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

Struggling With Debt? Bankruptcy Lawyer Mark O. Grater From Groton Can Help November 27, 2015

Groton, New London
Struggling With Debt? Bankruptcy Lawyer Mark O. Grater From Groton Can Help, Groton, Connecticut

With 30 years of experience handling debt relief, workers' compensation claims, estate law, product liability issues, and more, Mark O. Grater Attorney at Law in Groton, Connecticut, is here to help you navigate the bankruptcy code and the federal bankruptcy courts of Connecticut and Rhode Island.

Remember, there are two common types of personal bankruptcy filings designed to help honest debtors get relief: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy will liquidate all of your non-exempt assets to pay off your creditors. If you have very little income and large amounts of unsecured debt (like high medical and credit card bills), bankruptcy lawyers recoomend applying for Chapter 7. 

Chapter 13 reorganizes and adjusts your debt with a repayment plan. This is often the best solution for those who have a steady income and wish to avoid home foreclosure.

How do you know if you qualify? Generally speaking, you must pass a “means test” to qualify for Chapter 7. The means test subtracts specific monthly debts from your average monthly income. If what’s left over equals less than the median family income for your state, you pass the test. If your average income is less than the median for your state before you subtract expenses, you pass automatically. 

To qualify for Chapter 13, you have to be an individual (not a business) who can show that you have the right balance between income and debt to meet your restructured repayment obligations.

Contact Mark O. Grater Attorney at Law now for advice from an expert bankruptcy lawyer. Call (860) 449-8059 today, or visit the website for more information about filing for bankruptcy. 

Other Announcements, Events and Deals from Mark O. Grater Attorney at Law
INJURED IN AN ACCIDENT?, Groton, Connecticut
It’s bad enough that you get injured in an accident in the first place but then you have the unenviable task of dealing with the other guys insurance company and an adjuster who is t...read more
Fresh Start Through Chapter 7, Groton, Connecticut
We are now in to another new year.  The new years resolutions have been made.  One popular resolution is to get out of debt and start fresh.  If that is the direction ...read more
Medical vs. Legal, Groton, Connecticut
Although I practice law, it sometimes seems like I am practicing medicine.  Medical and legal constantly intersect.  In the various areas that I practice, i.e., personal in...read more
FREE BANKRUPTCY CONSULTATION, Groton, Connecticut
It’s 2019 and it’s time for a fresh debt free start.  Here are the qualifiers to be debt free: If you are a one person household and make under $63,864; If you are a two perso...read more
How Violations, Misdemeanors, and Felonies Differ, Groton, Connecticut
Criminal charges in Connecticut may be classified as an infraction, misdemeanor, or felony. The consequences differ depending on the classification of the criminal charge, and it wil...read more