Find a Bankruptcy Lawyer in Greenwich, Connecticut

Find the right Bankruptcy attorney in Greenwich, CT

In Greenwich, Connecticut, bankruptcy is a court procedure in which a person or business has some or all of their debts absolved (or "discharged"), theoretically allowing them to commence with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). Remember, though, that bankruptcy should not be viewed as a fitting way to get out of debt that you don't feel like paying back. It is meant to serve as an option of last resort for people and businesses faced with debt that they will probably never be able to pay back. The decision to file for bankruptcy can result in negative consequences, such as damaged credit ratings, which must be seriously weighed against the probable benefits.

Accordingly, it might be a good idea to consult with a Greenwich, Connecticut bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often challenging to anticipate the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Greenwich could prove invaluable.

Types of Bankruptcy in Greenwich, Connecticut

In Greenwich, Connecticut, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a result of federal law, the procedures governing bankruptcy in Greenwich, Connecticut will be similar everywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the funds to pay off debt. Numerous types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

Under Chapter 13 bankruptcy in Greenwich, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over an extended period of time, therefore theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Chapter 11 bankruptcy is almost always used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, fix their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a Greenwich Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Greenwich is an influential decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Greenwich bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Greenwich

Greenwich, Connecticut is a city in Fairfield County. It has a population of abougt 65,000 people.

Greenwich was first settled by Europeans in 1640, and the General Assembly of the Connecticut Colony declared Greenwich a township in 1665.

Greenwich frequently places in the top 20 in Money Magazine's list of the best places in America to live, considering factors such as good schools, quality infrastructure, abundant recreational activities, high standard of living, and relatively low cost of living.

Greenwich, Connecticut is a popular tourist destination, owing to its many attractive beaches. Sailing and recreational (as opposed to commercial) fishing are popular activities in the area. Greenwich is also home to several major corporations in the banking and logistics industries.

Greenwich, Connecticut is an extremely wealthy city, with a per-capita income of over ,000, and a median home price of about .7 million.

Given the diverse and sophisticated clientele of Greenwich, Connecticut, it's no surprise that there are plenty of lawyers capable of handling complex and sophisticated cases in the area. If you have any legal issue, whether it's the planning of a complex estate, a major business deal, or even a simple divorce, there is almost certainly a Greenwich, Connecticut lawyer who can handle it.

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