Find a Bankruptcy Lawyer in Stratford, Connecticut

Find the right Bankruptcy attorney in Stratford, CT

In Stratford, Connecticut, bankruptcy is a court procedure in which a person or business has some or all of their debts absolved (or "discharged"), theoretically allowing them to commence 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 really unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a severely damaged credit rating for many years afterward), it should be viewed as an option of last resort.

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

Types of Bankruptcy in Stratford, Connecticut

There are 3 bankruptcy tactics that are commonly used in Stratford: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Stratford, 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 proceeds from the sale to pay down as much debt as possible. Once the sale is done, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire 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 form of bankruptcy most frequently used in Stratford is Chapter 13. It allows a person to pay off their debt over an extended period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Although it can be used by individuals, Chapter 11 bankruptcy is used almost exclusively 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 enforced, this plan must be approved by a majority vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Stratford Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Stratford lightly. Before making any such decision, it would be highly advisable to contact an efficient Stratford bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Stratford

With a population of about 50,000 people, Stratford is a relatively large town located in Fairfield County, Connecticut. It is also one of the oldest American cities, as it was founded all the way back in the year 1639. The town initially began as an utopian-style Puritan community. Eventually it changed to a more traditional colonial-style settlement. Today it continues to thrive as an excellent place for residence and business.

Stratford is probably best known for its historical heritage in military operations, in particular military aviation. One of the world's first commercial helicopters was developed in the city. Further, both Stratford Army Engine Plant and Silkorsky Aircraft are headquartered in Stratford. Residents and tourists take regular visits to the city's National Helicopter Museum.

Another defining mark of the city of Stratford is its presence in the theater and production industry. For many years Stratford's American Shakespeare Theatre was home to many Shakespearean productions and actor's performances. The theatre hosted such outstanding actors as Katharine Hepburn and Paul Newman.

Stratford lawyers assist their clients by filing at the Connecticut Superior Court located in Bridgepoint near Stratford. More advanced claims are heard at the Connecticut Appellate Court or Supreme Court, both located nearby in Hartford. Lawyers in Stratford, Connecticut typically hear a diverse array of legal claims.

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