Consumer Lawyer New London, CT
Is your Connecticut business struggling and being sued by creditors for failure to meet your financial obligations? If your business cannot pay the debts or obligations that are owed, you may want to consider commercial bankruptcy protection. This is a process that will allow you to get out from under your debts. However, there are some financial risks and pros and cons that should be considered before going down this route. Speaking with a consumer lawyer in New London, CT can help you decide what course of action is best for your business.
Types of Bankruptcy Options
There are several different options you can petition the court for depending on your circumstances. The first is Chapter 7, which is essentially a liquidation, and it would discharge obligations and debts that you cannot pay. Chapter 11 would help your business suspend some obligations on a temporary basis while working on a reorganization plan.
The main difference between these two options is that Chapter 7 would let you start over with a new business that is free of obligations and debts from your original business, which will be closed at the end of the bankruptcy process. With Chapter 11, you would be trying to hold on to your business while taking steps to stop the downward spiral.
Sole Proprietorships – Chapter 13
As a New London, CT consumer lawyer can explain, there is another option for some businesses — Chapter 13 bankruptcy is a type of reorganization bankruptcy that is usually available only for individual consumers. However, it can also be used for sole proprietorships. This would involve filing a repayment plan with the court that would offer details on how you plan to repay your debts.
Potential Positive Effects of Bankruptcy
If you are in a situation where bankruptcy seems like an inevitable result, there can be some potential upsides to proceeding down this path. Depending on your situation, some of these can include:
- Renegotiation of Contracts: Under a Chapter 11 reorganization, you can end current contracts and renegotiate more favorable ones. Some vendors are more amenable to renegotiating terms, because it means your business will continue operating, allowing them to recoup some of the debts.
- A Potential Competitive Advantage: The opportunity to temporarily halt your debts and obligations, pay only a portion of existing debts, and dismiss existing contracts can make you more efficient than some of your competitors, who are still required to meet their debts and obligations. In some cases, Chapter 11 may be able to give your business an advantage in the marketplace.
- Extra Time to Complete Your Reorganization: When your company gets a temporary break, it gives you a much-needed breather to get back on your feet. Businesses that could not otherwise stay afloat may even be able to turn the company completely around during this reprieve.
What Everyone Should Know About Filing for Bankruptcy
Life throws curveballs. When unexpected events occur, there’s the chance of falling into endless debt. Bankruptcy is an option when creditors refuse to stop calling. Many in this situation, though, are hesitant to act. They have misconceptions about what it means to declare bankruptcy that dissuade them from taking action. Those from Connecticut with out-of-control debt should consult a consumer lawyer in New London, CT. The professional they speak with is bound to inform them of the following.
You Can Still Get Credit
Consumers often believe that declaring bankruptcy means they will never again qualify for credit. In reality, they can start rebuilding their credit almost immediately. Major purchases, such as vehicles and homes, are possible within a few short months. Credit cards are also a possibility. The bankruptcy attorneys at Eric Lindh Foster Law, LLC can assist in postbankruptcy dealings with creditors.
You Will Not Go to Jail
It’s commonly assumed that time behind bars is possible because of going bankrupt. Modern society has long since done away with debtor’s prison. Millions of citizens file for bankruptcy every year. Our penal system understands these are merely hardworking individuals who are experiencing difficulties. A consumer lawyer in New London, CT, is sure to provide reassurance that they won’t end up in the clink.
You Should Not Expect To Experience Trouble Filing
Filing for bankruptcy used to be much more difficult. Today, paperwork can be completed and submitted electronically from anywhere. All you need to provide is:
- An intake form
- Three months of bank statements
- Two years of tax returns
- A list of debts
- Paystubs for the last half a year
- Property values
Once the information has been handed over, the workers at Eric Lindh Foster Law, LLC can take care of the rest.
You May File for Bankruptcy Multiple Times
Some believe they’re only entitled to one bankruptcy. In reality, filing multiple times is entirely possible. All that’s needed is to have one’s record expunged. If someone has previously filed for Chapter 7, expunging is possible once eight years have passed. For those with Chapter 13 bankruptcies, the wait is only two years. Regarding citizens who’ve had their cases dismissed, there is usually no waiting period whatsoever.
You Are Likely To Qualify
New laws in 2005 provided an opportunity for creditors to sow confusion. They began convincing the public that bankruptcy was now only possible under tight circumstances. While the Means Test that approves people for bankruptcy changed, it did not tighten its difficulty. In reality, bankruptcies have increased since that time. Those with significant debt should ask a consumer lawyer in New London, CT, about their bankruptcy qualifications.
Non-Bankruptcy Debt Management Alternatives
One of the reasons why it is so important to schedule a risk-free consultation with a consumer lawyer New London, CT residents trust before committing to a debt management plan of action is that filing for bankruptcy isn’t the best option for every person who struggles with consumer debt. At Eric Lindh Foster Law, LLC, we do not make assumptions about the kind(s) of debt management strategy that may serve a client best. We dig deeply into that client’s financial situation and familiarize ourselves with that client’s financial goals and priorities before providing personalized recommendations concerning which debt management strategy or strategies may best fit the circumstances at hand.
It is also important to understand that regardless of whether you choose to file for bankruptcy or not, it is a good idea to meet with the team at Eric Lindh Foster Law, LLC before pursuing your options. Unfortunately, there are many scam artists—some posing as truly legitimate looking businesses—eager to prey upon you during times of financial vulnerability. Additionally, many creditors engage in illegal practices in their attempts to collect what they are owed. Working with our firm’s knowledgeable New London, CT consumer lawyer will help to ensure that you are not taken advantage of and that your debts are resolved as promptly and completely as is possible under the circumstances.
Debt Settlement
One popular non-bankruptcy debt management alternative is debt settlement. Debt settlement involves resolving an outstanding account for less than the full amount owed. Anyone can attempt to negotiate a debt settlement offer or plan on their own. However, it is generally advantageous to have an attorney connecting with your creditors on your behalf. Attorneys who specialize in consumer rights understand which practices are permitted and which are prohibited, so that their clients are spared the risk of being scammed or otherwise taken advantage of.
Some individuals struggling with debt turn to debt settlement companies for assistance with this process. While there are some legitimate debt settlement companies in business, many others are shady or are outright scams. As a result, it is important to connect with an attorney to clarify your rights and to check out the legitimacy of an operation before “going into business” with a debt settlement company.
Other Alternatives and Considerations
Debt settlement is not the only non-bankruptcy debt management alternative available. Entering into a debt management plan, consolidating your debt, pursuing debt counseling, and a host of other options are available to you as well. No matter what route you choose to take, it is important to connect with the experienced Connecticut legal team at Eric Lindh Foster Law, LLC before moving forward. Ensuring that your debt management strategies are sound and supported will help to ensure that those seeking to prey on your financial vulnerability are either scared away or are made to pay for any wrongs that they have already committed against you. If you have not yet scheduled a risk-free consultation with our firm’s New London, CT consumer lawyer, please do so now for personalized guidance about any strategies that may suit your circumstances well.
How Can A Consumer Lawyer Help Your Business?
If you find your business in the situation a consumer lawyer in New London, Connecticut could help navigate you through this difficult time for you and your business. A lawyer will be able to work with you to protect your business from creditors if you are going through a bankruptcy filing.
A consumer lawyer will also be able to help clear loans and requests time to restructure your business. Additionally, a lawyer will allow your business the opportunity to reorganize your debts so that they can be paid later. When hiring a consumer lawyer in New London, CT you will be hiring a professional who is experienced and has knowledge of commercial bankruptcy law and consumer law.
A lawyer will be able to provide you and your business with the evaluation that is needed to better understand the best possible route for your business. A lawyer understands that this isn’t an easy time for you. You have most likely put a lot of your finances, time, and energy into starting and maintaining a business, unfortunately, you are now faced with difficult decisions and choices to make.
Working exclusively with a consumer lawyer means that you will have a professional on your side who will fight for you and your business’s best interests.
A consumer lawyer in New London, CT from Eric Lindh Foster Law, LLC will be able to recommend the type of bankruptcy that you might need to file and will be there to help you through the entire process.
The process can be confusing and complicated, especially if you have no experience in bankruptcy law and that is why it is extremely important and beneficial to have a skilled professional assisting you throughout the entire grueling process. You will gain access to legal advice that will help with your legal issues related to your business and its debt.
Working with a lawyer from Eric Lindh Foster Law, LLC will give you the chance to discuss the right path for your business. The law firm has assisted numerous clients with various financial struggles and understands how intimidating it can be to discuss bankruptcy and its potential effects and consequences. A consumer lawyer will work with you to ensure that you can achieve financial recovery and freedom.
Of course, it won’t be easy and there will be struggles but you will be working with a professional that is skilled in the area of commercial bankruptcy and consumer law. There might even be a better solution to your situation that doesn’t involve bankruptcy. Eric Lindh Foster Law, LLC will take the time to better understand every detail in your situation, the source of your creditor concerns, and the best possible way to solve them.
There is a lot to consider, but it could be in your best interests to contact a consumer lawyer to get a clearer outcome on the future of your business.
To better understand your situation, schedule a consultation with Eric Lindh Foster Law, LLC today.
Contact Our Office
At Eric Lindh Foster Law, LLC, we understand how difficult the process of commercial bankruptcy can be. You need a firm that has extensive commercial litigation and transactional law experience. Our attorneys have years of experience in both areas, and we can provide top-notch representation as you decide how best to move forward. Call our office today to meet with a New London, CT consumer lawyer and find out what legal options you may have.
If you are searching for a consumer lawyer in New London, CT you are going to want to make sure you find the right one for you. However, you may not know what that means and how to even go about finding the right lawyer. This is probably a stressful time in your life, but you need to take the time to find the lawyer that is going to not only suit your needs but can get the job done.
When it comes to finding the right lawyer for you, you are going to have to do some homework. If you’ve never had to search for a lawyer before then it can feel daunting. We’ve put together a list to help you find the right lawyer for you.
Qualities of a Good Consumer Lawyer
If you are stuck on how to find the right lawyer for you, here is a list of qualities that a good consumer lawyer should have.
Compassion for Clients
If a lawyer does not have compassion for the clients they are never going to reach their potential. Some of the top legal minds in the field of consumer law almost invariably highlight compassion service when they offer advice to either law students or aspiring lawyers. A lawyer who is committed to representing and helping their clients is likely to find they are more successful in their professional life. This is also beneficial to you as someone who needs that consumer lawyer because it means that they have your interests in mind.
Great Communication Skills
At the very least all lawyers are communicators but that doesn’t mean they all have great communication skills. A good lawyer knows how to get important ideas across in informal legal writing, informal emails, phone conversations, and through discussions and legal settings. They’re also able to communicate complicated legal terms to their clients with ease. This means that you should not leave their office with more questions than answers about your case and what you should be doing.
This also means that the right lawyer for you is going to be able to communicate with you effectively and in a good timeframe. You should never be left waiting for days on an answer to your question. If they are able to get back to you in a reasonable time this often means they have too many cases on their plate.
Knowledge of the Law
When it comes to consumer law it is a niche group. You need a lawyer who understands the laws that surround this niche and how to go about navigating them. Think of it this way: you wouldn’t want your general practitioner to perform brain surgery so why would you want a general law lawyer handling the consumer law case? Having a lawyer that understands consumer laws is going to benefit you in the long run because they already know what they need to be doing.
If you have found yourself in need of a consumer lawyer in New London CT then don’t hesitate to reach out to the team at Eric Lindh Foster Law, LLC to schedule a free consultation.