Law Offices of Charles A. Maglieri
Free Consultations
Bloomfield
860-242-0574
Marlborough
860-952-3674

Is Chapter 11 right for me?

You have experienced financial difficulties for several months, but you tried unsuccessfully to get your head above water and conquer your insurmountable debt. You realize that the time has come to consider filing for bankruptcy. A bankruptcy discharge could solve many of your problems, you realize, but you also worry that you might not qualify for Chapter 7 because you have a steady income and may not pass the means test. You and other Connecticut residents may benefit by learning how a Chapter 11 bankruptcy could be the better option.

As you may know, Chapter 11 restructures your debt and allows you to make manageable payments over a period of three to five years, unlike Chapter 7, which discharges your eligible debt. However, those who qualify for Chapter 7 may lose their homes, extra vehicles and other assets to repay creditors before receiving their discharge. FindLaw explains that if you want to keep your home and vehicles, and you have a steady job, Chapter 11 could be your route to debt relief.

You might also find Chapter 11 bankruptcy preferable if you feel guilty about discharging your credit card and medical debt. This option can give you the peace of mind of knowing that you will be able to pay your bills. After your payment plan has ended, the remaining debt may be discharged, further providing relief.

Each person’s situation is unique, and an option that works for one family may not be ideal for yours. Therefore, the information in this post is meant to educate you but should not be substituted for legal advice.

No Comments

Leave a comment
Comment Information

Discuss Your Case With A
Respected Bankruptcy Attorney

Contact my office to discuss your debt relief needs directly with me as your lawyer. I offer a free initial consultation to all new clients where you can learn more about your legal options and what I can do to help you. I am available during regular business hours and by appointment at other times. You can reach me by phone at 860-242-0574 and 860-952-3674 or via email.

My law firm is a debt relief agency as so designated by Congress in the year 2005. I help people file for bankruptcy relief under Title 11 of the United States Code, known as the Bankruptcy Code.

Schedule A Free Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response

Bloomfield Office
34 Jerome Avenue
Suite 316
Bloomfield, CT 06002

Phone: 860-242-0574
Fax: 860-243-0106
Map & Directions

Marlborough Office
9 Austin Road
Suite 201
Marlborough, Connecticut 06447

Phone: 860-952-3674
Fax: 860-243-0106
Map & Directions