Your monthly bills are out of hand and you are now to the point where you can no longer pay them. You work every day and all of the overtime you can get and you are still unable to make ends meet. Filing for bankruptcy can be an unpleasant thought but it is something that you may need to consider some time in your life. If you are contemplating bankruptcy, experienced Bankruptcy Attorneys in Hartford CT can help you through the bankruptcy process and assist you in filing your claim.
Bankruptcy is a common, legal way to help you manage your debts. The services of Jefferson Hanna Law can help guide you through the bankruptcy legalities, inform you of your rights and assist you with the options that are available so you can get a handle on your financial situation.
The two most common types of bankruptcy protection are Chapter 7 and Chapter 13. Chapter 7 is the liquidation plan. All non-exempt assets belonging to the debtor will be liquidated in order to raise cash to pay off the creditors. In a Chapter 7 bankruptcy, most un-secured debt such as credit cards and medical bills are cleared. Certain debts such as student loans and taxes cannot be cleared. Chapter 13 bankruptcy protection is a plan where debtors who have jobs or a regular income can work out a payment plan with their creditors. The payment plan is administered by the court and is never more than a 5-year period. Under federal law, a person is also now required to obtain credit counseling through approved agencies before they can file bankruptcy.
It is important to understand that filing bankruptcy is a serious decision and should not be taken lightly. It will make a huge impact on your credit for many years. However, it can also give a person who has been burdened with debt a way to start anew. Get referrals from family and friends. Recommendations are always a good way to find Bankruptcy Attorneys Hartford CT. A popular review site on the Internet called Angie’s List can also provide you with reliable and useful information regarding bankruptcy attorneys in your area.