Learn all you can about bankruptcy law in Connecticut before you begin to make a decision about filing for bankruptcy. Understand what the ramifications will be to your life and your business when filing for bankruptcy in Connecticut.

No one starts a business thinking it will fail. Things, however, do change, and there may come a time when exercising your bankruptcy options in Connecticut becomes the best course of action for yourself and your business. Before filing for bankruptcy, keep in mind the following:

1. Know what you’re going to do with your life and business once the bankruptcy is complete.

2. Take note on how Connecticut bankruptcy law is going to affect life going forward--from getting credit to starting a new business.

3. Analyze the decisions that were made that led to your bankruptcy filing. Take note so you won’t repeat the same mistakes again.

Action Steps
The best contacts and resources to help you get it done

Determine the exemptions you have under CT bankruptcy law

Know the exemptions you have available under Connecticut bankruptcy laws. For example, Connecticut only exempts real property up to $75,000, so it's possible you will lose your home when you file for bankruptcy if the equity in your home is greater than $75,000.

I recommend: Review the chart at Connecticut Bankruptcy Law showing all of the exemptions that are available under Connecticut bankruptcy law. Bankruptcy Information has a chart with all of the available exemptions in Connecticut and links to other CT bankruptcy law information, such as the needed forms and Connecticut bankruptcy courts.

Review the process for a business bankruptcy in Connecticut

Filing for bankruptcy changed drastically with the passage of the 2005 bankruptcy laws. The bankruptcy laws in Connecticut have been affected accordingly. With the changes, it is much harder to file for Chapter 7 bankruptcy protection, so take the time to understand what the new process entails so you can make an informed decision on whether filing for bankruptcy protection is right for you.

I recommend: Learn about the Connecticut bankruptcy process with an easy to understand explanation at Lawyers.com. Bankruptcy Law Network has a wealth of information on the bankruptcy process in Connecticut.

Hire a good Connecticut bankruptcy attorney to get you through the process

Connecticut bankruptcy lawyers are a necessity when filing for bankruptcy. There are plenty of high quality Connecticut bankruptcy attorneys to choose from. Find one that is a good fit for you and your business.

I recommend: The Law Offices of Neil Crane is one of many quality Connecticut bankruptcy law firms. ConnecticutBankruptcyLawyers.com has a wealth of information on Connecticut bankruptcy attorneys, and it offers a search that allows you to get a free consultation from a bankruptcy attorney in your area.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  To help you make the decision on whether bankruptcy protection is right for you, determine what your priority debts are before filing for bankruptcy in Connecticut. Your priority debts include things such as alimony, child support or any back taxes you may owe that won't be wiped out during the bankruptcy process.