Walking You Through Bankruptcy And Debt Relief Options

While bankruptcy isn't the solution for everyone, it has proven to be a useful option for many in today's economy. If you are considering it, you are not alone, as many people across Windham County and eastern Connecticut have found themselves overwhelmed by debt and in need of a fresh start. Sometimes all it takes is an unexpected medical bill to put you behind on your other payments.

At the Law Offices of Mathew Olkin in Willimantic, I have helped numerous clients find relief through the various options available to them. When you come in for your free initial consultation, we can determine which ones might be suitable for you.

  • Chapter 7 bankruptcy: The most common form of bankruptcy, Chapter 7 essentially discharges most of your debt, allowing you to start fresh. Some debts are excluded, such as student loans and tax debt, and you may be required to surrender your most valuable assets if you have not sufficiently prepared. This option is also only available for those below a certain income threshold.

    Chapter 13 bankruptcy: This is usually the second most common form of consumer bankruptcy, often referred to as debt reorganization. Under Chapter 13, a payment plan is established that allows you to make more manageable payments toward your debts, with the possibility of discharging any debts remaining at the end of your payment plan. This is often more beneficial for those with higher incomes, or clients looking to keep their most valued assets.

  • Chapter 11 bankruptcy: This chapter of bankruptcy is similar to Chapter 13, but is often reserved for businesses and individuals who have too high an income to qualify for Chapter 7 or Chapter 13. There are some benefits to a Chapter 11 bankruptcy, however — including the ability to "cram down" the debt you owe on your house to its market value.

While Chapter 7 bankruptcy is the option that often best suits the needs of my clients, I help you explore the pros and cons of each form of debt relief to determine your goals are being met.

You May Be Able To Keep Your Home

Many people assume that declaring bankruptcy means you must give up your home or car. In fact, that's not always the case. Certain assets may be exempt from liquidation. A bankruptcy attorney may be able to help you not only to put a stop to foreclosure of those assets, but to enable you to keep them.

Schedule a free consultation today to discuss what bankruptcy exemptions you may be eligible for, and to put a stop to any creditor action or harassment you are facing as a result of your debts. Reach out to my office online for more information, or call 860-924-7506 to set up your consultation with an experienced bankruptcy attorney.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.