Consumer Bankruptcy Lawyers in Stratford, Connecticut

Find the right Consumer Bankruptcy attorney in Stratford, CT

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is typically considered as an option of last resort, because while it can stave off financial disaster, it has some substantial 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 Stratford, Connecticut will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Stratford, Connecticut

There are 2 typical forms of consumer bankruptcy in Stratford, 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 typically includes homes, vehicles, insurance policies, and retirement accounts. These do not need to be sold.

Once the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Stratford, Connecticut is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Stratford, Connecticut

Chapter 13 Bankruptcy in Stratford, Connecticut differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not excuse debt, but restructures it instead. Typically, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is typically manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Stratford, Connecticut

Which Bankruptcy type to file under depends heavily on the facts of each distinct 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.

Regardless of your situation, you should speak with an attorney in Stratford, Connecticut who is experienced in bankruptcy before making a decision. They will be able to advise you of your options, and the likely results of each one, allowing you to make a much more informed decision.

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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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