Vernon Bankruptcy Lawyers

Struggling with unmanageable debt can be overwhelming, and it can be difficult to admit when we can no longer manage it on our own. The good news is that you are not alone and have options to regain control of your finances and build a less stressful future through bankruptcy.

Filing for bankruptcy allows you to discharge some or all of your unsecured debt, pay off outstanding bills, stop home foreclosure, and eliminate harassing calls from creditors and collection agencies. At the Law Offices of Jason L. McCoy, LLC, our knowledgeable Vernon bankruptcy lawyers work with individuals and families to help alleviate debt through customized plans.

How Can a Vernon Bankruptcy Lawyer Help Me?

Many people face obstacles that leave them unable to meet their financial commitments. Though facing financial hardships can be stressful and frightening, you have options for resolving your debt and overcoming this difficult time through bankruptcy. Our knowledgeable Vernon bankruptcy lawyers at the Law Offices of Jason L. McCoy, LLC have extensive experience handling all types of bankruptcy matters and can help you:

• Determine if bankruptcy is the solution: Bankruptcy is not the best choice for every
  

  

  client, and we can review your case and explore alternatives to determine whether bankruptcy is the right choice for you.

• File individually or jointly: Married couples are not required to file bankruptcy jointly, and we can advise you on whether your spouse should file with you or whether pursuing individual bankruptcy is the better decision based on your circumstances.
• Stop creditor harassment: Filing for bankruptcy immediately stops all efforts by creditors and collection agencies to collect your debts, as required by law. If the harassment continues, they may be liable for damages.
• Save your home and vehicle: Bankruptcy prevents foreclosure and vehicle repossession and protects other assets. We can help you develop a plan to catch up on mortgage arrears or late car payments so you will not lose these important assets.
• End wage garnishment: We can help you end wage garnishment for overdue debts, such as child support or back taxes, and develop manageable repayment options.
• Eliminate debt: Filing bankruptcy immediately relieves overdue bills, including credit cards, medical, utility, and other unsecured loans.
• End lawsuits: Filing bankruptcy places an automatic stay against any creditors attempting to sue you to recover the debt.
• Create tax payment plans: Tax debt typically cannot be eliminated through bankruptcy. However, we can work with tax agencies to research options and a payment schedule that allows you to pay off or discharge your tax debt.

After eliminating your financial debt, it is possible to repair your credit and begin

a new life after bankruptcy.

What Are the Different Types of Bankruptcy?

There are two common types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy is the most common type and is resolved quickly to relieve you of burdensome debt and collection harassment. Chapter 7 bankruptcy discharges all unsecured debt by selling assets and property to repay creditors immediately. Given clients’ financial hardships, most are filed without assets if none are valuable enough to repay creditors.

Chapter 7 bankruptcy discharges defaulted mortgage or auto loans, credit card balances, medical bills, and other loans. Debt such as back taxes, child support, alimony, and student loans cannot be legally discharged through Chapter 7 bankruptcy. To be eligible to file for Chapter 7 bankruptcy, you must:

• Complete approved credit and debt counseling within 180 days or less before filing.
• Have no previous Chapter 7 bankruptcy filings in the last eight years.
• Wait 181 days to refile if denied.
• Complete a financial scrutiny test proving your previous six months’ average monthly income is less than the state median income or pass a test showing you have sufficient disposable income to make partial repayments.

Chapter 13 bankruptcy is court-ordered and resolves debt by reorganizing priority repay

ment rather than discharging for those with a steady income. It is used to retain high-equity secured assets, such as real estate. This type of bankruptcy places an automatic stay of foreclosure debt collection efforts to develop a repayment plan for part or all debt over a three-to-five-year period in order of priority rather than length of time.

Most Chapter 13 filers have mortgages in arrears and unpaid bills due to unexpected lost employment or inability to work due to a sudden serious illness. Chapter 13 bankruptcy includes more types of dischargeable debt, which can be filed repeatedly. It allows you to retain all assets, reduce debts, protect co-signers, and have additional time to pay non-dischargeable debt, such as taxes or child support.

Should I File for Bankruptcy?

Deciding whether to file for bankruptcy is not easy for most people. Many feel that amassing unmanageable debt or the inability to catch up on overdue bills reflects a personal failure, even when debt accumulates for reasons beyond their control. Everyone faces periods of debt and financial hardships. Filing for bankruptcy is not failing – it is being responsible toward addressing your debt and taking control of a fresh new financial future.

If you are uncertain whether bankruptcy is the right choice for you, consider the following questions:

• Do you have little or no disposable income?
• Is your monthly income below the state median?
• Is your total unsecured debt higher than 50 percent of your annual income?
• Would paying your debt on your own take longer than five years to accomplish?
• Is your debt negatively affecting or consuming your whole life?

If you answer “yes” to more than one of these questions, you should consult an experienced Vernon bankruptcy lawyer who can assess your financial situation and determine whether filing for Chapter 7 or Chapter 13 bankruptcy is the best solution.

Our Vernon Bankruptcy Lawyers at the Law Offices of Jason L. McCoy, LLC Help Clients Gain a Financial Fresh Start Through Bankruptcy

If you are experiencing insurmountable debt and questioning whether filing for bankruptcy is the right choice, our experienced Vernon bankruptcy lawyers at the Law Offices of Jason L. McCoy, LLC can review your case, answer your questions, and discuss your options. Call 860-872-7741 or contact us online to schedule a free consultation. Located in Vernon, New Haven, and Waterbury, Connecticut, we serve clients in Tolland County, New Haven County, and Hartford County.