Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Welcome to Bankruptcy Lawyers Connecticut.com
Did You Know?
Chapter 7 of the United States Bankruptcy Code is the Bankruptcy Code’s “liquidation” chapter
Lawyers sometimes refer to it as a “straight bankruptcy.” It is used primarily by individuals who wish to free themselves of debt simply and inexpensively, but may also be used by businesses that wish to liquidate and terminate their business.
Our Connecticut Bankruptcy Lawyers
can help you set your assets in order and take care of all the
files and red tape associated with bankruptcy in a smooth and efficient
Bankruptcy can be a devastating blow to an individual, a small
business, or a multi-million dollar corporation. The allocation
of funds, audits, creditor claims, and claiming of assets
may be too much for the staff of one corporation to handle, let
alone a single individual.
Bankruptcy, as far as the US Federal Bankruptcy Code is concerned,
is the process undergone when a business or individual seeks relief
from their debts. The Federal Code Law provides for the development
of a plan that allows a debtor, who is unable to pay his creditors,
to resolve his debts through the division of his assets among his
creditors. The proceedings involved in invoking bankruptcy are supervised
by and litigated in the United States Bankruptcy Courts. The Bankruptcy
Code provides that creditors must stop all collection efforts against
the debtor, and allows the debtor to organize his assets and settle
his debt and credit accounts in a feasible manner.
Federal bankruptcy laws also manage how private or commercial companies
go out of business or recover from crippling debt. A bankrupt company,
the "debtor," might use Chapter 11 of the Bankruptcy Code
to "reorganize" its business and try to become profitable
again. Management continues to run the daily business operations
but all significant business decisions must be approved by a bankruptcy
How Are Assets Divided in Bankruptcy?
Secured Creditors - often a bank is paid first.
Unsecured Creditors - such as suppliers and bondholders,
have the next claim.
Stockholders - owners of the company have the last claim on
assets and may not receive anything if the secured and unsecured
creditors' claims are not fully repaid.
What can our Connecticut
Bankruptcy Lawyers do for you?
Research all laws (recent verdicts, changes in legal doctrine)
related to Connecticut bankruptcy
Who Files for Bankruptcy?
Audio, RM, 32 Kbps, 3:52, 7/26/2002
John Ydstie talks with Teresa Sullivan, co-author of The Fragile Middle Class, about the characteristics of people who file for bankruptcy. Sullivan says most Americans filing bankruptcy are solidly middle class and have either just lost a job, gotten sick or injured, or gotten divorced. Sullivan is vice president and graduate dean of the University of Texas in Austin. Source: National Public Radio
Your mortgage lender may start a foreclosure action and sell your home at a Sheriff's sale. If the sale nets less than you owe, there will be a "deficiency balance" that you will own to the lender.
The failure by an entity to abide by the covenants in a debt obligation or other agreement to which it is a party. The most common default is non-payment of interest or principal.
The document that commences a bankruptcy proceeding. plan of reorganization - the document setting forth how a bankrupt company plans to satisfy its creditors.
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Bankruptcy Lawyers Connecticut.com is not intended to be legal advice, but merely conveys
general information related to legal issues commonly encountered. Your access
to and use of this website is subject to additional Terms