills and credit card bills, bankruptcy may be the right option.
- You Can’t Handle Your Minimum Payments: If it’s difficult to even pay the minimum on your bills, you’re in a tough financial situation and may have to file bankruptcy to get relief.
- You Lost Your Job: If you recently lost your job, it will become even tougher to pay your credit cards and other bills. Your bills will continue to pile up and it will become more and more difficult to pay them off.
- You Receive Daily Phone Calls from Creditors: If you’ve missed several payments on your bills, your creditors will likely call every day demanding payment. This can make your situation even tougher. If you file for bankruptcy, your Chapter 7 bankruptcy lawyer in Hartford, CT can put a stop to these phone calls.
How Chapter 7 Bankruptcy May Affect Your Credit
One of the downsides to filing Chapter 7 bankruptcy is the negative effect it can have on your credit. After you file, you can expect your credit score to drop. As a result, you may have trouble getting approved for mortgages and other types of loans. The bankruptcy may remain on your credit report for up to 10 years.
Although a lower credit score may be disheartening, understand that you can improve your score over time. For example, if you can’t get approved for a regular credit card initially, apply for a secured one. A secured credit card will require you to submit a cash security deposit. If you make timely payments, you may see your credit rating go up.
Schedule a consultation with a Chapter 7 bankruptcy lawyer in Hartford, CT from The Law Offices of Ronald I. Chorches, today.