Current economic conditions are putting a great number in risk of financial hardship. Financial hardships can cause you to feel overwhelmed and stressed out. The primary objective of this article is to provide solutions that will lead to debt freedom. In addition, you will find important information on Chapter 13 bankruptcy in Connecticut as a form of debt relief.
You might be asking yourself why this article’s focus is on Chapter 13 bankruptcy in Connecticut specifically. The reason is that while there are nation-specific aspects to bankruptcy, there are also many aspects specific to each state as well.
Chapter 13 Bankruptcy vs Chapter 7 Bankruptcy
A Chapter 13 Bankruptcy is commonly known as the ‘wage earners’ plan. Under Chapter 13, debtors begin a payment plan that can last from three to five years, in which payments are submitted monthly. Note that some people prefer Chapter 13 as they are not eligible for Chapter 7. This is usually because their monthly income is too high or they have valuable possessions.
On the other hand, Chapter 7 Bankruptcy is known as a ‘liquidation’ bankruptcy. This is form of debt relief is typical for debtors who are unable to pay their debts and would like to discharge their debt. If you qualify, you will notice that Chapter 7 can be handled in as little as four months and it doesn’t cost much. To get an estimate of your monthly Chapter 13 payment arrangement and to see whether you are eligible for a Chapter 7, use our calculator below.
Chapter 13 Bankruptcy in Connecticut
We will cover the following specific attributes about a Chapter 13 Bankruptcy.
- Chapter 13 Bankruptcy Plan Payment in Connecticut
- Connecticut Bankruptcy Exemptions
- Chapter 13 Bankruptcy Connecticut Trustees
- Connecticut Bankruptcy Districts and Court Locations
- Should I File a Chapter 13 Bankruptcy?
1. Chapter 13 Bankruptcy Plan Payment in Connecticut
The Chapter 13 bankruptcy Connecticut payment estimate arrangement takes into consideration the IRS National expense figures, including particular Connecticut expenses.
Most debtors always want to know whether they qualify for a Chapter 7 and what would be their payment plan under Chapter 13. Getting a precise estimate of your Chapter 13 payment plan is impossible due to the complexity of the bankruptcy forms used. However, we built the calculator below to help determine whether you are eligible for Chapter 7. It will also assist you in estimating your payment plan for a Chapter 13 bankruptcy.
Chapter 13 calculator:
1. The Rough Estimate Calculator below is brief and will only take about a minute to complete. However, it does not give you the whole picture. Therefore our advice is that you settle for the more thorough calculator.
2. The More Precise Chapter 13 Repayment Calculator will give you a more accurate estimation. Despite this fact, it is important to remember that all of these figures are estimates. For more specific numbers, talking to a lawyer would be a good idea.
Connecticut Means Testing
In the above calculator, we have used Connecticut means testing data found here to estimate whether one qualifies for Chapter 7. Additionally, there is information for the Connecticut Means Test starting on or after May 1st, 2020 in the table below.
|# of People||Annual Income|
2. Chapter 13 Bankruptcy Connecticut Exemptions
Prior to pursuing Chapter 13, ask yourself if you own any assets above the exemptions. Even if you are eligible for Chapter 7, having a high equity position in assets makes it more feasible to choose Chapter 13 or debt settlement.
In Connecticut, there are statutes and bankruptcy exemptions relevant to your state that should be considered when filing for bankruptcy. In the event that you have assets that are above the Connecticut exemptions, they may be liquidated. You may want to review all of the Connecticut bankruptcy exemptions before pursuing a Chapter 13 bankruptcy.
3. Connecticut Bankruptcy Districts and Court Locations
Unlike other states that have multiple bankruptcy, there is only one bankruptcy district in Connecticut. There are three courts located in Connecticut located as follows:
4. Chapter 13 Bankruptcy Connecticut Trustees
It is the trustee’s job to liquidate the debtor’s nonexempt assets as well as to administer the bankruptcy. While there are plenty of Chapter 7 trustees, there are fewer for Chapter 13. Below is the Chapter 13 bankruptcy trustee in Connecticut.
|Roberta Napolitano||(203) 333-1177|
5. Should I pursue a Chapter 13 Bankruptcy?
A Chapter 13 bankruptcy is a viable option for debtors who don’t qualify for a Chapter 7 or don’t see it as an option. You are advised to weigh in all the other options other than Chapter 13. These options include debt management and debt settlement. With our Chapter 13 calculator, you will see options and the pros and cons. You can use the calculator either for personal research or as a resource.
Debt can be stifling and stressful. It is our hope that this article will play an important role in your quest to becoming debt free. Also, if you prefer to watch something, you may may interested to see the video for Connecticut Chapter 13 bankruptcy summary.