Get The Information You Need About Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a mechanism that can erase most types of debt. This type of bankruptcy can be the best strategy for people whose debt has become overwhelming. For people with heavy credit card debt, outstanding judgments or who have lost their source of income completely, filing Chapter 7 bankruptcy can be the best strategy.

It is important to speak with an experienced lawyer if you are contemplating filing bankruptcy. At Ambrogio, Pletter & Associates, LLC, in Stratford, Connecticut, bankruptcy is our primary focus, and we have guided hundreds of clients through the Chapter 7 process. We provide personalized service from day one; your case will not be passed off to an inexperienced associate or a nonlawyer staff member. Every situation is different, and we tailor our services to the individual needs and goals of each client.

To learn more about your options in bankruptcy, schedule a free consultation with our experienced Bridgeport Chapter 7 bankruptcy lawyers. Call 203-502-7436 or contact our law firm online .

How Does Chapter 7 Work?

The first step in Chapter 7 bankruptcy is to determine if you qualify. Under the new bankruptcy laws, an individual will need to undergo a " means test" to qualify for Chapter 7 bankruptcy. The means test will consider a family's monthly income in comparison to its state's median income.

FAMILY SIZE
 ONE EARNERTWO PEOPLETHREE PEOPLEFOUR PEOPLE
State of Connecticut
(As of April 1, 2017 subject to change every six months)
$62,929$80,974$91,867$113,409

If an individual is eligible for Chapter 7 liquidation, his or her debts may be discharged. If a person does not qualify for Chapter 7 bankruptcy, Chapter 13 bankruptcy may be another option.

If you qualify, you can take advantage of a number of benefits available in Chapter 7, including:

  • Total relief from unsecured debt like medical bills and credit card debt, judgments, wage garnishments and older tax debts.
  • Stopping harassing creditor phone calls and collection letters.
  • The erasing of any mortgage liability if your home has been foreclosed on or you voluntarily surrendered it.

In addition, if a creditor has secured a judgment against you and has placed a lien on your house, a properly filed bankruptcy can remove that lien. We work with appraisers to place a value on your house, and when the circumstances are right, we will ask the court to remove the lien.

Although Chapter 7 bankruptcy changed in 2005, it is still available to most people. It can provide the fresh start you need by eliminating your unsecured debt and giving you the option of surrendering property that you no longer wish to maintain or that you are unable to make payments on.

Contact An Experienced Stratford And Bridgeport, Connecticut, Bankruptcy Attorney

We can help you find the light at the end of the tunnel, help you take control of your finances and get a fresh start. To arrange your free consultation, call 203-502-7436 or contact our law firm online.