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Manchester Chapter 7 Bankruptcy
One of the most common misconception about Chapter 7 is that filing a Chapter 7 will cause you to lose all your personal assets. Nothing could be further from the truth. The vast majority of all Chapter 7 cases are called "no assets" cases meaning that you lose no assets. Instead, all property is treated as "exempt" - untouched and "protected" from creditors. The purpose of Chapter 7 bankruptcy is to preserve what you own and eliminate what you owe.
To obtain the fullest relief available in Manchester, CT under Chapter 7, you need the most knowledgeable and experienced legal counsel available.
For a free and comprehensive initial consultation, call an experienced Chapter 7 attorney at the Law Offices of Neil Crane at 203-230-2233 or toll free at 1-888-249-3027.
Protected Assets/Bankruptcy Exemptions Under Chapter 7
Bankruptcy Exemptions allow families to preserve the belongings necessary to begin a new financial fresh start. Exemption laws preserve a very liberal amount of important personal assets, including:
- Home equity up to $75,000 per person
- Household belongings
- Cars, trucks and other vehicles
- Bank accounts up to $12,750 per person
- Pension, 401Ks and other tax qualified retirement accounts
- Business entities, like LLCs, etc.
- Tools of the trade
Chapter 7 bankruptcy protects all the personal belongings needed to enhance and assist in your financial recovery with a full Chapter 7 fresh start.
The Automatic Stay Under Chapter 7 Bankruptcy
The filing of a Chapter 7 bankruptcy petition results in an automatic stay on lawsuits in any court or other collection action throughout the country. Promptly preparing and filing the case to obtain an automatic stay is a critical element to your overall success. At the Law Offices of Neil Crane, we use precisely filed cases to stay collection actions and the deterioration that will otherwise result from continued creditor collections and lawsuits.
Properly filed Chapter 7s provide relief from unsecured debt while protecting assets and financial futures. With the benefit of our knowledge and long-term experience, we've provided over 10,000 financial futures through the proper utilization of Chapter 7 debt relief.
To learn more about Chapter 7 debt relief and asset protection, contact an experienced Manchester area Chapter 7 attorney at the Law Offices of Neil Crane. Call us at 203-230-2233 or toll free at 1-888-249-3027, or fill out our online Contact Form.