Bankruptcy is a state of being entirely missing in a particular good quality.
It is a legal status of a person who lacks the capability to 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 fully released within a maximum time 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 file your case only once in every 6 years under chapter 7
- Legal fees for chapter 13 are much more as compared to chapter 7 as it is more complex