Chapter 7 Bankruptcy Lawyer, Bristol
As the pandemic era eases, many Bristol residents are struggling with overwhelming debt and ever-increasing costs of living. Although their health may have survived the pandemic era, their personal lives and their finances have been altered in seemingly unfixable ways. They now find themselves struggling, often in secret, with bills and obligations that seem unsolvable. Their income may have faltered or decreased as costs go up and debt burdens become more and more overwhelming. Like most Bristol residents, they may be too proud or nervous to seek professional help – but it’s out there, it’s a phone call away, and it works. Thousands of Bristol individuals and families will struggle in silence, not even knowing that financial problems have legal solutions. They don’t know that the Chapter 7 Bankruptcy System was built to work for them, to protect them and their belongings from bills and angry creditors.
The Chapter 7 Bankruptcy System is the most common, widely-used Chapter of Bankruptcy in Bristol, CT. By producing a full elimination of all unsecured debt and credit card debt, Chapter 7 produces healthy budgets focused on household needs without the continuing monthly loss of money, wasted on endless credit card payments. In today’s environment of low-interest rates on secured debt like homes and cars, unsecured debt rates have never been higher. Banks have used low-interest money and historically low borrowing rates from the Federal Government to boost their profits by pushing credit card debt on all customers throughout the United States. Banks and credit card companies turn their low-rate borrowings into high-rate credit card debt and reap the profits. As the finance industry makes record credit card profits, Bristol families with credit card debt are plunged into economic poverty. Bristol’s hardworking residents fight to keep making wasteful high-interest credit card payments that destroy their family’s weekly budget and leave them scrambling every month with no future in sight. The government has created unrestricted credit card rates allowing the Banks to take full advantage by strapping hardworking Bristol families while they reap record stock market gains right through the pandemic and beyond. Credit card rates have boomed Bank profits while ruining middle-class budgets across the country.
Chapter 7 Eliminates Credit Card Debt
Fortunately for many Bristol families seeking help, there is a Federal Bankruptcy System that gives each and every individual the right to seek protection from overwhelming credit card burdens through Chapter 7 or Chapter 13 bankruptcy debt relief. The Bankruptcy Code provides our Chapter 7 Bankruptcy lawyer, Bristol with a full Federal legal system and all the laws or Bankruptcy Code provisions to stop creditors and eliminate their debts through full Chapter 7 bankruptcy relief. The Chapter 7 Bankruptcy System serves to:
- Stop all creditors immediately through the imposition of an Automatic Stay or Stop on all collection actions, suits, liens or foreclosures. The Automatic Stay is immediately effective at the moment of a Chapter 7 filing in the Federal Bankruptcy Court and cannot be altered in any way by unsecured creditors like credit card companies. It’s immediate and it’s permanent.
- Chapter 7 protects all of your assets and belongings in full permanently. Contrary to Bank created myths and scare tactics about bankruptcy protection, properly filed Chapter 7 cases create no loss of assets. In fact, Chapter 7 is used to protect your assets in full, free of threats or the interests of unsecured creditors forever.
- Chapter 7 extinguishes or “discharges” all credit card debts and all forms of high-interest consumer debt permanently, effective on the date we file your Bristol Chapter 7 Bankruptcy. It eliminates lawsuits, collections, letters, phone calls, and any efforts to collect immediately and permanently.
Under Chapter 7 protection, consumer debt and credit card debt payments are eliminated or “discharged” as you maintain all your assets and continue regular household expenses like mortgages, rents, and car loans. In today’s economy, Chapter 7 relief focuses on exactly what is most needed by all Bristol residents – credit card debt relief. In the hands of an experienced Bristol, CT Chapter 7 Bankruptcy Lawyer, Chapter 7 relief has produced thousands of new futures and fresh starts permanently, free from the shackles of overwhelming credit card debt.
To learn how Chapter 7 Bankruptcy relief can save your family budget and free you for financial success, call Attorney Neil Crane. It’s a hard and often scary first call to make, so Attorney Crane always takes each call directly. Call him at (860) 785-1000 and open yourself to a new world and a fresh start for you and your family.
Chapter 7 Full Asset Protection, Full Debt Relief
All Chapter 7 Bankruptcy petitions prepared and filed at the Law Offices of Neil Crane produce full, complete asset protection and full, complete debt elimination. All our Bristol Chapter 7 Bankruptcy cases protect what you own and get rid of what you owe. The Federal Bankruptcy Code grants all individuals the right to qualify for Chapter 7’s full debt relief. Because it’s a powerful way to fix exactly the problems faced by family budgets in today’s credit card world, it’s the most common and successful Bankruptcy Chapter filed in Bristol, CT. At the Law Offices of Neil Crane, we guarantee that our perfectly filed Chapter 7 petitions will fix exactly what ails you with no interference or loss of anything that you own.
In fact, Chapter 7 grants a protected legal status to your belongings granting them special protection from all creditors permanently. These federally-protected assets or Exemptions include:
- Bank Accounts
- Retirement Money
- Worker’s Compensation
- Social Security and Social Security Disability
- Household Goods
- Many Others
Chapter 7’s strong asset protection provisions make sure that these essential assets get special protection from creditors as Exempt Assets. Under Chapter 7, you’re permanently free from creditors, liens, levies or lawsuits. At the Law Offices of Neil Crane, we guarantee all our Bristol Chapter 7 Bankruptcy clients full asset protection in every case we file.
Qualify for Chapter 7 Bankruptcy Protection in Bristol, CT
The most important prerequisite to Chapter 7 eligibility is income qualification. While many generations of Bristol residents enjoyed Chapter 7 filings and its benefits regardless of income levels, the largest change in the modern bankruptcy era has been the imposition of standard guidelines for income qualification into Chapter 7. While all individuals are eligible for Chapter 7 or Chapter 13 relief, only income-eligible clients can get the full debt elimination of Chapter 7 under the new income guidelines as amended in the Fall of 2005.
Qualifying for the full relief of Chapter 7 requires the best Chapter 7 legal advice available in Bristol, CT. At the Law Offices of Neil Crane, we’ve qualified thousands of families throughout Connecticut for full Chapter 7 relief. Here’s how it works:
Income Qualifications Under Chapter 7, Median Income and Means Testing
With a thorough understanding of how to calculate income as well as family size in accordance with Chapter 7 rules and laws, certain basic income levels can automatically qualify for Chapter 7 full debt relief. The basic numbers for gross income in Bristol, CT are as follows:
Family of 1 – $70,000
Family of 2 – $90,000
Family of 3 – $103,000
Family of 4 – $130,000
While these numbers look fairly straightforward, defining income and family size is a somewhat complicated and nuanced set of criteria that requires the expert Chapter 7 Bankruptcy lawyers at the Law Offices of Neil Crane. Qualifying can be a tricky business, but it’s totally worth it, and at our office is guaranteed.
For families that can’t fit within the Chapter 7 median guidelines for Chapter 7 relief in Bristol, CT, there are Means Testing provisions and criteria carefully laid out in various Code provisions under Chapter 7. Means Testing is a complicated calculation of average income from all sources calculated over the trailing six (6) months x 2 compared to allowable expenses over the same time period. Means Testing involves net pay and certain expense deductions calculated in an effort to get higher than median income families into Chapter 7’s full relief provisions, even despite their higher income levels. It’s complicated, but it’s necessary and worth it.
At the Law Offices of Neil Crane, our Chapter 7 Bankruptcy lawyers are the most experienced Means Testing experts in Bristol, CT. We use decades of experience and knowledge to maximize Chapter 7 eligibility for all individuals and families regardless of income levels or family size.
To get the best Chapter 7 coverage and the best Chapter 7 results in Bristol, CT, call the Chapter 7 bankruptcy lawyers at the Law Offices of Neil Crane at (860) 785-1000. Attorney Crane will personally review your questions and concerns and show you the options that are available to you. Call us today. The only regret you will have is that you waited so long.