Find a Bankruptcy Lawyer in Hartford, Connecticut

Find the right Bankruptcy attorney in Hartford, CT

In Hartford, 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 Hartford, 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 Hartford could prove invaluable.

Types of Bankruptcy in Hartford, Connecticut

In Hartford, 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 Hartford, 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 Hartford, 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. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being enforced, this plan must be approved by a majority vote of participating creditors.

During the Chapter 11 process, a business can typically continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Hartford Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Hartford 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 Hartford bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Hartford

Hartford, Connecticut is a diverse and historic city located in Hartford County. It is the state capital as well as the county seat for Hartford County. The Hartford metropolitan region boasts the second highest national rating for per capita economic activity (behind San Francisco). It is part of an area known as the "Knowledge Corridor", which is home to thirty-two colleges and universities.

Hartford, Connecticut is also nicknamed "the Insurance Capital of the World", as it houses headquarters for several major insurance companies. The insurance field is Hartford's major industry. The Phoenix Mutual Life Insurance Building is one of the city's main features. Other places of interest in Hartford are the Soldiers and Sailors Memorial Arch and the Bushnell Center for the Performing Arts.

Being nearly 400 years old, Hartford Connecticut is home to a whole host of "oldest" operations in the U.S. A few examples include the nation's oldest published newspaper in operation (The Hartford Courant); the oldest public park (Bushnell Park) and the Wadsworth Atheneum, which is the country's oldest public art museum. Notable residents have included author Mark Twain and actress Katharine Hepburn. The city also boasts a large number of modern retail stores and restaurants.

Lawyers in Hartford, Connecticut continue the city's rich history in legal services. Hartford lawyers are knowledgeable of the various statutes and laws that regulate the city's businesses and population. They are available for legal assistance in a broad range of legal fields.

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