Chapter 7 Bankruptcy Lawyer Waterbury, CT
Chapter 7 Bankruptcy Lawyer Waterbury, CT
It is rare to find someone who doesn’t have some kind of debt. There are mortgages, vehicle loans, credit cards, medical bills, and more that many residents of Connecticut and throughout the country juggle each month. While many people address their debt with smart budgeting and watching their spending habits, it can still not be enough to hold off financial hardships. For those facing overwhelming debt, bankruptcy may be a solution. As a Waterbury, CT chapter 7 bankruptcy lawyer can explain, bankruptcy is a legal process that allows those in debt a fresh start.
If you are feeling overwhelmed by your debt, consider calling The Law Offices of Ronald I. Chorches to speak with a Waterbury, CT chapter 7 bankruptcy lawyer to discuss what your options may be. If you are thinking about filing for bankruptcy, consider the following:
- Filing for bankruptcy will affect your credit. As your chapter 7 bankruptcy lawyer in Waterbury, CT can explain, once your bankruptcy case is complete, you will have to start building up and restoring your credit. A bankruptcy filing does cause your credit score to drip, however, being late with payments month after month or defaulting on debt can have an even more significant impact on your credit score. If you have been struggling with this debt for a while, you will likely find that your credit score will be about the same after your bankruptcy is complete as it was right before you filed.
- Filing for bankruptcy is not free. Depending on how extensive your case may be, filing for bankruptcy may be expensive, costing anywhere from a few hundred to a couple of thousand dollars. Discussing the costs with your Waterbury, CT chapter 7 bankruptcy lawyer will give you a much clearer idea of what type and the amount of fees you may be looking at.
Ways to Tell if You Should File Bankruptcy
If you are like most Americans, you have some debt. In fact, a lot of Americans are struggling with a high amount of credit card and personal loan debt. If this is you, then there are routes that you can take. While bankruptcy is not necessary if you are in debt, it can be a good tool to get out from under your debts. If you are considering bankruptcy, there are a couple of ways to tell if it would be a good idea for you. While you should always get a professional opinion about your specific circumstances, here are two signs you may need to file for bankruptcy.
Credit Cards and Medical Bills Make up Debt
There are some debts that you cannot wipe out through bankruptcy. These debts include your student loans, income taxes debts to the government, child support and court fines. If you are working with a bankruptcy lawyer, then he or she can help you to list what debts will qualify for bankruptcy and which will not.
The majority of bankruptcy cases revolve around credit cards, personal loans and medical bills. You may also be able to get out from under lawsuit judgments or leases. These are substantial debts that most people cannot pay off in a timely manner or at all. If you have a lot of credit card or personal loan debt, then you may qualify for bankruptcy.
Five Years Isn’t Long Enough
When it comes to filing for bankruptcy, you have to be unable to pay off your debt in a timely way. Do you feel like you are drowning in your debt? Do you wonder if you will ever get out from under it? Even if you pay above the minimum payment per month, do you still struggle? One general rule is that if you will not be able to pay off all of your debt within the next five years, then this is too much debt and you may qualify for bankruptcy.
When it comes to bankruptcy, this should never be a decision that you take lightly. While it can be a useful tool, you also have to keep in mind that you will have to rebuild your credit when it is finished. If you are unsure about whether you should take the plunge and file for bankruptcy, then you should speak with a bankruptcy lawyer as soon as possible. Set up your consultation with a bankruptcy lawyer today.
Can a Waterbury, CT Chapter 7 Bankruptcy Lawyer Help?
It can be hard to make the decision to file for bankruptcy, especially given the negative preconceived notions many people have about the process. Some people feel as if bankruptcy is a failure. The truth is, however, it can often be the best decision you can make to enable you to get past this period and start over. If you are considering filing for bankruptcy, make sure to speak with a chapter 7 bankruptcy lawyer Waterbury, CT clients recommend from The Law Offices of Ronald I. Chorches. Our legal team will ensure that you understand all the aspects of filing for bankruptcy, as well as which type of bankruptcy would be the most beneficial for your situation. Call our office today to schedule a free and confidential consultation.