Bankruptcy is a state of being entirely missing in particularly good quality.
It is a legal status of a person who cannot repay his debts to the creditors.
Let’s, therefore, go through the advantages and disadvantages of Connecticut bankruptcy laws to understand the legal issues clearly.
Benefits of chapter 7 and 13
- The case is released fully within a maximum period of 6 months.
- There is no least amount of debt necessary.
- In chapter 13, if you are willing and can afford to pay then, you can keep all your possession safe.
- You can file your case repeatedly under chapter 13.
Drawbacks of chapter 7 and 13
- You can register your case only once in every six years under chapter 7.
- Legal fees for chapter 13 are much more as compared to chapter 7, as it is more complicated.
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