Hartford Chapter 7 Lawyer

 

Chapter 7 bankruptcy is a “trade off” where you surrender your non-exempt assets, and, in exchange, you receive a discharge of your personal liability on all debts that existed on the date you filed your bankruptcy petition.

What are non-exempt assets? Can I stop foreclosure of my home? Can I keep my car, furniture and retirement account?

Most Chapter 7 filers keep everything they own. All your assets that exist on the date you file your bankruptcy petition comprise your bankruptcy estate. However, only your non-exempt assets can be liquidated (turned to cash) by the bankruptcy trustee to pay your creditors. Many, if not all, of your assets can be excluded from this process, depending on the type of the asset, and its value. For example, up to $75,000 in equity in an individual’s residence can be claimed as exempt. If your home is owned jointly and both spouses file, that amount doubles. All retirement plans, including pensions, IRAs and 401(k)s, are also exempt. We seek to maximize your exemptions, so you can obtain your bankruptcy discharge without losing any of your property.

What is the bankruptcy discharge?

The bankruptcy discharge is a permanent injunction which prohibits your creditors from making any attempt whatsoever to collect a debt from you as a personal liability. This includes calls, letters, lawsuits, wage garnishments and liens.

Get a Fresh Start

The beauty of the Chapter 7 process is that it is often possible to discharge all of your debt, and lose absolutely nothing. For people who have been cutting back on basic necessities to pay credit card bills, or considering cashing out their retirement savings, this is a huge relief. With only a few exceptions (primarily assets you become entitled to as a result of someone’s death within six months of the date you file) all assets you acquire after the date you file bankruptcy are all yours, and free from the claims of your creditors. For example, if you purchase a winning lottery ticket the day after you file, no one but you can claim your winnings.

Immediate Relief From Creditor Harassment

We handle all creditor inquiries for new clients. As soon as your Chapter 7 petition is filed, the automatic stay in bankruptcy prohibits all collection activity, including lawsuits, and even forbids your creditors to contact you.

What is the Chapter 7 process like?

I am a bankruptcy lawyer with a step-by-step, tried-and-true system which is designed to obtain all of the information needed from the client, while minimizing the inconvenience to the client in providing the information. This information will be used to create your bankruptcy petition and schedules, which will be electronically filed with the bankruptcy court. Upon filing, the court will appoint a Chapter 7 trustee to administer your case.

A few weeks after the filing, I will accompany you to your meeting of creditors — despite the name, it is somewhat unusual for creditors to actually attend. The trustee will ask you a series of questions designed to verify the information in your schedules, and other information we supply the trustee. Since we take a great deal of care in preparing your filing at the start, this meeting is usually anticlimactic, and your bankruptcy discharge will issue a few weeks later.

Contact Lawyer Edward P. Jurkiewicz Today

If you would like to learn more about our firm, please contact our office. We offer a free initial consultation to discuss your situation. With offices in Hartford, Avon and Torrington, we represent clients throughout Connecticut, including the Greater Hartford metropolitan area, and the Farmington Valley and Litchfield County areas.

Hartford area bankruptcy attorney and divorce lawyer Edward P. Jurkiewicz has over 20 years of experience representing clients. Our firm represents debtors and creditors and handles both relatively simple divorces and bankruptcies and more complex litigation matters. With this depth of experience, our firm is able to anticipate and prepare for any potential issues that could arise in your bankruptcy, divorce or family matter.

CONTACT US TODAY AT 860-299-6263

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