Bankruptcy Lawyer Waterbury, CT
Bankruptcy Lawyer Waterbury, CT
A Waterbury, Connecticut bankruptcy lawyer understands that the topic of bankruptcy can be a sensitive and complex one, as many people worry about being judged by others and aren’t sure how to even begin the process of obtaining a bankruptcy status. Due to how serious and complicated applying for bankruptcy is, it is important to have an attorney that you trust to walk you through the process. Knowing what happens after filing for bankruptcy can make the entire experience seem less scary. There should also be no shame in realizing that bankruptcy may be the one resource that sets you on a path to financial stability.
The Automatic Stay
After filing for bankruptcy, you are provided with a case number that is overseen by a bankruptcy trustee. This trustee will handle your bankruptcy filing, review paperwork, and request more documents if needed, along with other related duties. Your bankruptcy lawyer in Waterbury, CT will be able to oversee all communications with the trustee. Once your filing has been processed, an automatic stay takes effect. This means that your creditors are not permitted to take any action against you or try to contact you for payments.
Your Credit Score
Your credit score is likely to go down after a bankruptcy filing pops up on a credit report. How long it remains on your report is based on the kind of bankruptcy chapter you filed for. For example, if you applied for Chapter 7, then a bankruptcy status will stay on your report for ten years after the date it was filed. If you filed for Chapter 13, then it won’t come off your report until seven years later.
But rest assured that you can rebuild your credit immediately after the filing appears on the report. While most people’s credit scores do take a significant hit, you can get a higher score within the first couple years. And for some, their credit scores may improve overall because their debts were discharged, and there are no more records of missed payments.
Secured Credit Cards
If you receive secured credit card offers through your mail after filing for bankruptcy, you may not want to disregard them right away. Secured credit cards, or otherwise called “prepaid cards”, allow the person to put in a cash deposit and then use their own funds wisely to raise their credit score. This is a great way for people to build up their credit again while reducing the risk that they will get carried away into debt again (since they have to put down their own money in order to have a usable balance on the card).
Meeting With Creditors
Perhaps one of the least favored tasks associated with a bankruptcy filing is meeting with your creditors. In preparation for the meeting, you may have to provide information such as copies of pay stubs, tax returns, earnings, and assets to your bankruptcy trustee. It is important that you fulfill these requests within the deadline, to prevent road bumps from arising in your bankruptcy case. You will have to show a form of identification and proof of a social security number. Your Waterbury, CT bankruptcy lawyer will attend this meeting with you and will be able to advise you on what to expect at the meeting.
If you are considering filing for bankruptcy, call The Law Offices of Ronald I. Chorches to schedule an appointment with a bankruptcy lawyer Waterbury, CT clients recommend to find out how we can help you start a financial fresh start.