Connecticut chapter 13 bankruptcy
Filing bankruptcy is one of the major decisions that a person takes.With this chapter the debtor suggests a repayment plan to make monthly payments to all the creditors within a period of 3-5 years. If the debtor's income is less than the state's median income then the debts are supposed to be paid back within three years. If not then the plan is extended for five years. In no case the payment is extended for more than five years. Moreover during this time period the creditors are forbidden from carrying out any collection efforts.
Filing bankruptcy under Chapter 13 is a lot more advantageous than filing under chapter 7 (liquidation).When you file under this chapter, you can stop a foreclosure and can pay off your mortgage payment over time.
Besides this you can reorganize all your secured debts and pay them off over the time allowed by the court. During this period you can make lower payments towards your debts. With this chapter third parties like the co-signer are also protected.
Who can file chapter 13 bankruptcy
Any person can file for bankruptcy under Chapter 13.No matter you are a salaried person or self-employed or are handling an unincorporated business you are eligible to file under Chapter 13, but your unsecured debts should not be more than $307,675 in total and your secured debts should be less than $922,975.
A person is not eligible to file bankruptcy under chapter 13 or any other type of bankruptcy if 180 days prior to filing the papers a bankruptcy has been dismissed because of the will of the debtor of not to appear in the court, or follow the orders of the court or the bankruptcy was dismissed after the creditors wanted the court to take action on the property against which they hold liens.
Besides this a person cannot file a chapter 13 bankruptcy or any other chapter unless he or she has received credit counseling 180 days prior to filing for bankruptcy. This counseling is supposed to be received from an agency that has been approved by the bankruptcy court.
Process of filing Connecticut chapter 13 bankruptcy
For filing bankruptcy under chapter 13 the court charges $235 as the case filing fee and $39 as miscellaneous fee. You can pay this fee in a maximum of four installments within 120 days of filing of the petition.
The process starts with filing of a petition along with the certificate of credit counseling and the documents giving details of assets, income and debts with the court.When you file chapter 13 bankruptcy, an individual trustee is appointed who sees the proceedings of the case.
Within 20-50 days of filing of the chapter 13 petition the trustees holds a meeting with the creditors.In this meeting the creditors and the trustee are authorized to ask debtor questions in case a couple in filing a joint petition then both are required to be present at the meeting. During or after the meeting a plan is developed to pay back the debts to the creditors.
The repayment plan is supposed to pay the priority in full unless the creditor agrees to have a different type of payment for the claim.Despite the fact that the repayment plan is approved by, the court, the debtor is supposed to start making payments to the trustee as per the plan. Not more than 45 days after the creditors meeting the court conducts a confirmation hearing and gives a decision on the feasibility of the plan.
Connecticut chapter 13 exemptions
When you file chapter 13 bankruptcy then some of your assets and the income for some people are exempt from this bankruptcy procedure. Let us see the details of the exemptions:
Homestead: Any real estate property up to $75,000 including mobile or manufactured homes
Insurance:Health or disability benefits, Life insurance proceeds or avails, Fraternal benefit society benefits, Un-matured life insurance policy loan value to B$4,000 etc.
Pensions:State employees, Municipal employees, teachers, ERISA-qualified benefits, to extent wages exempt (only payments being received), Probate judges and employees,
Personal property: vehicle to $1,500;burial plots, Appliances, food, clothing, furniture and bedding needed, Wedding and engagement rings, etc.
Public Benefits: Crime victims compensation; Veterans benefits; Aid to blind, aged, disabled, AFDC ; Social security; etc.
Besides these there are some more assets that are exempt from chapter 13 bankruptcy in Connecticut. If you are hiring an attorney then he or she can guide you completely on this aspect.
Filing with the help of attorney
Though there is no compulsion in hiring a bankruptcy attorney to file chapter 13 bankruptcy.But with the new bankruptcy laws it is advised that you take the help of one so that you go through the process smoothly.Let us see some of the attorneys in Connecticut that help people file chapter 13 bankruptcy.
Kratter & Gustafson
Contact details: 71 East Avenue, Suite O, Norwalk, CT 06851, Phone : 203-853-2312, Fax: 203-853-2317.
Jefferson Hanna III :
Contact details: 484 Main Street, Suite 23, Middletown, CT 06457, Phone : (860) 347-4741, Fax: (860) 347-0478.
Charles Maglieri:
Contact details: 34 Jerome Ave. Suite 302, Bloomfield, CT 06002, Telephone: (860) 242-0574 OR at 23 Wauregan Road, Suite 3, Brooklyn, CT 06234, Telephone: (860) 779-9326.
Joseph J. D'Agostino:
Contact details:1062 Barnes Road, Suite 304, Wallingford, CT 06492, Phone : (203) 265-5222, Toll Free: 1-800-722-8801 OR at 88 Ryders Lane, Building 1, 2nd Floor, Stratford, CT 06614, Phone : (203) 377-9994.
Volman Law:
Contact details:5 Commerce Drive, Suite 4, Shelton, CT 06484, Phone: (203) 929-7771, Fax: (203) 929-1818. When choosing your bankruptcy attorney you should make sure that the attorney whom you choose is experienced and up to date with the new laws of chapter 13 bankruptcy filing.
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