Finding Legal Solutions to Financial Problems Since 1983

At the Law Offices of Neil Crane, LLC, our bankruptcy attorneys focus exclusively on financial problems that affect families and small businesses throughout Connecticut. Because this is all we do, we have the focus, knowledge and skill to assure that each problem gets the best possible solution.

Types of Bankruptcy

Our law firm handles all types of financial problems and all chapters of bankruptcy for clients across the state. Chapter 7 and 13 are often utilized for individuals and small businesses while Chapter 11 generally serves the needs of larger businesses.

Legal Solutions to Your Financial Problems.

Why You Need a Lawyer 

Having a lawyer on your side when deciding if you want to file for bankruptcy is important for many different reasons. First, your lawyer will be able to tell you if filing for bankruptcy even does seem like the best option for you. We will always have your best interest at heart and help you determine what the best choice is for you and your family. Second, we have helped people file for bankruptcy countless times and will know how to navigate through the process. From the paperwork and decisions that need to be made, we can do it all with you. This can give you peace of mind as you go through a difficult process. Finally, we will not leave you as soon as you have filed. We have resources that can help you get back on your feet and will help guide you through the filing process and beyond. This is important so that you do not find yourself in this position again in the future. We offer invaluable experience and will answer any questions, big and small, about your case.

How to Avoid Having This Happen Again

Once you have filed for bankruptcy, you want to begin rebuilding your credit and getting financial stability back. After all, this is why you filed for bankruptcy in the first place. You wanted a fresh start and to be free from debt. If you fall back into the same spending habits or do not plan for the future, you may find yourself in a sticky situation for you or your business again. This is why having a financial advisor could be a useful tool after filing for bankruptcy. We will have recommendations of who to speak with and what to do after you file. Do not hesitate to speak with one of our bankruptcy attorneys about planning for the future and avoiding filing again in the future. It is possible to rebuild your credit and begin saving for the future. You should never feel shy to ask for help. We have seen it all and know the habits that can be detrimental to your credit as well as what has worked for those who have had to file for bankruptcy in the past. Reach out to your bankruptcy attorney today to learn more about life after bankruptcy. It will take time to rebuild your finances, but will not be an impossible task, especially with additional assistance from people who are knowledgeable in this field. 

Contact Us Today

Many clients have told us that – before they sought our services – they didn’t know that financial problems have legal options and solutions. They didn’t know that our lawyers have many decades of experience and the knowledge to provide all the best options available. Instead of talking to a lawyer, they had unnecessarily endured months and sometimes years of financial stress. If you are facing that same financial stress, call us for a free, in-depth consultation Getting educated about your specific problem is the first place to start. Start by looking around our website. If you are having financial difficulty, contact us to schedule a free consultation.

Choosing The Right Bankruptcy Option

When financial difficulties become overwhelming, bankruptcy may be a practical solution for individuals and businesses to find relief from debts and regain stability. However, selecting the right type of bankruptcy is essential for ensuring that the process aligns with personal or business goals, current financial status, and future outlook. Each type of bankruptcy offers unique benefits and has specific eligibility requirements. At The Law Offices of Neil Crane, we work with clients to help them understand their options and choose the best path forward.

Chapter 7 Bankruptcy

For individuals or businesses seeking a fresh start and relief from most unsecured debts, Chapter 7 bankruptcy may be a viable option. Often referred to as “liquidation bankruptcy,” Chapter 7 allows for the discharge of eligible debts, including credit card balances, medical bills, and personal loans, through the liquidation of certain non-exempt assets. In many cases, individuals are able to keep essential assets like their home, car, and personal belongings due to state or federal exemptions. This type of bankruptcy is typically completed within a few months, providing quick relief and a clean slate for moving forward.

To qualify for Chapter 7, individuals must pass a means test, which evaluates income levels relative to state median income. If the income is too high, Chapter 7 may not be an option, and Chapter 13 could be a more appropriate choice. Consulting with a legal professional can help determine eligibility and evaluate whether Chapter 7 best suits the individual’s situation.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is commonly chosen by individuals with a steady income who want to keep their assets while reorganizing their debt. Rather than liquidating assets, Chapter 13 establishes a structured repayment plan, usually lasting three to five years. During this period, individuals make regular payments to pay off all or part of their debts. Chapter 13 can be especially beneficial for individuals facing foreclosure, as it allows time to catch up on missed mortgage payments while protecting the home.

In Chapter 13, debt repayment is based on disposable income, and some debts may be reduced or discharged by the end of the repayment period. This option is often preferred by individuals who may not qualify for Chapter 7 due to income or who have non-exempt assets they wish to keep. Chapter 13 provides a pathway to becoming current on secured debts, like a mortgage or car loan, while offering a manageable plan for repaying creditors.

Chapter 11 Bankruptcy

For businesses or individuals with high debt levels that exceed Chapter 13 limits, Chapter 11 bankruptcy may be the most suitable choice. This type of bankruptcy is often used by corporations, partnerships, and larger debtors seeking to reorganize debt while continuing operations. Chapter 11 allows for the restructuring of debt obligations under a court-approved plan, enabling businesses to remain operational and eventually emerge from debt in a stronger financial position.

Although more complex than other forms of bankruptcy, Chapter 11 provides flexibility for businesses seeking long-term financial stability without ceasing operations. Individuals with substantial assets or those whose debt exceeds the limits of Chapter 13 may also pursue Chapter 11 as a viable option. Due to the scale and nature of Chapter 11, it’s essential to seek professional guidance to develop a strong reorganization plan that meets all legal requirements and is acceptable to creditors.

Making An Informed Decision

Choosing the right bankruptcy depends on various factors, including income level, asset holdings, and specific financial goals. For individuals or businesses facing overwhelming debt, each type of bankruptcy offers different paths to debt relief. Deciding between Chapter 7, Chapter 13, or Chapter 11 requires a clear understanding of each option and how it applies to one’s financial situation.

Working with a knowledgeable legal team can simplify the process and provide peace of mind. If you or your business is considering bankruptcy, The Law Offices of Neil Crane can offer guidance and support tailored to your unique needs. Contact us today to learn more about your options and take the first step toward financial recovery.