Hartford Attorney Offers Legal Guidance When Filing For Bankruptcy
Susan M. Williams, LLC, a knowledgeable and compassionate bankruptcy lawyer in Hartford, offers her sound legal advice to those who are considering filing or have recently filed bankruptcy in Connecticut. Attorney Williams is skilled at efficiently navigating this complex area of law, and can help you determine the best possible decision for you and your family or business. You may wonder about the differences between filing bankruptcy under Chapter 7, under Chapter 13, and under Chapter 11 of the Bankruptcy Code, and which one of these is pertinent to your needs. If you recently filed, you may have questions regarding the next best step in regaining financial grounding. Let the Hartford law office of Susan M. Williams help you to conclude this stage of financial instability.
Difference Between Chapter 7, Chapter 11, and Chapter 13 Bankruptcy
Chapter 7 bankruptcy is filed to allow the debtor a fresh start. The debtor is able to wipe out or discharge unsecured debt such as credit card obligations, medical bills, past due utilities, personal loans, deficiencies on mortgages or auto loans and certain taxes. These obligations are not paid back. In the majority of the Chapter 7 filings debtors do not lose any assets as they are protected by the exemptions enacted by Congress.
Chapter 13 bankruptcy is a wage earner’s reorganization. Most commonly the Chapter 13 is used to assist the homeowner in bringing a mortgage current. Additionally a 13 can be utilized to protect an asset that may be lost if the debtor were to file a 7. It is common to pay a dividend to the unsecured creditors through the 13 and discharge the balance once the plan payments end.
Chapter 11 bankruptcy is more complicated. Businesses use this chapter to reorganize their finances. This is the only option for limited liability companies, corporations, and partnership entities.
There are other ways to file for bankruptcy, as well. If you are considering bankruptcy for your individual or business financial needs, it would be in your best interest to speak with a knowledgeable bankruptcy attorney.
Speak With a Hartford Bankruptcy Attorney
The Hartford law office of Susan M. Williams, LLC is waiting to serve your needs and answer your financial questions. We understand how a difficult financial time can put strain on the whole family. Let us help you by efficiently navigating the complex bankruptcy legal system. You deserve a fresh start and we may be able to help you obtain that faster. Call our law office at [custom:phone] for a consultation, free of charge, or contact us online. We look forward to hearing from you.