Experienced Connecticut Bankruptcy Lawyers Help Clients Resolve Debt
Respected law firm assists Hartford-area residents and businesses in achieving financial relief
Whether you are an individual or a business owner, overwhelming debt affects every aspect of your life and carries with it emotional as well as financial burdens. Fortunately, bankruptcy is a legal tool that helps people and companies resolve their financial crises. At Grafstein & Arcaro, LLC, we represent Hartford-area clients who face serious money problems due to events beyond their control, such as job loss, divorce or serious illness. We have the skills and knowledge to provide effective counsel through the bankruptcy process. As established attorneys with 60 combined years of experience, we are dedicated to relieving the strain caused by debt so you can achieve a fresh start.
Wipe the slate clean with Chapter 7
Chapter 7 bankruptcy, known as liquidation or regular bankruptcy, is most often used by individuals. Chapter 7 erases debt by liquidating your nonexempt property and using the proceeds to pay back creditors, though you are allowed to keep exempt property, such as a car you own and household furnishings. We will review your circumstances to determine whether this type of filing is right for you, if you qualify under the state’s income requirement. If so, we’ll guide you through the process, which will result in most if not all of your debt being discharged. Once you make the decision to seek debt relief, your stress level should begin to diminish almost immediately: your filing triggers an automatic stay that causes most collection efforts, phone calls, letters, and civil actions to cease.
While sole proprietorships, partnerships, and corporations may file Chapter 7, business owners who wish to continue to operate post-bankruptcy should consider Chapter 11.
Restructure business debt through Chapter 11
Over the course of our practice, we have helped many Hartford-area businesses to reorganize their debt through Chapter 11. Unlike Chapter 7, which liquidates nonexempt assets in order to pay creditors back, Chapter 11 allows businesses to continue to operate while simultaneously paying off debt. After determining whether Chapter 11 is the best option for your company, our experienced legal team walks you through the steps of filing for business bankruptcy.
Once your petition has been filed with the bankruptcy court, our attorneys work with you to create a sound reorganization plan that details how your business will be restructured so that loans are paid off in a reasonable amount of time.
Pay creditors back and eliminate debt through Chapter 13
Chapter 13 bankruptcy is best suited for individuals who have a consistent income and want to avoid foreclosure. This type of bankruptcy takes between three to five years while Chapter 7 bankruptcy discharges debt in three to six months. Realizing your need to live debt-free as soon as possible, we carefully review every aspect of your case to determine whether Chapter 7 or Chapter 13 is your best option.
Another benefit to declaring Chapter 13 over Chapter 7 is that you get to keep all of your property — even nonexempt property — but you must be able to make regular payments until your debt is discharged. No matter which type of bankruptcy is the most suitable for your needs, our attorneys will work diligently to help you regain a firm financial foundation.
Contact a reputable bankruptcy law firm serving the greater Hartford area
Since 1974, Grafstein & Arcaro, LLC has provided Connecticut residents with trusted bankruptcy counsel. Call 860-777-1583 or contact us online to schedule a free initial consultation with a lawyer at our Farmington or Manchester office.