Find a Bankruptcy Lawyer in New Haven, Connecticut

Find the right Bankruptcy attorney in New Haven, CT

In New Haven, Connecticut, bankruptcy is a court procedure in which a person or business has some or all of their debts cleared (or "discharged"), theoretically allowing them to begin 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 proper 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 possible benefits.

Accordingly, it might be a good idea to consult with a New Haven, 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 hard to predict the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in New Haven could prove invaluable.

Types of Bankruptcy in New Haven, Connecticut

In New Haven, 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 New Haven, 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. Varied 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.

The other popular bankruptcy system in New Haven is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a decent amount of time. When a repayment plan is authorized by a court, creditors are legally barred from trying to collect under the original terms of their contract with the debtor. Though accessible to individuals, Chapter 11 bankruptcy is generally used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is presented, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

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

How Can a New Haven Bankruptcy Lawyer Help?

The decision to file for bankruptcy in New Haven is not one to be made easily, and it definitely should not be made without first obtaining the advice of an accomplished New Haven bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in New Haven

New Haven, Connecticut is located in New Haven County. With a population of over 129,000, it is the second largest city in Connecticut. New Haven is known for being home to Yale University, an Ivy League school. The city has been nicknamed "The City of Elms" due to its extensive canopy of trees.

Aside from Yale University, New Haven's economy is driven by health care facilities, financial companies, retail, and professional services (legal and engineering). The downtown New Haven area has been described as an "upscale downtown", as it is more residential in character than most typical downtowns. In particular, the New Haven Green community has been revitalized to include condominiums and apartment complexes. The downtown area also has many retail stores and restaurants, making it an ideal scene for the nightlife.

In addition to its highly intellectual and political culture, New Haven offers some of the nation's best cuisines. A popular local favorite is New Haven pizza, called "apizza", which comes in several variations. Downtown has been recognized as serving the country's "finest Spanish food". New Haven has also served as home for several presidents, Bill Clinton, William Howard Taft, Gerald Ford, and the Bush family.

New Haven, Connecticut lawyers offer services to meet the city's unique legal needs. Lawyers in New Haven practice law in many fields and are familiar with the laws of Connecticut. New Haven County operates its own local bar association apart from the state Connecticut Bar Association.

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