Consumer Bankruptcy Lawyers in Ridgefield, Connecticut

Find the right Consumer Bankruptcy attorney in Ridgefield, 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. Being a product of federal law, bankruptcy will go through federal courts. Accordingly, the procedure for filing for bankruptcy in Connecticut is basically the same as the procedure anywhere else in the United States. However, individual courts in Ridgefield, Connecticut will have particular rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Ridgefield, Connecticut

There are 2 main forms of consumer bankruptcy in Ridgefield, Connecticut: Chapter 7 and 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This normally includes homes, vehicles, insurance policies, and retirement accounts. These do not need to be sold.

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 Ridgefield, Connecticut debts are not dischargeable, you might want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Ridgefield, Connecticut

In Ridgefield, 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 Ridgefield, Connecticut

Which Bankruptcy type to file under depends heavily on the facts of each particular case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, you should talk with a local Ridgefield, Connecticut bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely outcome. This will make it much easier for your to make an informed choice.

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Life in Ridgefield

Located in Fairfield County, Ridgefield is a popular Connecticut city to work, live and visit. Home to just under 25,000 residents Ridgefield has all the perks of a big city with a small city charm. The 300-year-old community has a lot of history throughout the town.

Ridgefield is located on 35 square miles and has many buildings and sites that are on the national register of historic places, including: Benedict House and Shop, Keeler Tavern and the Lewis June House. In addition to landmarks, the city has lots to offer in terms of entertainment including the Children's Orchestra and many art museums.

Professionals also enjoy success in Ridgefield. Ridgefield lawyers are some of the best in the business and enjoy working in a city that has so much to offer them in the off hours. Ridgefield lawyers are skilled in a range of practice areas and are always happy and available to help their local clients with whatever legal issue he or she is dealing with at the time. In addition to lawyers, Ridgefield is home to great doctors, accountants and bankers as well.

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