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Basics of Chapter 7 bankruptcy

The phone keeps ringing, letters keep arriving and bills keep piling up. Sometimes it seems like there is no end in sight for a Connecticut consumer facing financial problems. However, with Chapter 7 Bankruptcy, there can be an end to the financial burden and relief for the individual.

Perhaps one of the greatest immediate benefits of Chapter 7 bankruptcy is that it results in an automatic stay as soon as the petition is filed and creditors are notified. This automatic stay prevents most creditors from attempting to collect debts or seize property. For the duration of this stay, a creditor is prevented from filing a lawsuit for collection against the individual and/or attempting to garnish one's wages. Furthermore, creditors are prevented from calling or contacting the individual in any manner.

As a part of the filing process, the individual will provide the court with a complete list of liabilities. This should include the name of the creditor, the type of credit and the amount owed. Additionally, the individual will provide the court with details related to the individual's income and living expenses. Living expenses should include rent or mortgage payments, utilities, car and gas, food, clothing and other necessary items. Finally, the filer will provide the court with a listing of any property owned by the individual.

The decision to file for Chapter 7 bankruptcy can be a difficult one for a Connecticut resident to make. However, for those faced with this decision, the prospect of remaining burdened with excessive debt can prove to be even more difficult. An experienced attorney can help one analyze a particular situation to help decide upon an appropriate course of action.

Source:, "Chapter 7: How it Works", Accessed on May 24, 2017

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