Many hard-working people may face financial problems at some point in their life, and this could be due to no fault of their own. A medical problem, divorce, or layoff could push you to a financial limit. However, you do not have to suffer alone. There are resources available to you that can get you out of this predicament. Our Branford, CT Chapter 7 bankruptcy lawyer knows that you may be under immense pressure and are unable to see the light at the end of the tunnel. But rest assured, once we talk further about your situation we can advise what to do next that will be in your best interest. At The Law Offices of Neil Crane, we are more than happy to help people get out of severe financial difficulty.
How Chapter 7 Can Help You
To summarize, Chapter 7 bankruptcy allows you to get rid of debts so that you receive a clean slate to start fresh. You won’t have to worry about making overdue payments. But in exchange, you have to liquidate your assets, allowing you to pay off your debts. After that is done, lenders should not be bothering you anymore. Keep in mind that simply by filing for bankruptcy, those you owe debts to are not permitted to contact you about payments. This is referred to as an automatic stay, where credits must halt contact, payment requests, and any legal actions taken against you. Chapter 7 can help you if you have assets you don’t mind liquidating. Other bankruptcy chapters may be suitable for you, but may entail a repayment that you must commit to for years to come. Chapter 7 allows people to use what they own to turn that into funds and pay off creditors.
Qualifying For Chapter 7 Bankruptcy
To file for Chapter 7 bankruptcy, there are certain qualifications you must meet. Firstly, you must not have enough household income to repay your debtors. You must also pass the means test. This assesses your income against the median of your household in the state. You cannot have a recent bankruptcy discharge. You are not able to file for Chapter 7 if you have had a discharge under this chapter within the past 8 years, or a Chapter 13 bankruptcy discharge within 6 years. It may be required of you to get credit counseling from a government-approved credit counseling agency. You do not have to complete counseling before filing for bankruptcy, but you need to finish it no more than 180 days before a bankruptcy discharge, and it must entail a two-hour financial management course. If you have questions about other qualifications, contact us as soon as you are ready.
The Law Offices Of Neil Crane
Enduring financial difficulty can be overwhelming. Our team at The Law Offices of Neil Crane understand that you may be worried about your current circumstances and the stability of your financial future. Our CT Chapter 7 bankruptcy attorney is ready to speak with you about whether bankruptcy is going to benefit you. We hope to offer the information and guidance you need today.
