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Old Lyme CT: Ch.7 & Ch. 13 Bankruptcy Attorney

Debt can be a suffocating experience. When you discover you've spent more than you have and now creditors are seeking the money back, plus interest, it can be a very lonely and confidence-rattling experience. Unfortunately, people in debt tend to make a bad situation worse by ignoring the warning signs of poor financial planning and only when a house is in foreclosure or a vehicle has been repossessed do many people begin to see the light. Knowing how to navigate all the challenging legal matters during a bankruptcy filing is what bankruptcy attorneys are for and if you live in Old Lyme, CT and have questions about a Ch. 7 or Ch. 13 bankruptcy contact Chris Carrozzella today.

Filing a Bankruptcy in Connecticut

Seeing how bad financial planning got you into trouble it's probably not a good idea to represent yourself during a bankruptcy filing. You want someone on your side that knows the laws and can provide expert legal counsel that will help you make the right decisions regarding your bankruptcy. In Connecticut you have the option of filing a Ch. 7 bankruptcy or Ch. 13 bankruptcy. A Ch. 7 filing requires a means test to prove eligibility and that you earn less than the median Connecticut income. Ch. 7 filings can eliminate most of your unsecured debt and is often the best option for someone with little or no assets. A Ch. 13 bankruptcy doesn't eliminate your debts but does set up a plan that allows you to pay off your creditors in an agreed upon amount of time. Often the court will appoint a trustee who will receive the debt payments and disperse them to the creditors. Knowing which bankruptcy is right for you is important to getting out of debt in a manner you can manage.

Staying Out of Debt

The obvious benefit of filing a bankruptcy is that it stops creditors and collection agencies from harassing you and gives you room to breathe as you sort through your debts. One of the problems with filing a bankruptcy is that it can remain on your credit report for up to 10 years meaning it can be very difficult for someone to get a loan for a car or a home with bad credit history. When considering filing a personal bankruptcy in Connecticut it is important to weigh the pros and cons before making a decision so you take everything into consideration.

For a free initial consultation call today: 203-284-1445


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