Find a Bankruptcy Lawyer in Waterbury, Connecticut

Find the right Bankruptcy attorney in Waterbury, CT

In Waterbury, 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 Waterbury, Connecticut bankruptcy lawyer. Your Waterbury 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 Waterbury, Connecticut

There are 3 bankruptcy tactics that are normally used in Waterbury: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Waterbury, 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 popular bankruptcy system in Waterbury is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the original terms of their arrangement with the debtor. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

During the Chapter 11 process, a business can typically continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Waterbury Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Waterbury is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an efficient Waterbury bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Waterbury

Waterbury is located in New Haven County in the state of Connecticut. Waterbury, Connecticut has a population of about 111,000 and is noted for being the 5th largest city in the state.

Waterbury is commonly known as the "Brass City", due to its heavy production of brass throughout the decades. It was the leading producer of brassware in the U.S. during the early 20th century. In particular, Waterbury industries produced much of the brass casting and finishing in America. It is also a leading manufacturer of brass clocks and watches.

Currently, Waterbury, Connecticut offers numerous opportunities for residential housing, retail shopping, and employment. For example, the Brass Mill Center is a modern shopping complex that features nationally-known retail stores and restaurants. It also houses a cinema that shows feature films. Also, Main Street in Waterbury is an area dedicated to both historic preservation and downtown revitalization. It is host to a number of community events and business developments.

Waterbury Judicial District Courthouse is a major landmark in the city. Many Waterbury lawyers assist their clients by filing legal claims at the courthouse. Lawyers in Waterbury, Connecticut provide legal services in a diverse spectrum of legal fields.

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