Consumer Bankruptcy Lawyers in Bristol, Connecticut

Find the right Consumer Bankruptcy attorney in Bristol, CT

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is normally considered as an option of last resort, because while it can stave off financial disaster, it has some considerable long-term consequences warranting careful consideration of the costs and benefits. Bankruptcy is a creation of federal law, and goes through federal courts. Therefore, the procedure governing bankruptcy in Connecticut will be roughly the same as it is anywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Bristol, Connecticut before you file.

Chapter 7 Bankruptcy in Bristol, Connecticut

There are 2 main types of bankruptcy in Bristol, Connecticut. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is absolved. Fortunately for debtors, many types of property are exempt from liquidation, including homes, vehicles, basic personal items, and retirement accounts.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is cleared. However, some types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Bristol, Connecticut is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Bristol, Connecticut

Chapter 13 Bankruptcy in Bristol, Connecticut is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each particular case. Chapter 13 does not absolve debt, but restructures it instead. Normally, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is normally manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Bristol, Connecticut

The answer to this question depends heavily on your particular situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

Whatever your situation, you should speak with a local Bristol, Connecticut bankruptcy attorney. Your lawyer will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in Bristol

You're probably familiar with Bristol because it is the headquarters to ESPN. This Hartford County city is 20 miles Southwest of the City of Hartford making it very popular among professionals seeking a more suburban environment. Many of those professionals are lawyers. Lawyers in Bristol take all kinds of cases and advise their clients on the best courses of action for their cases in Connecticut. Bristol has earned a number of different nicknames over the years. It was known as Clock City in the 1800s because it primarily manufactured timepieces; today you may visit the American Clock and Watch Museum in Bristol. Other more recent nicknames include Bell City and Mum City as a result of the bustling doorbell and chrysanthemum production. Bristol still holds an annual Mum Festival each September.  

Today, Bristol is undergoing a period of downtown revitalization attracting more business to interesting historical museums like the New England Carousel Museum, Imagine Nation Children's Museum, Witches Dungeon Classic Movie Museum, and the Bristol Historical Society Museum which recounts Bristol's rich past. Bristol is notably home to the largest elevator test tower in the United States that is owned by the Otis Elevator Company. 

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