Find a Bankruptcy Lawyer in Southington, Connecticut

Find the right Bankruptcy attorney in Southington, CT

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In Southington, Connecticut, bankruptcy is a court procedure in which a person or business has some or all of their debts excused (or "discharged"), theoretically allowing them to start 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). However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are truly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a heavily damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Accordingly, you should speak with a good Southington, Connecticut bankruptcy lawyer. Your Southington bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional opinion as to whether or not it's a good option, given your particular circumstances.

Types of Bankruptcy in Southington, Connecticut

There are 3 bankruptcy schemes that are largely used in Southington: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Southington, Connecticut are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is complete, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

The other typical bankruptcy scheme used by consumers in Southington is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is authorized, creditors are not allowed to attempt to collect payment under the original agreements. 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 implemented, this plan must be approved by a majority vote of participating creditors.

One major advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Furthermore, their stock can still be bought and sold.

How Can a Southington Bankruptcy Lawyer Help?

Filing for bankruptcy in Southington is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Southington bankruptcy attorney for advice.

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Life in Southington

Located just twenty miles from Hartford, Southington, Connecticut is one charming town. Southington is home to close to 40,000 residents. Southington is located on 36.6 square miles and has been nicknamed the "Apple Valley" for the many apple orchards that are located within the city limits. Not surprisingly, Southington hosts an apple festival every year.

Located in Hartford County, Southington has the honor of being recognized as having the best quality of life in the county. The beautiful Quinnipiac River runes along the town, and there are also many beautiful parks throughout the city.

Southington is also home to the world's most popular television station -- ESPN, and many of the station's sports reporters living within the Southington city limits. Southington is also home to great lawyers. Southington lawyers are versed in a range of legal practices to assist their clients with any legal matter than may come his or her way. Southington attorneys are second to none!