Each year, hundreds of thousands of American individuals and corporations end up filing bankruptcies and seeking a reasonable way out of severe financial distress. While the process is not an emotionally easy one for most people to handle, from a legal perspective, it is a fairly simple move that can easily help protect a person’s future. As distasteful as it is to many, filing for bankruptcy is an easier move from which to recover than struggling to pay debts while interest, late fees, and penalties accrue. Not only does making the choice to file for Chapter 7, Chapter 11, or Chapter 13 provide peace of mind, it puts an end to creditor harassment, wage garnishment, seizure of assets, and even litigation in an attempt to collect monies owed.
When it comes to finding a skilled Bankruptcy Lawyer Meriden CT is a wonderful starting place for the average person to begin searching. For an individual considering filing a petition, it is wise to meet with an attorney to discuss options. There are a number of different types of bankruptcies, and determining which is right for any given situation is the first step toward greater financial freedom. For individual citizens, Chapter 7 is most appropriate when a person is not employed full-time, has few assets that are considered financially valuable, and has no apparent prospects for paying off debts. On the other hand, Chapter 13, also called Wage Earners’ Bankruptcy, is more of a debt restructuring program. It allows an individual’s earnings to be managed by a trustee, while in exchange, creditors agree to settle for a fraction of the total owed. This is a long-term solution that lasts anywhere from one to three years, but is a wonderful way to earn a second chance at a bright, solid financial future.
If you’re ready to find a knowledgeable Bankruptcy Lawyer Meriden CT is the perfect place to begin your consultation. Learning more about your financial situation and dealing with challenges in an open, honest way may be a very painful and overwhelming step to take. However, it is the one step that allows people from all backgrounds and walks of life to shed the burden of unmanageable debt and move forward.