Legal Question in Bankruptcy in Connecticut

Re: Candidate for Bankruptcy

Yes, would would be a candidate for a Chapter 7 bankruptcy. It appears that it is not mandatory that you file a bankruptcy, creditors cannot levy (seize) any of your assets, but the constant telephone calling, law suits, etc. would not stop unless you file a bankruptcy petition. I presume that the surplus of income over expenses is not large (particularly because you have decided to live with a relative) so that you could file a Chapter 7 case. With $80,000 of unsecured debt, it certainly makes sense.

At the present time, the principal draw back will be the effect on your credit. At this point you would have a hard time obtaining a credit card (probably the last thing that you want to obtain)and it will make it more difficult to buy a car for 6 - 12 months and a house of at least 2 years. But at this time, with this amount of debt, your credit is probably not very good. Also you can only file a bankruptcy once in 6 years. Without knowing more details about your assets, I cannot be more specific.

If you make the decision to file, then I suggest that you discuss this with an attorney, you can certainly tell your creditors that you are thinking of filing a bankruptcy petiton, they cannot stop you from filing.

Good Luck.

Joel Grafstein