Discharging of Debts and Starting Over

Connecticut Bankruptcy Attorney Helps You Erase Debt and Get a Fresh Start

Connecticut Bankruptcy Law Firm Focused on Discharging Debts

These days, more and more people are finding themselves in financial trouble due to the combination of existing debt and a poor economy. Filing for bankruptcy is not a failure; instead it will allow you to discharge certain debts and start over with a clean slate.

Chapter 7 Bankruptcy

Chapter 7, also known as liquidation, is the most commonly filed petition for individual bankruptcy. Under chapter 7, you file a petition asking the court to discharge your unsecured debts, which might include credit cards and medical bills. In exchange for the discharge of debts, you will be asked to give up any nonexempt property that you may own to the bankruptcy trustee, who will sell the property and use the proceeds to pay your creditors. The law allows that certain items be exempt from the bankruptcy, up to a certain dollar amount, and will allow you to keep exempt property, which commonly includes your home, car, personal possessions, pensions, retirement plans, and employment wages.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy, also called reorganization or adjustment of debt, allows you to file a plan with the court that will explain how you will pay off some of your debt over a period of three to five years. Although not all your debt will be discharged in a chapter 13 bankruptcy, the most important aspect of reorganization is that it will allow you to keep property, including your home and car that might otherwise be lost in the bankruptcy process, provided you make the required payments to your creditors. At the end of the plan period, your debt will be paid in full and you will be given a financial fresh start.

If you have substantial debt that you are unable to repay, the attorneys at Susan M. Williams LLC can help you discharge your debt through bankruptcy and start over. Contact our firm online, via e-mail, or call 860-265-4928 to schedule your free initial consultation with one of our attorneys today.

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