We have put together some of our most frequently asked questions from clients about bankruptcy:
No. There is an income-based eligibility test which is sometimes called the “means test.” Determining your eligibility is somewhat complicated, so don’t make any assumptions until you consult with us.
Yes. Chapter 13 is usually a good alternative if your income is too high for a Chapter 7.
Although it will appear on your credit report bankruptcy usually results in an improved credit score over time. This is because you will get rid of a great deal of debt that you cannot pay now.
Most people do keep their house after filing for bankruptcy. Federal law prohibits banks from foreclosing as long as you remain or become current with your mortgage. If you are not current, Chapter 13 provides a way to become current while discharging other debt.
For more information you may be interested in:
The Bank Says I Have To Sign a Reaffirmation Agreement To Keep My House Or Car After Bankruptcy. Do I?
Most people do keep their car after filing for bankruptcy. Connecticut law prohibits banks from repossessing as long as you remain or become current with your car loan. If you are not current, Chapter 13 provides a way to become current while discharging other debt.
The bankruptcy lawyer at Lawrence & Jurkiewicz, LLC represents clients throughout the greater Hartford area and the Litchfield County area. We help individuals and families gain control of their debt with sound advice, a caring heart, and a compassionate soul. If you are overwhelmed with debt or facing foreclosure and considering filing bankruptcy, we encourage you to contact us for a consultation with a bankruptcy attorney. Please call (860) 935-6284 or contact us for a free consultation.