Torrington Bankruptcy Lawyer
At the Law Office of John E. Hudson, we understand that our clients’ financial issues are not all the same. For many of our clients, bankruptcy is a recommended option; and for others clients, we look for alternatives to bankruptcy.
We provide debt management advice and counsel to individuals and small-business owners in Torrington and throughout Connecticut. When it is appropriate, we help these clients to eliminate their debts and reorganize their finances using the options permitted under the U.S. bankruptcy code.
Chapter 7 Bankruptcy Attorney Serving Watertown, Torrington And All Of Connecticut
Depending on your circumstances and financial goals, we can use the following tools to solve your financial problems:
- Chapter 7 bankruptcy. This tool is often best for people who need to eliminate loans, credit card balances, mortgages and other debts quickly and cleanly, and in some cases may have to tolerate surrendering certain assets to liquidation. Not everyone can meet the application requirements, but those who do can enjoy immediate relief from creditor harassment, wage garnishments, and even home foreclosure proceedings.
- Chapter 11 bankruptcy. Known as the “business reorganization” bankruptcy, it is often a good fit for small-business owners who need to eliminate or modify most business debts, modify contractual obligations, and stop collection actions so their businesses can grow. Applicants must complete a court-approved reorganization plan that, once completed, enables them to become more profitable.
- Chapter 13 bankruptcy. Chapter 13 is another bankruptcy option that is appropriate for many homeowners and small-business owners. It enables applicants to eliminate or modify certain debts — such as credit card balances and undersecured second mortgages — while restructuring their remaining debts under a supervised three- to five-year debt repayment plan. If you wish to keep specific assets or have enough income that you could pay your debts if given enough time, this option is worth considering.
Bankruptcy Is No Shame; It Is A Much Deserved Fresh Start
Many deeply indebted people hesitate to consider bankruptcy because they see it as an indicator of moral failure or a harbinger of harder times ahead. Refrains we hear most often include: “If I had only been more responsible, this wouldn’t have happened” and “If I file for bankruptcy, I’ll lose everything.”
Neither of these refrains is true. We remind them, and you, that the economy has changed since our parents or grandparents were young, and that our debts are often the result of circumstances beyond our control. The continuing financial crisis is indicative of this truth. Millions of industrious Americans remain underpaid, jobless, and/or carry enormous debt burdens. These people need and deserve a way out. The most responsible action in these cases is to get out of debt for their sake and for their families.
We remind them also that bankruptcy is not an end, it is a beginning. Most people who file for bankruptcy find that their life improves: the most immediate benefit is that the creditor calls stop, the wage garnishment stops, the foreclosure stops, and before long, most your debts are either eliminated or made manageable. Most people who file for bankruptcy end up in a much better place financially, personally and emotionally than when they started. The same cannot be said for the many debtors who stubbornly refuse to consider their options and end up losing everything they have worked for. If your financial world has taken a downturn, you should seriously consider taking proactive steps to save assets and income in order to have a fresh start — and bankruptcy is a well established procedure to help you do just that.
Leave The Burden Of Debt Behind | Get A Fresh Start
Bankruptcy is a complicated but liberating process that is best handled by an experienced bankruptcy lawyer. The Law Office of John E. Hudson is ready to meet with you and discuss your options for debt relief through a Connecticut bankruptcy. To schedule a free consultation with our experienced Torrington bankruptcy attorney, contact the firm online or by calling 860-387-4569.
Disclaimer: The Law Office of John E. Hudson is a debt relief agency. The firm helps people file for bankruptcy relief under the Bankruptcy Code. The information presented on this page is for basic informational purposes only. It is not legal advice specific to your situation nor has any attorney-client relationship been formed.