Beebe and O'Neil

chapter 7 bankruptcy Archives

What's considered as exempt and nonexempt property?

Chapter 7 bankruptcy generally involves liquidation of a filer's assets. This leads many people to think that they're required to turn over all of their belongings to the court to be sold off to pay creditors. This isn't the case though. The U.S. Bankruptcy Court classifies the property as either exempt or nonexempt when deciding what can be kept or what must be sold.

Tips for removing Chapter 7 bankruptcy from your credit report

People in Connecticut who have filed for Chapter 7 bankruptcy — or plan to — may worry about how to remove this record from their credit report. The first thing to note is that unless the record is an error, there may be no immediate way to dispute it and get rid of it.

How and when to file for Chapter 7 bankruptcy

According to MarketWatch, bankruptcy filings are at the lowest point since 2007. This is great news for people in Connecticut who may worry about the odds of falling off track financially. However, even though the adds are less stacked against them, many people still find themselves in court trying to discharge their personal or business debts.

Rebuilding your credit after Chapter 7 bankruptcy

When people in Connecticut find that they can no longer keep up with their financial obligations they may consider filing for bankruptcy. Even so, they may be reluctant to go through with it for some time. There are two main reasons for hesitance: losing assets and the hit to their credit score.

When bankruptcy becomes the only way out

The cost and standard of living in Connecticut is higher than many other states. This can make it easier for people to slip into debt and even harder for them to climb out. The longer that debt remains unpaid, the more it feels as though the debtor may never recover or find a way out. So, what can people do when the debt becomes so much that they cannot afford to make even their minimum payments to keep up?

How to recover quickly from bankruptcy

For many people in Connecticut, debt can quickly spiral out of control. When this happens, Chapter 7 bankruptcy may be the absolute best option they can consider. According to CNBC, in 2018, only 733,000 people were expected to file for bankruptcy. This is a steep fall from 2010’s whopping 1.5 million filings.

Breaking down the Chapter 7 means test

Once you make the decision to pursue a personal bankruptcy, the next task is determining which case you should file under. Many come to us here at Beebe & O'Neil wanting to file under Chapter 7 due to the advantage it offers of having debts discharged. Indeed, Chapter 7 is by far the most popular form of personal bankruptcy (both in Norwich and throughout the rest of the U.S.). Yet you might be shocked to discover that are not eligible to file for Chapter 7. That is because the federal government does not want people to abuse the protection that bankruptcy offers. 

Bankruptcy is not as simple as you may think

When people in Connecticut overextend themselves financially, bankruptcy may often seem like the easy answer. While bankruptcy may very well be the only answer in some instances, there is a lot more to the process and aftereffect of filing than many people consider. So, before making the decision to file for bankruptcy, it is a good idea to prepare for the repercussions that come with the benefits.

Can you keep anything when you file for chapter 7 bankruptcy?

If you are drowning in debt in Connecticut and feel you have no other options, you may be considering filing for bankruptcy. In a chapter 7 bankruptcy, the trustee takes many of your assets and sells them to help pay down your debt. However, there are some exemptions about items you are able to keep. 

Email us for a response

Let Us Help

Contact the Firm

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Location:

Beebe & O'Neil
PO Box 6002
335 Washington Street
Norwich, CT 06360

Toll Free: 800-405-9174
Phone: 860-222-2021
Phone: 860-222-2021
Fax: 860-887-1378
Norwich Law Office Map

Phone Number: Review Us