Bankruptcy Attorney Bristol, CT
For most people living in Connecticut, filing for bankruptcy is really their last resort. They often hold back, trying to avoid the process, hoping they can figure out a way to get caught up with overwhelming debt, only to come to the realization that bankruptcy is their only option. The good news is that bankruptcy is often the best thing you can do for your financial wellbeing and while it may make it difficult to get a credit card, obtain a mortgage or vehicle loan, and lower your credit score, the truth is that being consistently late with your debt payments or not being able to pay at all does the same thing, often with even more of a negative impact. If you would like to find out how bankruptcy can help you get a fresh financial start, call a bankruptcy attorney in Bristol, CT.
If you are struggling with debt but are unsure if bankruptcy is the direction you should go in, the following questions may help answer that question.
Do your debts far exceed your income?
Make a list of all the debt you currently have including rent or mortgage, vehicle payments, credit cards, and personal loans. Add up how much debt you have. Now make a list of all the income you have coming in each month. For most people, that will likely only be their wages. If the debt you owe is significantly higher than your monthly income, bankruptcy may be a good option for your situation.
Is your lender threatening to foreclose on your home or repossess your vehicle?
If you are facing home foreclosure or vehicle repossession, filing for bankruptcy will put a temporary hold on any legal action the bank or lending company is threatening you with. This not only gives you time to readjust your finances but your Bristol, CT bankruptcy attorney may also be able to work out a better financial deal for you, such as a cram down loan for your vehicle.
Have you tried negotiation payment options with your creditors?
If you are considering bankruptcy, have you first tried working out a better payment plan option with your creditors? Many creditors will not get paid in a bankruptcy action as many debts are discharged. Because of this, they are sometimes willing to work with customers. If you have tried unsuccessfully to work with creditors, then it may be time to call a bankruptcy attorney to see what your legal options are.
Contact a Bankruptcy Law Firm for Help
At The Law Offices of Ronald I. Chorches, we understand what a stressful and even frightening time this may be for you, unsure of how you will pay your bills and keep a roof over your family’s heads. That is why we will do all we can to make sure that you do get a fresh financial start and are able to wipe your debt slate clean. Call our office today to schedule a free consultation with a skilled Bristol, CT bankruptcy attorney.