Are medical bills driving you to hire a Connecticut bankruptcy lawyer?
Many debtors have cited medical causes for retaining the services of a Connecticut bankruptcy lawyer, according to a recent study. One of the main causes for debtors needing a Connecticut bankruptcy lawyer was out-of-pocket medical costs which averaged over $11,000. It is interesting to note that of these debtors who needed a Connecticut bankruptcy lawyer, many had medical insurance. Even middle class insured families experienced financial ruin when sick, requiring many of them to need the services of a Connecticut bankruptcy lawyer.
What does this all mean to you?
You are not alone if you are planning to file for bankruptcy. Whatever your reason for needing a Connecticut bankruptcy lawyer, you are among over 1.5 million Americans who filed for protection from their creditors. About 70 percent of consumer debtors filed under Chapter 7 and most others filed under Chapter 13 bankruptcy.
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Use Total Bankruptcy for real advice and information
By contacting Total Bankruptcy you may be gaining the resources you need to make an educated decision about your legal options. Take advantage of the resources we've provided and don't hesitate to call (877) 349-1309 for the help you deserve. The sponsoring attorneys should be familiar with the specific state laws and can help you make the right decision.
Secured and unsecured debts
Because there are two different categories of debt, the type you have should determine under which Chapter you should file. A secured debt is one in which the creditor retains an interest in some of the debtor's property until the debt is paid. The property in which the creditor has a security interest may be the same property that was purchased with the loan or it may be some other property that the debtor owns. Secured debts should get paid off before the non-secured debts.
Unsecured debts are the last type of debt to be paid off. These debts may end up being discharged if the debtor does not have enough assets to pay them. Unsecured debts may be credit card debts or signature loans.
Chapter 7 and Chapter 13 filings
In a Chapter 7 the trustee liquidates all nonexempt assets, although many debtors have so little nonexempt property that there may be very little left to liquidate. At the conclusion of the Chapter 7, the debtor may be freed from many debts, except for student loans, taxes, alimony and child support.
In a Chapter 13 the debtor should propose a repayment plan, which extends for up to five years. Chapter 13 debtors may retain their property as long as they make their monthly payments on time. Chapter 13 debtors may also still liable in full for student loans, taxes, alimony and child support and must make payments on secured loans including home mortgages and car loans or forfeit the collateral.
For advice and legal counsel you should call (877) 349-1309, fill out our secure online evaluation or visit our office locations today.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.