These are tough economic times. And personal circumstances can also change and bring financial trouble. Divorce, serious illness and loss of a job are the most common reasons people begin to consider debt relief and filing for bankruptcy protection from creditors.
While some people hesitate to consider this option, it is far superior to some of the alternatives, like losing one's home or agreeing to a debt modification that makes one's situation even worse.
Bankruptcy options include "fresh start" Chapter 7 and Chapter 13's payment plan. You may be surprised to learn their many benefits and how our law firm can make it simple for you.
The first thing you will notice is that creditors' collection calls will cease immediately. Once you file, creditors can contact only your attorney. With Chapter 7, most debts are quickly discharged. You may have to give up some property with which a debt is "secured." Your filing will appear on your credit report for 10 years. But during that time, your actual score will probably improve, since you have less debt.
Depending on your debts and income, you may not qualify under Chapter 7, but can still use Chapter 13. If you can keep up with the payment plan and still make mortgage payments, you will not lose your home to foreclosure.
Bankruptcy is not the best option for everyone. Talk to an attorney at our firm. We can assess your situation and offer you our support and experience.
We offer more than 30 years of experience representing clients throughout Connecticut in a wide range of legal matters.
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If you have a legal concern, Beebe & O'Neil can help you protect your rights. You will receive our personal attention and dedicated legal service. We offer evening and weekend appointments at our Norwich office. Please call 860-889-5266 or contact us online. We accept Visa, MasterCard and Discover.