Consumer Bankruptcy Lawyers in New Haven, Connecticut

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

Chapter 7 Bankruptcy in New Haven, Connecticut

There are 2 main forms of bankruptcy in New Haven, 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 forms 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 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 New Haven, Connecticut debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in New Haven, Connecticut

In New Haven, 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 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in New Haven, Connecticut

The answer to this question depends strongly on your particular situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an accomplished local New Haven, 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 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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