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Bankruptcy lawyers in Danbury, Connecticut to give you the best outcomes in your favor

Bankruptcy is a legal process that allows you to put your finances together, and get a fresh financial start. Chapter 7 and Chapter 13 bankruptcies are the most common ones filed by people in the USA who are facing unmanageable debt. Chapter 7 bankruptcy, also known as liquidation bankruptcy, is right for individuals who fall below certain income levels to eliminate unsecured debt, such as medical bills and unpaid credit cards. It completely wipes clean and discharges eligible unsecured debt. Also, wage garnishments and bank account levies will be stopped. All qualifying debts will be completely discharged, and you will be able to retain all your exempt assets, which include a small residence, and a small car.   

On the other hand, Chapter 13 allows you to restructure your debt. Your bankruptcy lawyer Denbury in Connecticut will be able to stop the foreclosure of your property, help you catch up with your past due payments, and repay your outstanding debt in smaller amounts, and over a longer period of time. You will be provided with a court-approved reorganization plan to repay your debt over a period of three to five years. Your bankruptcy lawyer Danbury should be able to help keep your property and vehicle, provided you repay your creditors an amount equal to the value of your property not covered by bankruptcy exemption.   

Both Chapter 7 and Chapter 13 bankruptcies will bring an immediate halt to all your creditors’ collection activities. Your bankruptcy lawyer will notify all your creditors about your filing of bankruptcy in Danbury, Connecticut, and they will be legally prevented from contacting you for debt collection till the pendency of the bankruptcy case. They can contact only your bankruptcy lawyer Danbury for any debt recovery, not you directly. If they do, you have the right of up to a $1,000 award per violation, along with court fees, and additional monies that you might have suffered as a result of misconduct.   

Negotiating with your creditors   

One of the key benefits of hiring bankruptcy lawyers Danbury from a reputed law firm, such as Recovery Law Group, is that they are specialists in bankruptcy laws and the US Bankruptcy Code, and can guide you through the process. From filing the necessary paperwork to representing you in court, the attorney will work to get the best outcome in your case. The attorney will negotiate with the creditors on your behalf, and defend your petition in court. The attorney will ensure that your personal property is valued correctly, potentially allowing you to retain most of your assets under Chapter 7 bankruptcy.   

Developing a fair repayment plan   

Be it either Chapter 7 or Chapter 13, you will be able to get rid of that overwhelming debt, harassment, and pesky bills that keep dragging your finances down. If you do not qualify for Chapter 7 bankruptcy and your bankruptcy lawyer Danbury in Connecticut decides to file for Chapter 13 bankruptcy, they will develop a fair repayment plan, and negotiate with the trustee on your behalf. The lawyer will ensure that you have the best chance of successfully completing your plan. Your bankruptcy attorney Danbury will also educate you about your financial options, and get a fresh financial start.    

 

 

 

 


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