Connecticut Bankruptcy Filing

Bankruptcy helps debtors who are unable to pay back their bills or whose home or other assets are being foreclosed or repossessed. Bankruptcy allows individual people or businesses a chance to reorganize their finances, get out of debt, and start anew.

Bankruptcy is the legal procedure involved in relieving debt through the court system. In the United States, individuals and businesses may file for bankruptcy, and all bankruptcy cases are dealt with by federal courts rather than at the state level. Bankruptcy may be voluntary, or forcefully initiated by the creditor.

Bankruptcy is usually the last option that debtors use to resolve their financial crises. However, in today’s uncertain economic climate, the stigma implied by filing bankruptcy in Connecticut has faded. A bankruptcy attorney will help you understand your financial situation, explore your choices, and decide whether or not bankruptcy is right for you.

Steps to file bankruptcy in Connecticut

If you are considering filing bankruptcy in Connecticut, it is important to know what steps are involved. Although you can file bankruptcy without an attorney, the statutes and laws are complicated. For most people it is always recommended to hire a lawyer to discuss your financial matters with before you decide to file.

The following are some qualities that you should look for in an attorney:

  • Fee: Some attorneys charge a flat rate for all cases, while more experienced attorneys often charge in accordance with the complexity of your affairs and their understanding of other issues that may arise in your particular case.
  • Reputation: Does the firm have a history of success in bankruptcy cases? Check each firm’s record and experience
  • Focus: Research firms that focus on bankruptcy. All lawyers have areas of strength. Your attorney should have plenty of experience and an active practice in bankruptcy law.

The bankruptcy process

An attorney will guide you through the bankruptcy process. Most kinds of bankruptcy include the following steps:

  • Petition and Schedules: Your attorney helps you file a petition for bankruptcy and schedules and other important documents.
  • Meeting of creditors: Also called the 341 meeting, this gathering allows creditors to ask you questions regarding your debt, although in most cases only the court-appointed trustee will be the only person who appears.
  • Asset assessment: In a Chapter 7 bankruptcy, the trustee decides if you have any assets that can be sold to pay off your debt. If the trustee finds your assets exempt, nothing would be taken from you and nothing will be paid to all the the creditors.
  • Payment plan: In a Chapter 13 bankruptcy, you must offer a three to five year payment plan.

The creditors have 60 days following the 341 meeting to challenge any debt discharge. If none of the creditors files a lawsuit, you will be discharged of your debt.

Connecticut bankruptcy law firm

If you are thinking about filing for bankruptcy in Connecticut, consider the law firm of Coan, Lewendon, Gulliver & Miltenberger, LLC. Based in New Haven, we offer 28 years of experience in all of Connecticut’s bankruptcy courts. We understand the stress that comes with bankruptcy, and will offer you the support you need during this difficult period. To schedule an initial consultation, contact Coan, Lewendon, Gulliver & Miltenberger, LLC today at (203) 745-0172. We look forward to representing you.