Bankruptcy Lawyer in New Haven, CT
The word bankruptcy can be extremely intimidating, and it might even be something that you have been avoiding. However, if you can get professional help through this difficult time you will find that it could be very beneficial to you and your future.
Bankruptcy isn’t something that you should deal with alone, especially if you have no experience or knowledge surrounding bankruptcy law in your state. You want to ensure that you will be making the best possible choices and decisions for your current financial situation and your future. You do not want to hesitate when it comes to speaking with a bankruptcy lawyer in New Haven, CT.
Schedule a consultation with Eric Lindh Foster Law, LLC today.
Why Hire a Bankruptcy Lawyer?
If you are facing bankruptcy that most likely means that your financials are not in the best condition, which probably has you weighing the pros and cons of hiring a lawyer to represent you. The answer is that it is almost always yes, but it does depend on your specific financial situation.
A bankruptcy lawyer in New Haven, CT will be able to make sense of your financial circumstances, including the types and amounts of the debts that are overwhelming you. A lawyer will be able to determine if bankruptcy is even the next logical step for you and if it isn’t then you will be able to work with a lawyer to figure out a plan of action to take to reduce your debt.
What If Bankruptcy is the Next Step?
However, if bankruptcy is the next logical step that means your lawyer will be able to decide if you should file under Chapter 7 or Chapter 13 of federal bankruptcy law.
- Chapter 7 bankruptcy is known as liquidation bankruptcy and it erases most debts but requires forfeiture of all but a small number of assets.
- Chapter 13 bankruptcy creates a plan for making partial repayment to your creditors and can allow you to keep certain assets like your home or car.
Depending on which route you and your lawyer decide to pursue, the lawyer will be able to guide you through the steps involved like:
- Submitting a list of creditors to the court and scheduling court appearances.
- Directing you on where and how to complete a required pre-bankruptcy credit counseling session and a post-bankruptcy debt management course.
- Submitting required fees when filing documents with the court.
How Could Bankruptcy Affect Your Credit?
Unfortunately, bankruptcy is a major negative event in your credit history and could have a lasting negative effect on your credit scores and your chances of getting new credit. Chapter 7 bankruptcy can stay on your credit report for 10 years from your bankruptcy date, while a Chapter 13 bankruptcy stays on your credit report for seven years after the filing date.
When Should I Meet With A Bankruptcy Lawyer?
As soon as you can. A bankruptcy lawyer knows all of the necessary procedures, deadlines, and other formalities to ensure that this process goes according to plan and smoothly.
Speaking with a bankruptcy lawyer in New Haven, Connecticut could be the best next step that you take. Make an appointment with Eric Lindh Foster Law, LLC today.