We are your Tolland County and Hartford County Bankruptcy Attorneys!
In the face of financial distress, it can seem like there is no hope and that you have no options. In reality, you have many options, all of which can help you reduce your debt and get a fresh financial start.
The attorneys at Marder, Roberson & DeFelice Law Offices, LLC have an understanding of bankruptcy and other debt relief tools that has helped many clients in Hartford County and Tolland County move forward with their lives. We take the time to sit down with you and discuss all of your options so that you are able to make a well-informed decision about your financial future. If you have any questions at any point in the process, we draw on our decades of legal experience to give you the straightforward answers you deserve.
Types Of Consumer Bankruptcy
Chapter 7 bankruptcy is often called a straight bankruptcy liquidation, because the process is relatively straightforward and does not last very long, usually 100 days. In Chapter 7, you are allowed to keep certain property (known as exemptions), up to a set amount of value. The bankruptcy trustee sells anything over this amount, and the proceeds go to your creditors. After the Chapter 7 process is complete, any unsecured debts (such as credit cards and medical bills) are discharged. However, secured debts such as a mortgage will remain as a debt secured by your real estate.
Chapter 13 bankruptcy differs from Chapter 7 in a few significant ways. This process takes longer, from three to five years, and requires the creation of a repayment plan. Under this plan, you will make one monthly payment that covers your secured debts and pays off a percentage of your unsecured debts.
At the end of the payment period, any remaining unsecured debts are discharged. Secured debts that were paid down during the repayment period remain, but you should be current on these payments and avoid other repercussions such as foreclosure or repossession. As such, Chapter 13 is especially beneficial to those who are in a tough financial situation but still want to keep their home.
Other Matters Handled By Our Debt Relief Lawyers
In addition to bankruptcy, our attorneys can give you advice related to many other debt relief processes. These include:
- Loan modifications: When you face foreclosure, a loan modification can help you keep your home by changing the terms of your obligations and setting your monthly payments at a more manageable level.
- Debt workout: Following changes to the Bankruptcy Code in 2005, debtors were given more ways to avoid foreclosure. This includes creating informal workouts with creditors, where you pay off a percentage of your debt and the creditor forgives the remainder.
- Bankruptcy planning: We help those who think they will need to utilize bankruptcy in the future to set up a plan in advance so that they are able to move through the process efficiently and move forward with their lives.
- Collections: We are equipped to handle collections work throughout Connecticut. We are also able to use the knowledge we have gained in our collections practice to the benefit of those who are considering bankruptcy.
Contact An Experienced Bankruptcy Lawyer
To arrange an initial consultation call us at (860) 872-3000.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Our Firm Recommends CC Advising – 1st Pre-Filing Credit Counseling Course.
Our Firm Recommends BE Adviser – 2nd Post-Filing Debtor Education Course.