Bankruptcy Overview

Stratford Bankruptcy Lawyer

Financial problems can happen to anyone. An illness or injury, job loss, divorce, or other unexpected event can leave anyone struggling to pay bills. Credit card debt can be especially overwhelming due to high interest rates and fees. Recent legislation will attempt to reign in fees and punitive interest rates by credit card companies.

If you are in debt and finding it difficult to meet your obligations, or if you are in a cycle of paying minimum payments without reducing your balances, you should learn about your bankruptcy options.

To arrange a free attorney consultation at Ambrogio, Pletter & Associates, LLC, contact us at 203-502-7436.

Bankruptcy Options

• Chapter 7 Bankruptcy — In order to file Chapter 7, you must first meet certain income requirements which our attorneys will fully explain to you. If you do qualify for Chapter 7, credit card debt, medical bills, and other unsecured debts can be discharged. There are exemptions to protect your home, automobile and some of your personal property. Our attorneys will review what assets are exempt in your case. Generally, all basic household furnishings, cars and some home equity is exempt. Since each case is different, our attorneys can evaluate your situation at a free consultation and tell you whether a Chapter 7 is the right option for you.
• Chapter 13 Bankruptcy — Chapter 13 allows consumers to reorganize their debts and repay a portion of what they owe over a three to five-year period. In order to be eligible for Chapter 13, you must submit a repayment plan for approval by the Bankruptcy Court. If approved, you can include mortgage arrearage, credit card debt, medical bills, car loans, and other unsecured debts in your repayment plan. You may also be able to discharge some or ALL of your unsecured debt in Chapter 13, save your home and stop repossession of your vehicles.
• Chapter 11 Bankruptcy: Businesses and individuals can seek relief under Chapter 11 to reorganize.

In order for individuals to file under Chapter 7 or Chapter 13, they will be required to participate in credit counseling, either over the phone or on the Internet. We assist our clients in arranging this counseling.

Have you already lost your home in foreclosure?

If you have lost your home in foreclosure, and your home was worth less than what you owed, the mortgage company can get a judgment against you for a dollar amount (deficiency judgment) — which allows them to pursue you for payment. Through Chapter 7 bankruptcy, you may be able to walk away from the house without owing a deficiency.

The Means Test — New Bankruptcy Law

Under new bankruptcy laws, you are required to undergo a means test to determine eligibility for Chapter 7 bankruptcy. This test compares your family income to the average family income in Connecticut. If your family income is above the state average, it is still possible to file for bankruptcy — but additional information must be provided. If your income is above the state median, you must file a long form means test. Our attorneys have prepared hundreds of long form means tests for clients whose income is above the state median. Those who do not qualify for Chapter 7 can still choose Chapter 13 bankruptcy.

Learn More About Bankruptcy and Debt Relief

• Foreclosure — Options to avoid foreclosure
• Loan modifications — May make your mortgage more affordable
• Do I need to file bankruptcy? — Deciding when bankruptcy is the right option
• Life after bankruptcy — What to expect after debt has been discharged
• Bankruptcy FAQs — Find answers to your general bankruptcy questions
• Short sales — Selling your home when it is worth less than what you owe
• Car repossession — Avoid repossession to keep your car

Contact Us

For more about eliminating credit card debt, loan modifications, and bankruptcy options, contact our firm today to arrange your free consultation.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.