Southbury Chapter 7 Attorneys

Dedicated Bankruptcy Lawyers Focused on Your Needs

Many people facing serious financial problems liken the feeling to drowning — you are treading water, with no idea how you will get through this ordeal. It can be extremely stressful to cover necessary expenses with creditors demanding payment on debts and collection agencies harassing you.

In those moments when you may feel isolated, you need to know you are not alone. Our Chapter 7 bankruptcy lawyers in Southbury are ready to lend a hand. Many people avoid contacting an attorney when facing serious debt problems. They are afraid that a lawyer will make them feel worse about their debt issues or the process will be too expensive, so they try to handle their debt on their own. However, the majority of clients later say they wished they had contacted us sooner. LaRese Law provides compassionate, effective bankruptcy and other debt-relief solutions in a comfortable, nonjudgmental environment.

Call us today at (203) 774-3332 to discuss your options for discharging debt through bankruptcy.

What Is Chapter 7 Bankruptcy?

Sometimes, due to unforeseen circumstances or accidents, you may be placed in a position where Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, is necessary to help you get out of debt. The purpose of this type of bankruptcy is to provide some immediate relief in clearing certain debts. After a court-appointed trustee sells specific non-exempt assets, and the proceeds are used to pay back your creditors, the remaining debts are discharged.

Chapter 7 bankruptcy can also provide immediate relief from collection activity through ‘the automatic stay’, which is a great way to earn time to pay back crucial bills, like your home’s monthly mortgage or car and utility payments.

Chapter 7 Bankruptcy Eligibility

In order to qualify to file for Chapter 7 bankruptcy you must meet the following criteria:

• Only individuals, a partnership, or a small business (corporation) can file
• Have not had a bankruptcy discharge within the last 8 years
• You have not had a bankruptcy dismissal within the past 180 days
• You must go through credit counseling
• Receive legal counsel before you file

If you are considering filing for Chapter 7 bankruptcy but not sure about your eligibility, do not hesitate to contact our Southbury Chapter 7 attorney at LaRese Law. We are here to evaluate your case and help guide you through the process with your best interests in mind. Call us today.

The Means Test for Chapter 7 Bankruptcy

Before you can receive support from Chapter 7, you must be able to pass a means test that measures your family’s income against the state’s median income. If your income is too high, a Chapter 13 may be right for you or a bankruptcy alternative.

Additionally, there are some important conditions to be aware of if you are “intending to file” for bankruptcy:

• There are strict timelines if you had a past bankruptcy discharge that prohibit another bankruptcy discharge. These rules also depend on which chapter of bankruptcy the past and present intended filings will be under.
• There are residence requirements to file bankruptcy in a given case. This can be important if you are seeking to move, or have recently located to Connecticut.
• Most debtors are required to complete two online credit courses – one before you file and one after your case has been filed.
• Bankruptcy requires a full and complete disclosure of your finances, including all your income sources and assets. You will be signing under the penalties of perjury that you have submitted accurate and complete information to the Court. We will help you navigate this process to ensure your full compliance to protect your bankruptcy discharge.