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Hartford Bankruptcy Attorney

Chapter 7 Bankruptcy in Hartford


A Chapter 7 bankruptcy is no small undertaking. Filing for one can change your life significantly for years to come. Thankfully there are Hartford bankruptcy attorneys around to help you through the process. Consulting with a bankruptcy lawyer before you actually file could save you a lot of time, money, and hassle.

Chapter 7 bankruptcy is when you get almost all of your debt wiped out completely and definitively. To do this, some of your property and possessions may have to be sold off. This is different from a Chapter 13 bankruptcy, which consolidates your debt and gives you a payment plan for paying it off. Some of your debt may still be wiped out in Chapter 13, however.

When filing for a Chapter 7 bankruptcy, the first thing to do is to stop spending. Luxury purchases and cash advances of $1000 and up within 60 days of filing for bankruptcy are not dischargeable. The reason for this is that people will think they can pull a fast one on the creditors by buying expensive things real quickly and filing for bankruptcy later. Any purchase, cash advance, and loan are not dischargeable if they are within 60 days of filing.

Many people are concerned about the consequences and stigma of a bankruptcy. Rest assured that, while bankruptcy records are public, nobody should know about it other than the creditors, unless your income is being garnished, at which point, your employer will know as well. Another issue for people claiming bankruptcy is credit. After a bankruptcy, many creditors and banks will be very reluctant to issue you any line of credit or loan. However, in Hartford, and all of Connecticut, you may obtain what’s known as a secured credit card. This is basically a prepaid credit card with a low limit. The limit will gradually increase over time, and in as little as two years, you may be eligible for home loans and car loans and credit cards.

Hartford bankruptcy attorneys are professionally trained to deal with these situations. There’s no reason that you should attempt to claim a Chapter 7 bankruptcy without the help of a lawyer. Contact Hartford bankruptcy attorney near you if you’re having financial troubles and can’t see the light at the end of the tunnel.