Few people like the idea of filing for bankruptcy. Unfortunately, for some people, bankruptcy is the only option that they’ll have. However, the question that you may have is what type of bankruptcy is best for you to file for.
Most people don’t have to be legal or financial gurus to understand that they’re more than one type of bankruptcy file. However, in most situations, a respected bankruptcy attorney like the ones you will find at the Jefferson Hanna Law Firm, will suggest that you file for Chapter 7 Bankruptcy Middletown CT.
How Chapter 7 varies from other forms of bankruptcy is chapter 7 allows you to discharge some, if not all, of your debts. However, in this form of bankruptcy, the courts may require you to sell certain possessions in order for you to reduce the amount of debt that you owe to your creditors.
Most anyone can file for bankruptcy under Chapter 7. However, if you have filed and had a bankruptcy discharged in the last 6 to 8 years, you will be ineligible to file for Chapter 7. In those situations, you will likely be able to file for Chapter 13, however, this will require you to establish a comprehensive repayment plan to your creditors, rather than having most, if not all of your debts eliminated by the courts.
The next question you may ask is how much does it cost. There are two factors involved in the cost of filing for Chapter 7 bankruptcy. The first is the amount of money you will pay for your attorney. While this number can vary from region to region, the national average for a chapter 7 bankruptcy attorney is roughly around $1200. In addition to that, in the state of Connecticut there will be a $300 filing fee when your attorney files a petition for bankruptcy on your behalf.
It may be difficult to admit, but in many cases, there is no question that bankruptcy is the only viable solution to your debt issue. Fortunately, there are many bankruptcy attorneys that are waiting to represent you and can help you not only to eliminate your current debt, but get you back on firm financial footing once again through Chapter 7 Bankruptcy Middletown CT. Visit website for more details.