CONNECTICUT OR MASSACHUSETTS BANKRUPTCY OVERVIEW
Bankruptcy Attorney Serving Connecticut and Massachusetts
The Federal bankruptcy code exists to help debtors get a fresh start financially, even in the face of overwhelming debt. We all make mistakes or find ourselves in situations where we are no longer able to make ends meet. A divorce, losing a job, a prolonged illness or serious injury can have lasting effects that result in the need for a second chance. That is precisely what bankruptcy may be able to offer for you.
Although the specific process and benefits will vary depending on whether you file a Chapter 7, Chapter 13 or Chapter 11 bankruptcy, the end result is essentially the same: the elimination or reorganization of debt. By liquidating assets or reorganizing your debt and implementing a repayment plan, you may be able to discharge eligible debt, typically excluding certain taxes and child or spousal support obligations.
Chapter 7 vs. Chapter 13
The two main types of bankruptcy relief that individuals seek are Chapter 7 and Chapter 13. Recent laws have made it more difficult for debtors to qualify for Chapter 7, as they must pass a “means test” to be eligible. This is a basic evaluation of your income, and if a debtor makes a certain amount of money he or she may have to file a Chapter 13 case. There are also specific advantages to filing Chapter 7 versus Chapter 13. For example, Chapter 13 typically allows for more protection for your home and other assets, whereas Chapter 7 will result in a much quicker elimination of your debt.
If you would like to learn more about bankruptcy and how it may affect you, I welcome you to contact me. As a Connecticut and Massachusetts bankruptcy lawyer, I understand how to approach these cases and am able to explain to clients the many benefits bankruptcy may have to offer.
Learn more about the advantages of a Chapter 7 or Chapter 13 bankruptcy and how this may affect you. For a free consultation, call Attorney Sean F. Monahan at (860) 928-0789 today.
CHAPTER 7 LIQUIDATION
If you are facing overwhelming debt, creditor harassment, wage garnishment or repossession, filing a Chapter 7 bankruptcy may be an option for you to stop all debt collection efforts and eliminate your debt. You can finally get the fresh start you need.
Are you interested in learning more about bankruptcy and whether Chapter 7 is the right option for you? As a Connecticut/Massachusetts lawyer, I will meet with you to talk about your particular financial situation and what benefits a Chapter 7 filing may have for you. We can also discuss whether you qualify for Chapter 7 by applying the “means test,” which evaluates your income level, to see whether Chapter 7 or Chapter 13 is more appropriate.
About Chapter 7 Bankruptcy in Connecticut or Massachusetts
Chapter 7 bankruptcy is often referred to as “liquidation” as it involves surrendering certain assets to the bankruptcy court to be liquidated to pay off creditors. A common misconception with Chapter 7 cases, however, is that you will lose all of your property. Certain property is protected under Federal and Connecticut and Massachusetts law. And depending on your unique situation, certain debts for assets not otherwise protected may be reaffirmed provided you have the financial ability to do so. In short, you may even end up being able to keep all of your valuable property.
Chapter 7 bankruptcy is the most common form of bankruptcy that individuals throughout the U.S. file. When you file a Chapter 7 case, all creditors and debt collection agencies are required to immediately cease all collection efforts or lawsuits against you. Finally, you will be able to answer the phone without worrying that it is another angry creditor. You can get the breathing room you need.
Learn more about the advantages of a Chapter 7 bankruptcy and how this may affect you. For a free consultation, call Attorney Sean F. Monahan at (860) 928-0789 today.
CHAPTER 13- REORGANIZATION
If you are facing foreclosure and overwhelming debt but make a steady income or have substantial assets to protect, Chapter 13 bankruptcy protection is more likely the best option for you, if you are seeking bankruptcy relief. Filing for bankruptcy under Chapter 13 places an automatic stay on all foreclosure proceedings as well as any other debt collection efforts currently being undertaken against you.
Are you considering bankruptcy? Contact me today if you would like to learn more about your particular financial situation and how a Chapter 13 bankruptcy may affect you. We are experienced with these matters can offer you the honest advice and guidance you deserve.
How Does a Chapter 13 Bankruptcy Work?
In a Chapter 13 bankruptcy, a debtor will work out a repayment plan wherein he or she will make one monthly payment to a bankruptcy trustee, who will distribute this payment amongst your creditors. A Chapter 13 payment plan typically lasts 3 to 5 years, at the end of which all eligible debt will be discharged. Chapter 13 can stop foreclosure and offers debtors the opportunity to keep their home, car and other valuable assets.
Bankruptcy Attorney Serving Connecticut and Massachusetts
Not everyone will qualify for a Chapter 7 liquidation. And sometimes, a Chapter 7 liquidation is not the best option for a debtor. A Chapter 13 case typically offers more protection for your home, car and other assets. If you would like to learn more about how a Chapter 13 bankruptcy may affect you personally, I recommend you consult an attorney as soon as possible. A thorough evaluation with a legal professional can go a long way in your ability to make an informed decision about how to move forward.
Learn more about the advantages of a Chapter 13 bankruptcy and how this may affect you. For a free consultation, call Attorney Sean F. Monahan at (860) 928-0789 today.
CONNECTICUT OR MASSACHUSETTS FORECLOSURE DEFENCE
Stop Foreclosure – Contact Attorney Sean F. Monahan Today!
Facing foreclosure is a frightening situation, to say the least. You may be in danger of losing your family home because you lost your job or because you were persuaded into an adjustable rate mortgage that has now ballooned and you simply cannot keep up with the new payment. If you would like to learn your options to avoid foreclosure, please do not hesitate to contact a Connecticut/Massachusetts foreclosure defense attorney as soon as possible.
I can talk to you about your situation and offer you honest advice that will go a long way in helping you make the right decision about your home. Depending on your unique situation, I may be able to assist you in filing for bankruptcy or looking at another alternative to stop the foreclosure of your home. A short sale, deed in lieu of foreclosure or loan modification may be other options we can explore.
Can Bankruptcy Stop Foreclosure?
Although the specific situation will vary depending on your unique financial standing and your lender, filing a Chapter 13 bankruptcy case may be an effective way to stop the foreclosure of your home. As soon as you file for bankruptcy protection, the Bankruptcy Code contains an “automatic stay” provision that immediately stops all foreclosure proceedings as well as any other debt collection efforts against you. In the repayment plan you establish as part of your Chapter 13 bankruptcy case, you may be able to repay any missed payments or interest accrued over time.
Foreclosure Defense Attorney
In certain circumstances, filing a Chapter 13 bankruptcy may not be the best option for you. In these cases, we can look at other alternatives that may still allow you to save your home or may enable you to sell your home and avoid having a foreclosure on your credit. No matter your particular case and your financial goals, we can work together to reach a resolution that works for you.
Find out how you can avoid foreclosure. For a free consultation, call Attorney Sean F. Monahan at (860) 928-0789 today.
“We are a debt relief agency. We help people file for relief under the Bankruptcy Code.”