Consumer Bankruptcy Lawyers in Greenwich, Connecticut

Find the right Consumer Bankruptcy attorney in Greenwich, CT

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

Chapter 7 Bankruptcy in Greenwich, Connecticut

There are 2 typical forms of bankruptcy in Greenwich, 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 excused. Fortunately for debtors, many forms of property are exempt from liquidation, including homes, vehicles, necessary personal items, and retirement accounts.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is excused. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Greenwich, Connecticut debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Greenwich, Connecticut

Chapter 13 Bankruptcy in Greenwich, Connecticut is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each distinct case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the arrangements that gave rise to the debt in the first place. This results in an adjusted payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

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

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

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

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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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