Filing a Chapter 13 Bankruptcy in CT is One Option You Have to Get out of Debt

by | Sep 21, 2013 | Lawyer

It can be difficult to be in a financial situation that is out of control. If you are in this type of circumstance you may not know where to turn for help or know what options are available to get you out of the surmounting debt. One way to get the assistance you need is to speak with a law professional, such as Jefferson Hanna Law, to discuss the options that are available.

It is important to consult a professional that can clearly explain to you what options that you have. They may suggest that you file for bankruptcy. This may be hard to hear but in some circumstances this can be the only way that you can get out of debt. However, just because you need to file for bankruptcy doesn’t mean that it has to affect you in a negative way. For example, there are many bankruptcy claims to choose from and depending on which one you need will determine how your credit is affected.

One type of bankruptcy that is available is the Chapter 13 Bankruptcy in CT and this type of bankruptcy has its advantages and disadvantages. This bankruptcy is good for those who want to keep their assets and set up a repayment plan to their debtors. The advantage to this type is that it is easier to rebuild your credit. However, there is a disadvantage to this type of bankruptcy and that it is time consuming because it takes time to repay the debts you have. If you are looking for a way to dissolve your debt and still be able to keep your assets this may be a good option for you.

Another type of bankruptcy is the Chapter 7 bankruptcy claim. This type is the most common bankruptcy claim because it dissolves your debts without having to repay the debtors. While this may be appealing it does have its drawbacks. For example, with this type of bankruptcy it is difficult to rebuild your credit and sometimes it takes years to recover from it. However, for some this may be the only solution possible to solve their debt problems. There are other types of bankruptcies you can file but these are the most common. It is important when choosing to file for bankruptcy that you consult a professional to discuss your options.



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