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HERE IS WHAT A CHAPTER 7 BANKRUPTCY FILING CAN DO FOR YOU:

Posted by James Aspell | Nov 06, 2020 | 0 Comments

 

Chapter 7 Bankruptcy gives individuals, married couples, and businesses a fresh start. A Chapter 7 Bankruptcy wipes out almost all unsecured debts. Debts which can be forgiven include:

  • Credit card debt
  • Medical bills
  • Unsecured loans (not secured by collateral)
  • Collection accounts
  • Civil judgments
  • Back rent
  • Overdue utilities (shutoffs can be stopped The back bill will be forgiven and the utility company is obligated to continue your service.)
  • Payday loans
  • Certain Federal, State and Local Taxes, interest and penalties.
  • Deficiency judgments from foreclosure

Note: Child Support and Alimony cannot be forgiven. Student loans cannot be discharged unless substantial hardship is proven.

MOST PEOPLE CAN KEEP ALL OF THEIR PROPERTY

Under Chapter 7 Bankruptcy, most people are able to retain all of their property: house, cars, furniture and retirement accounts (Pension, IRA, 401-K)

WAGE AND BANK ACCOUNT ATTACHMENTS STOPPED

A bankruptcy filing under Chapter 7 in Connecticut  will stop all wage attachments. lt will also prevent creditors from attaching your bank accounts or other property, or prevent them from enforcing judgments which they already have against you.

CREDITOR CALLS STOPPED IMMEDIATELY

Upon the filing of a bankruptcy petition, the bankruptcy court will send a letter to all of your creditors informing them that you have filed bankruptcy. After a bankruptcy petition is filed creditors may not call you, send you letters or take any action to collect money from you or seize your property.

About the Author

James Aspell

Principal since August 1, 2006 James F. Aspell is the principal and managing attorney of the firm which he started in 2006 following 20 years of litigation practice in a mid -size firm in Hartford, Connecticut. Jim focuses his practice in the areas of worker's compensation and personal injury l...

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