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Trying to decide if filing for bankruptcy is the right option for you can be a stressful process.  There is a lot to consider and it is important to fully understand your financial situation and how filing for bankruptcy can help or hurt you.  Once you actually decide to file for bankruptcy, some of the uncertainty will be taken off of your hands.  However, actually filing for bankruptcy in the State of Connecticut can be a stressful and overwhelming process.  It is important to research the bankruptcy process and which form of bankruptcy you would like to file for.  Consulting a lawyer who is experienced in bankruptcy cases can be extremely helpful at this time.  Some of the bankruptcy steps that you will go through will also be outlined in this article.

Before filing for bankruptcy in Connecticut, you must complete credit counseling through an agency that is approved by the United States Trustee’s Office.  This credit counseling is mandatory in the  Connecticut, and you cannot file any forms unless you have completed this counseling.  Once the counseling is completed, you must decide if you are going to use Connecticut’s list of property exemptions or the federal list of exemptions.  While many items on these lists will be similar, each state has its own set of property exemptions that may or may not be on the federal list.  As a debtor, you can use either list, but you cannot use both lists.  You will not be allowed to choose some exemptions from one list and some from the other.  Go over the options on both exemption lists with your attorney in order to determine which would be better for you to use.

Once these steps in the process are done, you must complete a test to determine if you qualify to file bankruptcy, that test is call or texted a Means Test.  A Means Test  will compare your income to the median income for a household of your size in Connecticut.  If your income turns out to be less than the Connecticut median, you qualify to file for Chapter 7 bankruptcy.  If you choose to file for Chapter 13 bankruptcy and your income is less than the Connecticut median, you can use a three-year repayment plan as opposed to a five year one.

After filing for bankruptcy, you are required to take a debtor education course.  This course must be completed before you can receive a discharge.  Like the credit counseling course, you must receive your debtor education from an agency that has been approved by the U.S. Trustee’s Office.

These are some of the basic steps that you will have to go through in order to properly and successfully file for bankruptcy.  If you fully understand and complete all of these steps, your bankruptcy process will be easier and less stressful.  Make sure that you are constantly in contact with your lawyer and don’t be afraid to ask your lawyer any questions that you may have.  Your attorney is there to help make this process go smoothly, so make sure your communication with your attorney is open.

For more information contact Attorney DeGray.

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