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Bankruptcy Groton CT: Ch.7 & Ch. 13 Bankruptcy Attorney

People who were hoping for a quick end to the recession that began with the sub-prime mortgage loan crisis in 2007 have probably figured out by now that a magic cure isn't coming. Many people avoided filing a personal bankruptcy with the na´ve belief that the economy would bounce back, jobs would be abundant and salaries higher than before. To date, none of those things have happened and if you have debt that is only getting worse, it's time to contact a professional bankruptcy attorney. Chris Carrozzella has years of experience helping Connecticut residents file Ch. 7 and Ch. 13 bankruptcies to help eliminate and manage debts including student loans, credit cards and medical bills.

What Led to Debt?

Some people have a hard time pinpointing what it is that got them in to financial trouble. Others know exactly where the wrong turn was made. One of the first things someone who is considering bankruptcy needs to know is how they got to the point of filing a personal bankruptcy. This knowledge won't make your current debt go away but it can be very helpful in avoiding debt in the future. If you know your debt stems from poor money management including maxing out several credit cards and only paying the minimum amount due while interest rates keep you one step behind and owing loans on homes and cars you never could afford is a start in curbing bad habits. However, your debt may be the result of a medical operation you absolutely needed even though you didn't have health insurance. The majority of personal bankruptcies, over 60%, are the direct result of medical bills.

How to Get Out of Debt

Once you've accepted that you are in debt and you have a clear understanding of why, you can then take the necessary steps to start paying back your debt in manageable payments or even liquidate some of your debt entirely. The quickest of the individual bankruptcy options is a Ch. 7 filing which involves the liquidation of the debtor's assets to pay off creditors. People who chose a Ch. 7 filing need to carefully research exemption schemes in order to compile a list of assets that a filer may keep set by the state of Connecticut. The other option is a Ch. 13 bankruptcy that does not liquidate assets but instead uses a payment plan agreed to by the debtor and a judge to see that outstanding debts are paid off between three to five years.


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