Overwhelming debt is a primary reason to solicit the services of a Bankruptcy Lawyer CT. These services may prevent the foreclosure of your home and repossession of your vehicles. Although at first it is a lengthy process, filing for bankruptcy could make the difference you need to eliminate your debts in a manner that fits within your current budget. In life, there are events that prevent us from paying our debts in a timely manner. These events could be an illness or losing our job due to cut backs, and our monthly income could cease or become shortened to the point where catching up on payments is difficult. This is where the services of these lawyers help to eliminate the worry and frustration associated with debt collection.
Through this process, you provide a list of your debts to the attorney of your choice. He or she reviews these debts to determine which form of bankruptcy would best serve your financial needs. These lawyers discuss with your creditors an adequate settlement amount and lower your debt significantly. These settlement amounts are accumulated through the court system, and a monthly payment amount is determined for your case. The way in which this helps the most is that it stops payments to all creditors and basically allows you to settle them a little at a time through one monthly payment. A percentage of this payment is divided among your debts and sent to your creditors. You do not owe any late charges nor are any applied to your accounts once the bankruptcy is validated.
You are provided a predetermined amount of time based on your monthly income to pay your debts through bankruptcy. Some debts could be complete discharged depending on the amount you owe and the settlement reached by your Bankruptcy Lawyer CT. Smaller debts are often eliminated entirely, but there is not a guarantee that this is the case for all bankruptcies. Any debts that are not covered through the bankruptcy are still your responsibility. Your selected lawyer will discuss any debts that are not allowed within these bankruptcy cases depending on the type that you file.
