This type of Bankruptcy will relieve you of debt in exchange for giving up portions of your property. You will need to give up any property you have that is not designated as “exempt” by the court. However, in some cases all of your property may be considered exempt and you will suffer only minimal losses. If you do not have large properties that are not exempt this may be the best choice. For more information on Chapter 7 bankruptcy visit the Chapter 7 page.
This type of Bankruptcy is actually more of a “restructuring” of your debt. You will still need to pay off your debts, but your monthly payments will be greatly reduced and you will be afforded a more reasonable time frame. You will be required to give the court a plan telling how you will be able to pay off the debt in three to five years. The advantage to this type of bankruptcy is that you will be able to keep valuable assets such as your car or your house. For more information on Chapter 13 bankruptcy visit the Chapter 13 page.
Bankruptcy in Connecticut