Carl T. Gulliver Legal Answers in Connecticut

What is the difference between Chapter 7 and Chapter 13 bankruptcy in Connecticut?

If you need to file for bankruptcy, your first step is to find out which type of bankruptcy is right for you. … Show More Chapter 7 bankruptcy and Chapter 13 bankruptcy both offer significant debt relief that helps people from all walks of life make a fresh start. However, the process, the requirements, and the benefits for each type of bankruptcy are different. Here are the main differences: Chapter 7 bankruptcy is known as “liquidation bankruptcy,” which means that if all your assets do not fit within your exemptions, which is property you can keep, some may be sold, and the proceeds used to pay back creditors at least in part. Any remaining debts may then be “discharged,” …Read More »

Sponsored answer by Carl T. Gulliver