Everyone has financial issues from time to time, but they eventually smooth out. But if your situation gets to a point of living one paycheck away from disaster, it’s time to take a look at your situation. What was once a pleasant life in Hartford with all of the extras is now misery because you can barely afford to stay afloat. Don’t wait any longer for things to get worse. Contact a Bankruptcy Attorney Hartford CT for help.
Bankruptcy comes with a lot of negative connotations, but those who have done it are going to tell you that it was the best thing they ever did for themselves. Being relieved of unpayable debt through legal means is a wise choice that helps you move forward instead of being held back by creditors. While no one wants to stiff those who they borrowed money from, sometimes it’s necessary. There are also times that creditors don’t help themselves by making it more difficult to pay as well. Make talking to a bankruptcy attorney Hartford CT your first priority.
Filing for bankruptcy means entering one of the two most common consumer chapters, Chapter 7 and 13. There are different requirements for each chapter which are mainly related to income. Both eliminate debt in its entirety, although a Chapter 7 is over within a matter of months and a Chapter 13 can last for up to five years. It all depends on your income and assets. You can also enter a Chapter 13, have a change in financial situation and petition the court to go to a Chapter 7.
Each chapter is straightforward in that both require that the debts be paid off as much as possible. In a Chapter 7, you liquidate assets that have positive equity to pay off creditors, and a Chapter 13 creates a payment plan. In order to determine which chapter you fall into, you have to fill out the means test. This test walks you through all of your income and debts to come to a conclusion as to which chapter you are eligible for. From there, it’s a matter of filing a petition, although it’s best to do so with a lawyer.
Bankruptcy is a complicated process, and retaining a lawyer eliminates all of the uncertainties that go with filing. Talk to one about your options as soon as possible.