Did you know that there are different kinds of bankruptcy, depending on what kind of debt you have and what kind of assets that you want to protect? And, did you know that each type of bankruptcy has different rules? If it seems confusing, it certainly can be. This is why you want to consider contacting Connecticut bankruptcy lawyer William E. Carter. It can be a tough road and we want to help. Come talk to us during a free consultation and you can decide what form of debt relief is best for you and your family.
Determining what type of bankruptcy is best for your particular situation requires a thorough review of your entire financial portfolio. A Chapter 7 bankruptcy offers certain benefits, such as eliminating debts in as little as 90 days while a Chapter 13 bankruptcy requires some payback of debts over 3 to 5 years. However, a Chapter 13 bankruptcy may allow you to discharge certain debts that a Chapter 7 filing cannot discharge. It is complicated; we know. But you do not have to decide alone and we are here to explain which option is best for you after looking at your financial situation.
A Chapter 7 bankruptcy is the simplest form of bankruptcy. It allows a person to discharge most of his or her debts while retaining your personal property. Our office can help you protect your property and determine whether you will need to surrender any assets. Often you may keep your home, car and retirement funds, among other things.
Whether you qualify for a Chapter 7 bankruptcy depends on the outcome of a “means test” you must take. In the means test, if you earn less than the median income for a family of your size in your state, you may file a Chapter 7 bankruptcy. If you make more than the median income level, an attorney can look at your situation and decide if you still have a chance to file this particular type of bankruptcy. If not, there are other alternatives, such as a Chapter 13 bankruptcy. Do not be discouraged.
If mounting debt has placed you in a difficult situation, call the Law Office of William E. Carter today for a personal consultation with an experienced bankruptcy attorney who focuses exclusively on helping people overcome the unexpected financial misfortunes life often brings. He or she will help you make an informed decision based on facts, not myths.
Even though a Chapter 7 bankruptcy is the most straightforward type of bankruptcy, a competent attorney can help you decide if this is best for you, given your situation. We value the client’s best interest above all else and will provide the lifeline you need. Contact him today for a personal consultation.