Connecticut Bankruptcy Lawyer

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Daily, many Americans find themselves knee deep in debt without a solution. Often, debt is not because of financial irresponsibility, but because of job loss or medical expenses. Whatever the reason, if you find that you are unable to pay the amount of debt, a Connecticut bankruptcy lawyer attorney may be your solution.

Since bankruptcy is considered to be a very serious decision due to its longevity on your financial record—up to ten years--it is only logical to get as much information on filing before you come to a final decision. Ensure that you weigh all the data that someone in the legal field gives to you about bankruptcy and then apply the option that fits your personal.

Connecticut bankruptcy lawyer attorneys are knowledgeable about all filing options for bankruptcy. They will provide you with all the ins and outs that go along with bankruptcy. The filing of a bankruptcy petition by these legal experts can do one or two things for debtors who seek relief. One is to provide a debtor with a clean slate as far as discharging prior debts, and the other is to give the debtor an easy payment plan to repay all the outstanding amounts by according to what the debtor can afford to handle.

In Connecticut there are certain bankruptcy exemptions, which is a list of the kinds and values of property that creditors or bankruptcy trustees are legally unable to reach. The debtor is allowed to keep the property that is considered exempt, and what is exempt and the amount that is exempt varies from state to state. In Connecticut, real property, which includes mobile or manufactured homes are exempt up to $75,000. Personal property such as spendthrift trust funds needed for support and tuition savings accounts are exempt. A motor vehicle up to $3,500 is exempt, as well as food, clothing, appliances, health aids, furniture, bedding, wedding and engagement rings, residential utility and security deposits for one residence, burial plots, and proceeds for damaged exempt property. Wages are exempt from a minimum of 75% of earned by unpaid wages or 40 times the state or federal minimum hourly wage. Pensions and tax exempt retirement accounts are exempt, as well as public benefits like unemployment compensation, workers\' compensation, veterans\' benefits, Social Security, crime victims\' compensation, and public assistance. Military uniforms and equipment and instruments and farm animals that are needed are exempt. Child support and alimony to an extent wages are exempt. Life insurance, health and disability benefits and farm partnership animals and livestock are also exempt..

Even though bankruptcy is a valid answer to major debt, one must remember that it does pose serious repercussions for filing. Some of these things include:

It will be listed on your credit report for a period of ten years.
It will also make it harder to get credit in the future.
Filing another bankruptcy may also prove to be difficult to do.

Seek out a top Connecticut bankruptcy lawyer attorney to aid in your road to financial freedom by either looking in a local directory or using the Internet.

In 2008 8,121 residents in Connecticut filed for bankruptcy, with 79% of them filing for Chapter 7 and 21% filing for Chapter 13.As the economy continues to remain frail, the number of people filing for bankruptcy may only increase. As financial situations worsen, many people will find themselves needing help through the process and looking to recover.

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