Connecticut and Massachusetts Bankruptcy Attorney Walks Debtors Through the Process
Personal Bankruptcy Law Firm Assists Debtors in Connecticut and Massachusetts
Filing for bankruptcy in Connecticut and Massachusetts can be complex, time-consuming, and stressful, but the benefits may outweigh the headaches, depending upon your financial situation. This bankruptcy checklist offers a step-by-step overview:
- Weigh the advantages and disadvantages. Before filing, debtors should consider the pros and cons associated with bankruptcy. Pros include eliminating eligible debt and the ability to keep future income, while cons are that not all debts will be discharged and a bankruptcy stays on a credit report for up to 10 years.
- Consider alternatives to bankruptcy, such as negotiation with creditors and debt forgiveness.
- Determine eligibility. Debtors in Connecticut and Massachusetts must pass a means test, and those who aren't eligible for chapter 7 may qualify for chapter 13, or reorganization bankruptcy.
- Assess property to determine what is exempt and what is not in chapter 7 bankruptcy. The bankruptcy trustee, who will use the proceeds to pay creditors, will sell nonexempt property.
- Obtain credit counseling with an approved agency at least 180 days before filing for bankruptcy to determine the best option, bankruptcy or another alternative.
- Gather documents and file the paperwork to provide information about income, debts, and property.
- Attend the creditors meeting to answer questions relevant to the bankruptcy.
- Get personal financial management counseling with an agency approved by the U.S. Trustee's office.
- Receive the bankruptcy discharge notice within about two months of the meeting of creditors. You will no longer be responsible for paying the debt that was discharged in bankruptcy.
If you are planning to file for bankruptcy in Connecticut or Massachusetts, the attorneys at Susan M. Williams LLC can guide you through the process. To schedule your free consultation with one of our bankruptcy attorneys, contact our firm online, via e-mail, or call 860-265-4764 today.