Consumer Bankruptcy Lawyers in New Britain, Connecticut

Find the right Consumer Bankruptcy attorney in New Britain, 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 New Britain, Connecticut before you file.

Chapter 7 Bankruptcy in New Britain, Connecticut

There are 2 main types of bankruptcy in New Britain, 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 all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is absolved. But some types 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 New Britain, Connecticut debts are not dischargeable, you might want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in New Britain, Connecticut

In New Britain, Connecticut, Chapter 13 is very different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your individual situation. 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 contracts that gave rise to the debt in the first place. This results in an altered 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 New Britain, Connecticut

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

Of course, you should always seek the counsel of an experienced local New Britain, Connecticut bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your individual situation.

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Life in New Britain

Beautiful New Britain, Connecticut is home to almost 72,000 residents. The city was first settled in 1687. Conveniently located just 9 miles from Hartford, the town has an identity all its own. New Britain has a storied history as a major manufacturing center and is aptly nicknamed, "Hardware city." The city serves as the headquarters for Stanley Works since 1843. New Britain is also home to a very large Polish population and their presence is seen in the many Polish restaurants, cultural events, and activities. In fact, New Britain is home to the largest Polish community in all of Connecticut. Not surprisingly, there are also many Polish museums dedicated to their role in the growing community. Comprising 13.4 square miles, New Britain has lots to offer its residents and visitors. Home of the New Britain Rock Cats, a minor league baseball team ensures that there is always something to do in the summertime. The city is also home to lots of schools, including a couple colleges that make for a great school atmosphere. New Britain also has top lawyers to help its citizens in a range of legal issues including: contract law, divorce and family law issues, employment law, and many others. The professional community in New Britain is second to none.

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