Groton, Connecticut
4 Fort Hill Rd
Groton, CT 06340
(860)449-8059

Qualifying for Chapter 7 Bankruiptcy May 23, 2018

Groton, New London
Qualifying for Chapter 7 Bankruiptcy, Groton, Connecticut

A Chapter 7 bankruptcy is sometimes called a “fresh start.”  That is because you discharge your debt and start fresh toward building a new life.  But how does one qualify?  It often depends on the State where you live.  In Connecticut, a filer has to first be below the standardized threshold, which in turn depends upon how many people live in your household.  Presently, for a one person household, the filer must make under $64152.00 per year, under $84,005 for two, $98,660 for three, $119,884 for four, etc.  If you are over these amounts you have go through a second stage analysis which might also allow you to file.  If you do pass these thresholds, on either first or second stage, then you look at your actual budget, and if there is little or none left to pay creditors, the you are on your way to a fresh start.  If you have any questions, please feel free to call Attorney Mark O. Grater at 860-449-8059 in Groton, Ct.  06340, practicing in New London County since 1986. 

Other Announcements, Events and Deals from Mark O. Grater Attorney at Law
Bankkruptcy- What About My Car Loan and Mortgage?, Groton, Connecticut
People often ask if they can keep their car or house when they file for Chapter 7 bankruptcy.  These are know as secured loans.  In Connecticut, the answer is yes, as long ...read more
Is Bankruptcy the Right Step for Me?, Groton, Connecticut
If you're struggling with debt, filing for bankruptcy may be your best course of action. Take note, though, that this debt relief does not apply to everyone. An experienced...read more
5 Tips for Avoiding Bankruptcy, Groton, Connecticut
When you’re unable to meet your financial obligations, bankruptcy can provide a way out and allow you to wipe the slate clean. However, seeking debt relief through the courts can hav...read more
Bankruptcy-Who Do You Go Before?, Groton, Connecticut
Bankruptcy Court procedure in Connecticut is unlike the type of Court procedure one is normally acquainted with, such as going before a judge to plead your case, whether it be civil ...read more
Bankruptcy-Do I Have To Go To Court?, Groton, Connecticut
Many clients ask if they have to go to Court when they file for bankruptcy.  The general answer in the vast majority of case is no.  There is generally just on trip to eith...read more