Know Your Personal Bankruptcy Options With The Guidance Of A Middletown Attorney
If you are concerned about your financial situation and believe that bankruptcy may be the right option for you, R. Richard Croce, LLC, is here to help. While filing for bankruptcy in Connecticut can be a complex and confusing process, I have decades of experience and know-how to help you successfully navigate your financial situation.
Differentiating Between Chapter 7 And Chapter 13
While both Chapter 7 and Chapter 13 can provide debt relief to consumers, there are some major differences between them. Often called “liquidation bankruptcy,” Chapter 7 involves selling your nonexempt assets and then using the money from those sales to pay back your creditors. Many individuals choose this option to clear any unsecured debts, such as credit card bills. However, to qualify for Chapter 7, you must have minimal disposable income. If you have too much income to pass the means tests, you may have to opt for Chapter 13 instead.
Chapter 13, also known as “reorganization bankruptcy,” will require you to make a repayment plan with your creditors. Your income and the amount and types of debt you have will determine the total amount of debt you must pay back. You will likely get to keep all your property, even assets that are not considered exempt. However, you must be able to afford monthly payments for a missed mortgage or car bills, as well as pay off any nondischargeable debts that remain, such as child support.
Assessing Which Bankruptcy Type To Choose
To determine which option is the most ideal for your situation, you will need to review the following:
- Your current income
- Assets (both exempt and nonexempt)
- Types and amounts of debt
- Overall financial goals
Not only do I help you pursue bankruptcy, but I also offer a 7 Steps to a 720 Score program that allows you to restore your credit in the process. My main priority is to provide the debt relief and resolution that you need to move forward in life.
Schedule A Free Consultation Today
Still have questions about the bankruptcy process? I am here to help. Give my firm a call today at 860-398-4573 to set an appointment for your free initial consultation. You can also reach me via email.
R. Richard Croce, LLC, is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.
