The truth is that anyone can find themselves in a very financially burdened situation due to a number of unforeseen events such as a:
- medical emergency
- natural disaster
- major family issue
- came up on the losing side in a lawsuit inexplicably
- house fire
- or loss of job
Bankruptcy is actually a legal process which is designed and meant to help such people get out of their rut. When you are no longer able to keep up with your mortgage payments, then the bank or the creditor may begin the process of foreclosure.
Foreclosure is a process where your house and/or other property may be auctioned off to the highest bidder and the money raised therein is collected by the creditor.
However, if you file for bankruptcy then you can effectively stop this process in its tracks. Not only are you going to be relieved from bankruptcy, but you will also get to keep your house, car, etc.
You need legal help to do this though but you are in the right place. USAttorneys.com has come through for many people in the past and can do the same for you. Legal help is right around the digital corner!
We have the legal counselors who can help turn your life around. You only need one!
Types of bankruptcy in Connecticut
There are several different types of bankruptcy which are legally recognized in the state of Connecticut. However, some of the most common ones are as follows:
- Chapter 7 bankruptcy
- Chapter 11 bankruptcy
- Chapter 12 bankruptcy
- Chapter 13 bankruptcy
So what do these different types of bankruptcy mean? How do they work? And which is the right type of bankruptcy for you and your situation? These are all questions you may want immediate answers to. Here is an overview of the different types of bankruptcy.
Chapter 7 bankruptcy – Chapter 7 bankruptcy can be filed for by both low wage earners and blue and white collar professionals alike. Chapter 7 bankruptcy is meant to provide a fresh start to those who have become paralyzed by copious amounts of debt and are simply not able to pay off their debts anymore.
If an individual files for and acquires chapter 7 bankruptcy, then his or her debts may be wiped clean or discarded completely and this way, the individual literally gets a fresh start at life.
Chapter 11 bankruptcy – Chapter 11 bankruptcy is not meant for individuals per se, but instead meant to relieve small businesses and companies that have come upon hard times and are no longer able to meet their taxes or payroll.
Chapter 12 bankruptcy – This is meant to assist family farmers and family fishermen that have become burdened by more debt than they can handle.
Chapter 13 bankruptcy – This is the most common form of bankruptcy filed. This kind of bankruptcy is where people’s debts are not wiped off, but instead they are provided with a more flexible and convenient pay back option where they can pay smaller installments for a longer period of time.
Get your case going today!
If you are having a tough time making ends meet, filing for bankruptcy may be exactly what you need to do. A sterling and dedicated Connecticut bankruptcy lawyer’s help can prove most valuable during this time. To reach out to the top legal experts in your county or area simply click on the interactive map on USAttorneys.com.
This tool will allow you access to the contact details of legal representatives who can guide you down the right legal path. You can also search through the local lawyers’ directory on our homepage for an attorney as well.
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