Filing a bankruptcy petition will never be an enjoyable experience, nor will it generate cherished memories. However, bankruptcy can be the basis of some important life lessons and a source of welcome relief for people burdened by debt. From his Groton, Connecticut, law office, Mark O. Grater Attorney at Law sheds valuable light on the topic of personal bankruptcy.
Bankruptcy is a federal court process that provides relief for people whose debts are so onerous and debilitating that little hope exists that they can ever be repaid. There are two bankruptcy scenarios under which individuals can file. During a liquidation bankruptcy, most debt is wiped out and any remaining nonexempt property is sold to provide some measure of repayment to creditors.
If you qualify for Chapter 13 bankruptcy, also known as "reorganization bankruptcy," your existing debt is restructured and you will be obligated to pay some or all of what is owed according to a schedule approved by the courts. In return, you retain possession of your property.
The right bankruptcy scenario for any particular client will depend upon their circumstances and qualifications. For this reason, anyone contemplating a bankruptcy filing is advised to seek the advice and counsel of an experienced bankruptcy attorney. Only then will a debtor be certain to have a full understanding of their legal options.
Bankruptcy lawyer Mark O. Grater can assist people who have crushing levels of debt by getting it discharged by the courts. He will analyze his client's personal situations and establish if they qualify for relief under the law. If you need help understanding your rights, call the Groton law office at (860) 449-8059 to speak to a knowledgeable bankruptcy lawyer today. You can also visit the firm online to learn more about their bankruptcy attorneys, product liability, and worker's compensation claims.
In the courtroom, experience is vital. In this regard, Mark O. Grater Attorney at Law's thirty years of experience will provide every client the satisfaction and peace of mind they deserve.