Should I File for Bankruptcy?
Connecticut Bankruptcy Lawyer
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The following information is to help guide you in your decision to seek relief under the Bankruptcy Code. Please contact us for a free confidential consultation to further discuss your options or with any questions. We are here for you.
Bankruptcy - Do Not Feel Guilty
Bankruptcy is about starting over fresh. It is about getting back in control of your financial future. Do not feel any shame for considering bankruptcy. In today's economy, many people, from all walks of life, are in your situation. We have clients who were making $200,000 plus last year and living in $600,000 dollar homes. Then again, we have an 18-year-old who started out life with $35,000.00 in debt (thanks, MC/Visa/Amex) due to "free" credit cards. Who gives an 18-year-old a $5,000.00 credit line? Credit card companies.
Bankruptcy Is Not Your Fault
Take control, feel no shame. Thousands have been laid off. This is not your fault. You cannot control the economy, but you can take control back by contacting a bankruptcy lawyer.
The Credit Card/Debt Trap
Credit card companies have been begging you to charge at 23% (some 24.99%) for years. How many "account balance" transfer offers have you received? How many new extensions of credit? Here's the trap: after you have established a decent payment history with a credit card company, they up the credit limit. "Congratulations," they say. Now that you have more credit, you spend it. They will keep upping that credit limit until you can barely make the minimum payment. Now they own you. Make the minimum payment on your MasterCard or Visa, and you will be paying that debt for 35 years or more. Don't feel any shame about taking back control. The only thing the credit card companies have to fear is the United States Bankruptcy Code and a bankruptcy lawyer. That is why they lobbied Congress to the tune of $25,000,000.00 to get the bankruptcy laws changed to PROTECT THEM from you. If you are considering bankruptcy, please contact us. We offer a free consultation to help you come to terms with your financial future. We understand.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is about liquidating all nonsecure debts. Chapter 7 Consumer Liquidation Bankruptcy applies when the monthly payment on all personal overhead (rent/car payment/utilities/groceries) exceeds your take home income. You may keep your home and your car under the current state of the law.
Chapter 13 Bankruptcy
You take control when you set forth a Chapter 13 Bankruptcy plan that you can work with. Chapter 13 Consumer Bankruptcy applies when your income exceeds your monthly personal overhead to some extent such that you are able repay a portion of the debt back. Chapter 13 Consumer Bankruptcy is about putting you back in control. Chapter 13 can help save your house from foreclosure by reorganizing the arrearages you owe to the bank.
Credit Card Debt Management and Consolidation Services
Credit card counseling and debt management services do not work. Numerous clients have come to us after using a debt management company, "nonprofit" organizations which are funded by the credit card companies - are they on your side? No.
Further, some counseling services require you to give them your paycheck. They take their fee, pay the credit card companies a payment, and then give you a monthly stipend. Don't do this. Take control. Don't lose control of your financial future. Most people are unaware of this - if you breach your contract with a debt management company, you lose all of the benefits you have gained - penalties and interest all are put back. Did you contract with an agency to protect your credit? They are right there on your credit report as Debt Consolidation Service or Credit Management - a negative entry that tells creditors that you are a bad credit risk. Consumer bankruptcy and consumer bankruptcy attorneys and lawyers are about empowering you. Contact us - don't let someone else control you.
Getting Credit After Bankruptcy
You can get credit following your bankruptcy. Some clients have been very concerned about the state of their credit after filing bankruptcy. It is a fact, a bankruptcy entry will appear on your credit report for 10 years following the discharge. This does not mean that you will not be able to get a credit card or buy a home or car for 10 years. Far from it: creditors want you to borrow. Shortly after your bankruptcy discharge, you will receive credit card offers, probably from Providian. The fact is, you no longer have the majority of your debt; you have an ability to repay (income is freed up), and you can't declare bankruptcy (Chapter 7) again for eight years.
For additional information about the bankruptcy laws, the process, or to discuss your financial situation in confidence with an experienced bankruptcy attorney, we invite you to call us at 203-666-8954, e-mail us, or fill out our intake form on our Contact Us page.