How to File Bankruptcy in CT
Dealing with financial difficulties is an inevitable aspect of life. However, if you find yourself among the millions of Connecticut residents currently grappling with financial hardship as a result of job loss, illness, or any other unforeseen circumstances, filing for bankruptcy can provide much-needed relief. We recognize that bankruptcy can seem like a daunting process, but here we’ll provide an overview of how to file for bankruptcy in CT to help you better prepare.
The Steps of Bankruptcy
In the first step of bankruptcy, it’s essential to become familiar with the various types of bankruptcy. Discuss each kind’s eligibility requirements, consequences, and benefits with your attorney. Furthermore, your attorney can educate you on alternatives to bankruptcy and understand your options.
Forms & Documents
The next step is gathering the necessary documents for the bankruptcy filing, such as pay stubs, bank statements, and tax forms. You’ll complete bankruptcy forms with your attorney, who will ensure the accuracy and completeness of each form collected before filing it.
341 Creditor’s Meeting
The 341 meeting, also known as the creditors meeting, is mandatory at the start of a bankruptcy proceeding. Typically, the 341 meeting is scheduled within 20 to 60 days after the debtor files for bankruptcy. The primary objective of the 341 meeting is to examine the debtor’s financial situation and verify the accuracy of the information provided in the bankruptcy filing. As a result, the debtor must attend the 341 meeting and truthfully respond to inquiries posed by the presiding officer. In Chapter 7, 12, and 13 cases, an assigned bankruptcy trustee oversees the meeting. However, in Chapter 11 cases, a representative from the United States Trustee’s office conducts the meeting.
Debtor’s Education Course Certificate
The debtor education course is a financial management course that one takes after filing for bankruptcy and before the debts are discharged. The debtor education course teaches strategies to help individuals stay financially healthy after bankruptcy.
Different Types of Bankruptcy Explained
There are quite a few different bankruptcy types that can be filed for. These different types of bankruptcies are all meant for different purposes and groups.
This is the most common type that individuals file for. A court will appoint someone to watch over the selling of assets to ensure that everything is done correctly and legally. This selling of assets is done to pay the people or organizations that are owed money from those debts. During this bankruptcy type, debt is discharged.
Chapter 9 bankruptcy is a bankruptcy type reserved for municipalities and cities alike to pay back debts that they owe. School districts and towns are also included in this type.
Chapter 11 is used by big businesses and corporations. A court must approve a repayment plan of debts by a corporation or business to those who are owed money. Additionally, the entity is required to present a strategy for sustaining its operations throughout the debt repayment process. This unique aspect of Chapter 11 allows businesses to continue functioning while actively addressing their financial obligations.
Chapter 12 bankruptcy is specifically for fishermen and farmers. They can declare chapter 12 to keep themselves from having to sell off their equipment and property.
Chapter 13 focuses on debt repayment rather than debt elimination. Under Chapter 13, debts are structured to be repaid through monthly installments. This repayment process typically spans a period of 3 to 5 years, with the exact monthly amount determined by income levels and the total amount of debt. One notable advantage of Chapter 13 is that it allows individuals to retain their assets, as opposed to Chapter 7 where assets are often liquidated to satisfy creditors.
A Chapter 15 bankruptcy is used for international purposes and was established recently in 2005. This type of bankruptcy is used when someone has property or other assets in multiple countries including the United States.
Law Offices of Ronald I. Chorches
Bankruptcy doesn’t have to be a complicated process. By putting consideration into each step of the process, and having a bankruptcy attorney by your side, filing for bankruptcy will go smoothly. Contact the Law Offices of Ronald I. Chorches to speak with an expert attorney who can advice you further on how to file for bankruptcy in CT.