Guide to Finding Connecticut Bankruptcy Lawyer

Many people try to keep their finances in good shape but find themselves facing financial difficulties regardless. If you are facing foreclosure, having trouble paying off your student debts or are otherwise in financial trouble, you may want to ask a Connecticut bankruptcy lawyer to help. While you can file for bankruptcy yourself, this is one of the most complicated and technical legal processes. Here are some things to know if you are seeking the help of a CT bankruptcy lawyer.

When to file for bankruptcy

Filing for bankruptcy is not a step to be undertaken lightly. A Connecticut bankruptcy lawyer can help you consider other options before filing for bankruptcy. You may need help if you are facing harassment from creditors, are threatened with having your home or vehicle taken away with you or fear you will soon be unable to keep up with all payments you are committed to. You may be able to renegotiate the terms of your mortgage or receive mediation between you and your creditor. CT bankruptcy lawyers can help you decide whether or not to take this extreme process. No two cases are the same.

Types of bankruptcy

There are six different kinds of bankruptcy Connecticut bankruptcy lawyers can help you file for. Each is subject to different federal and Connecticut rules, which adds to the complications of the procedure. For most people, the most important types of bankruptcy to know about are:

• Chapter 7 covers people who are can prove they do not have the necessary income to pay off their debts. This allows you to get rid of your obligation to pay off all debts and start over. Connecticut bankruptcy lawyers can help you figure out if you qualify. This requires you to undergo a “means test” measuring your household income to see if you qualify.

• Chapter 13 covers people who can pay off at least part of what they owe. CT bankruptcy lawyers work with your creditors to create a new payment plan covering all or part of your debt. You will have to make monthly payments for three to five years.

Bankruptcy is a federal matter. Your case will be heard in Connecticut bankruptcy court. However, this does not mean you must follow federal laws. Your CT bankruptcy lawyer may choose to file under either federal or state laws, depending on which is more helpful to your case.

Filing for bankruptcy

Whether you are trying to avoid foreclosure or facing it, the first step in the bankruptcy process is filing a petition with the court. This immediately puts a stop to all creditors’ attempts to collect, though they may file a petition to ask for this “automatic stop” to be lifted. You can file this petition without a Connecticut bankruptcy lawyer, but if you can afford to you should have an attorney’s help from the start of the process. There is little margin of error or allowances made for rookie legal mistake in bankruptcy court.

Appearing in court

While you will be filing your petition in bankruptcy court, this does not necessarily mean you and your CT bankruptcy lawyer will be appearing in the courtroom. If you filed for Chapter 7, you will have an out-of-court meeting with creditors roughly 30 days after lodging your petition. At this meeting, a court-appointed trustee will mediate as your creditors ask about and your CT bankruptcy lawyer about your assets and income. For those undergoing Chapter 13 proceedings, a court date will be necessary. Your Connecticut bankruptcy lawyer will be there with you during this procedure, which generally lasts less than an hour.

Exemptions

One of the most important parts of determining whether you are filing for bankruptcy under federal or state laws is discussing with your Connecticut bankruptcy lawyer what kind of exemptions you are seeking. Exemptions cover parts of your property or assets that cannot be confiscated or sold off to pay your debt, such as:

• Motor vehicles

• Wedding rings

• Pets

• Any tools you need for work

Connecticut bankruptcy lawyers can help you examine your finances to determine whether federal or state laws will be more helpful in protecting your assets. Different rules apply to many of these categories.

After bankruptcy

Once you have completed the bankruptcy process, you will be absolved of your debts through Chapter 7 or need to keep up with your Chapter 13 payment plan. Either way, you want to make sure you never need to ask a CT bankruptcy lawyer for help again. A financial advisor or attorney should be able to help you figure out how to maintain fiscal discipline and get back on your health.

Filing for bankruptcy will negatively adverse your credit rating. While Connecticut bankruptcy lawyers can offer useful advice, ultimately the responsibility to take care of your finances will lie with you. Beware of new credit card offers and maintain fiscal discipline.

Finding a CT bankruptcy lawyer

When you are facing financial problems, you will want legal representation. While CT bankruptcy lawyers will add to the expense of your problems, they will also help you avoid committing procedural errors or otherwise creating more financial pitfalls for yourself. Ask friends and family who have been in similar situations for referrals. Failing that, your local bar association will be able to refer you to a Connecticut bankruptcy lawyer who can help.

Prepare for your first meeting with any private legal counsel by assembling all of your financial documentation. Bank statements, tax returns, work payslips and anything else that has a bearing on your case will help any CT bankruptcy lawyers you consult offer trustworthy advice as to how to proceed. Be prepared to answer as many questions as you ask. You want to make sure any Connecticut bankruptcy lawyers you consult will represent you competently and honestly rather than simply trying to bill you for unhelpful services you can ill afford.

Prior to your first meeting, look up any attorney’s legal record online to make sure they are in good legal standing. All CT bankruptcy lawyers should be prepared to offer a detailed written estimate of what their services will cost you.