The first step in deciding whether to file for bankruptcy is right for you is an analysis of what you own, what you owe, and how much of your income is being taken away by your monthly debt service. If too much of your income is lost to paying on your monthly debt, your budget becomes unbalanced and even the hardest of Connecticut’s sacrificing workers won’t be able to get ahead of it. Too much of your money going to past due bills means that you won’t be able to afford essential services like food, housing, utilities and car payments.
Meeting with Attorney: A meeting with a professional bankruptcy attorney will provide an analysis of all your assets, liabilities, income and expenses. The first important step in the process is a prompt, thorough evaluation of the reasons and solutions for your financial predicament before you file for bankruptcy. This is the Initial Analysis.
Create a Customized Plan: The next step in the process is formulating the Plan for each individual’s financial recovery. The key to any successful case is a plan that precisely fits the needs and problems in each client’s circumstances. No two cases are entirely the same. Perfect plans require analysis and long-term experience with successful plans that have produced decades of financial recovery for each and every individual case. We’ve completed over 15,000 cases.
Perfect the Case to File for Bankruptcy Court: The third step in the process is immediate relief from creditors with the prompt and thorough submission of your individual case. In our office, all collection calls are immediately referred to our office, all collection actions against you are halted and any lawsuits are monitored to be eliminated in the short future. We like to have an in-depth first draft of your entire case within the first week of our retention. Creating a client’s Document Checklist and collecting perfect documentation is a critical step to assuring the best possible outcome and the predictability of a perfectly filed case. Cases with higher income families will need a Means Test to determine eligibility under Chapter 7 or Chapter 13.
Discharging Debt In Bankruptcy
“What types of debts can be discharged in bankruptcy?” This is one of the most common questions asked by people we discuss debt relief with every day. And it’s a very good question!
Unsecured debt, as listed below, can be discharged in Chapter 7 bankruptcy or modified under Chapter 13. Tax debts can be eliminated or modified. The proper use of bankruptcy to discharge your unsecured debt allows you and your family the disposable income necessary to repay more important debt obligations, such as your mortgage, rent and car payment. It also allows you to reallocate limited financial resources to rebuild your financial future with the stability necessary for long-term financial security.
Unsecured debt is dischargeable in bankruptcy, and is any of the following:
- Credit card debt
- Divorce debt (properly utilized, Chapter 13 can alter certain divorce provisions)
- Foreclosure deficiencies
- Tax debt (depending on several factors)
- Medical debt
- Gambling debt
- Co-signed and joint debts
- Repossession deficiencies
- Pay day loan debt
- Personal loans
- Business debt
- Personal guarantees
Secured Debt consists of mortgages, car loans and certain business loans. While secured debt cannot be eliminated in all bankruptcy cases, it can be modified or reduced, depending on the Chapter of bankruptcy and the type and value of the secured assets. Mortgages, liens, attachments and garnishments are all forms of secured debt that can be eliminated or modified in bankruptcy filings.
With the assistance and knowledge of our debt relief lawyers at The Law Offices of Neil Crane, you can benefit from the opportunities available under the law to discharge your burdensome debt load with a well-planned, well-informed strategy that is the best possible resolution in your particular situation. Discharging debt through Chapter 7 bankruptcy will allow you to completely eliminate these debts and gain a financial fresh start.
Finding a Bankruptcy to Fit Your Needs
Every financial problem is different, and every type of bankruptcy is unique. We take a comprehensive, holistic approach to our clients’ debt issues based upon years of work and thousands of successful cases before we file for bankruptcy. We will work with you to understand the full extent of your debts, your income and your goals for the future. That way, we can help you select the type of bankruptcy that best meets your needs such as:
Chapter 7 Bankruptcy is the most common form of bankruptcy relief. It discharges or eliminates a creditor’s rights to collect from individuals while stopping collection actions, foreclosures, and lawsuits.
Chapter 13 Bankruptcy is the most comprehensive form of individual bankruptcy relief, allowing for the elimination or modification of all types of debt, secured or unsecured, through a customized Chapter 13 Plan of Reorganization.
Chapter 11 Bankruptcy is primarily utilized by businesses seeking creditor protection and a Plan of Reorganization that provides future financial success.
Bankruptcy Tax Solutions:
- Chapter 7 bankruptcy tax relief so you can get a fresh start and discharge older taxes and unsecured debts
- Chapter 13 bankruptcy tax relief to help you eliminate older tax debt and create a three- to five-year payment plan for all types of taxes
- Chapter 11 bankruptcy tax relief for businesses to reorganize their taxes and other debts
- Chapter 20 tax relief, which uses both Chapter 7 and Chapter 13 to maximize your debt relief
We also have the knowledge and experience to help you stop and remove tax liens, levies, garnishments and seizures.
Qualifying for Debt Discharge
Under the Bankruptcy Law, particularly Chapter 7, people seeking relief under Bankruptcy now must qualify to enjoy the total benefit of fully discharged debt. Our Bankruptcy experience will assure that you get the best possible chance to qualify for full debt relief under the Bankruptcy Law in order to provide you and your family with the most complete discharge of all debt. We work to make the most difficult cases yield the greatest debt relief possible under the law. We create solutions where other lawyers can’t.
To maximize your chances for total debt relief, you need to rely on counsel that is fully specialized and knowledgeable in the intricacies of the “Median Income” and “Means Testing Requirements of the Bankruptcy Law. Through hard work and the assistance of good clients, we have navigated through the new income requirements and successfully completed more than 5,000 Connecticut cases since the new law began. At the Law Offices of Neil Crane, we’ve used our hard work and dedication to become the largest providers of debt relief in Connecticut.
The Automatic Stay
When you file for bankruptcy, an automatic stay goes into effect. This stay puts a stop to all collection actions, lawsuits and foreclosures against you. This includes all collection efforts by the IRS or DRS such as:
- Wage garnishment
- Seizure of assets
- Liens on property
- Civil actions to collect tax debts
All creditors you declare as part of your bankruptcy will be barred from pursuing compensation from you during the bankruptcy process. It will stop all phone calls from creditors or other debt collection practices. This gives you the breathing room to assess your financial situation and create a plan to eliminate or affordably reorganize tax debts and other obligations.
Tax Debt Treatment in Bankruptcy
All personal taxes, whether they are federal, state or local, are subject to modification in bankruptcy. This means that you will be able to eliminate or create payment plans and payment restructuring for all types of taxes. As skilled practitioners, we can help you develop a plan to get your tax debt under control. In addition to all the options available under Bankruptcy Law, we have assisted clients with offers in compromise, installment agreements and other tax solutions at every level.
Why Choose Us to File for Bankruptcy
At The Law Offices of Neil Crane, we offer an attorney-driven debt relief program that has provided solutions for thousands of Connecticut residents since 1983. With six attorneys and a combined experience of over 100 years, our dedicated professionals know what has worked in the past and the current status of the most recent developments in consumer debt protection. Put our knowledge and experience to work for you and your family. We’ve provided financial futures for thousands of families since 1983 and it will work for you, too.
We employ a program of careful and complete analysis with industry-best preparedness and persistent advocacy on behalf of our thousands of Connecticut success stories since 1983. Based on our state-wide reputation and experience, your creditors will immediately respond with a new and more negotiable attitude from the first moment we become involved on your behalf. We use our experience to create a customized program based on Analysis, Preparation and Advocacy before we file for bankruptcy.
- ANALYSIS: Obtaining the best results requires the experience and dedication to properly analyze a client’s budget and debt relief needs. We offer all clients an unlimited initial consultation with an experienced attorney at no charge. This will produce a proper and proven game plan, customized to your income and debt relief needs.
- PREPARATION: We combine our knowledge of the law along with our experience to fully prepare to do battle on your behalf. We know that creating a properly prepared plan is the key to forcing creditors into a debt relief plan that will really work for you. Taking control away from creditors and empowering you as a borrower is critical to your long-term success. We don’t wait for their solutions, but instead create solutions and back them with the facts, figures, evidence and documentation to effectuate your our customized debt relief plan.
- ADVOCACY: Once we’ve properly evaluated, authorized and prepared the proper plan for your success, we use our knowledge and experience to strongly advocate for a debt solution that works permanently for you. In over 15,000 cases, we’ve built a reputation for thoroughness and endless persistence on behalf of our clients.
Creditors, debt collectors and their attorneys know and respect our work. These hard-earned long-term relationships put our reputation to work for you. No creditor can match our persistence or our endless commitment to our clients and our debt relief solutions.
Contact a Connecticut Bankruptcy Attorney
We offer a free initial consultation to help you determine your eligibility and evaluate the proper path in your unique situation. Call us today at 203-230-2233 or complete our online contact form. When you call us, you will always speak to an attorney. We do not use voicemail. We are committed to providing excellent service and legal protection.