Yes, there are many things you can and should do to plan ahead if you intend to file for bankruptcy in Connecticut. There are also a number of things you should not do if you are planning to file for bankruptcy.
For this reason, if you are in any way considering a bankruptcy filing in Connecticut or anywhere else, it is extremely important to start talking with a bankruptcy lawyer first.
For example, some people try to protect assets such as their car by “selling” it to their friend for $1. This doesn’t work and often results in losing the asset anyway.
Additionally, sometimes debtors borrow money from friends and family to pay off credit card debts prior to a bankruptcy filing and then, if they receive a tax refund, use that money to pay back their friends and family. This type of transaction can actually result in both payments being un-done. Plus, if you know you’re going to file for bankruptcy, then it’s not in your interest to pay off your credit cards ahead of time since much of that debt will vanish after you get your discharge.
Many people don’t realize that you can reorganize your assets in advance to get the maximum benefit of the exemptions afforded under the bankruptcy laws. For example, say you have $6,000 in cash and a car that still is not paid off. The exemptions only allow you to protect $2,500 in cash. However, they also allow you to protect $2,500 in a car and up to $1,000 in furniture for your home. So, e.g., you can purchase a used car for $2,500 and $1,000 in furniture. Before planning, you would keep $2,500 and the Chapter 7 trustee would get $3,500 to use to pay off creditors. But after planning, the trustee would not be able to recover anything from you.
Bear in mind, of course, that you are not permitted to defraud creditors. To make sure you walk that line properly and get the maximum benefit of the bankruptcy laws in Connecticut, the best approach is to talk to an experienced bankruptcy lawyer.
For a free initial consultation and to get all of your questions answered, please contact me to set up a meeting or a phone call.
Contact
Eugene S. Melchionne, Esq.
27 First Ave.
Waterbury, CT 06710
(203) 757-3437
About Eugene Melchionne Attorney at Law
Eugene S. Melchionne, Esq. - Mr. Melchionne is a graduate of The University of Connecticut (B.A. 1977) and Drake University School of Law (J.D. 1980) where he received the American Jurisprudence Award for academic excellence.Since 1980, Mr. Melchionne has focused his practice in the areas of consumer bankruptcy, workouts and foreclosure defense in distressed real estate markets, real estate transactions, condominium law, commercial litigation, business organizations and probate.
Prior to opening his office in 1990, Mr. Melchionne was associated with Grady & Riley in Waterbury, Connecticut and DiPietro, Kantrovitz & Brownstein, P.C. in New Haven, Connecticut. From 1990-1998, Mr. Melchionne was of counsel to Bender & Anderson handling that firm's complex litigation and trials. In addition to his practice, Mr. Melchionne was an adjunct professor at the American Institute of Banking and Teikyo Post University teaching bankruptcy, real estate, commercial and consumer law. Mr. Melchionne also advised the Corporation Counsel's office for the City of Waterbury on bankruptcy and foreclosure matters and mentored junior attorneys in that office.
In 2005, Mr. Melchionne was appointed State Chair for the National Association of Consumer Bankruptcy Attorneys (NACBA). He acts as a liasion between the national organization and Connecticut attorneys who are members of the Association. He has fostered education of attorneys in the bankruptcy field and increased access of the public to bankruptcy relief in light of the law passed in 2005.
In 2007, Mr. Melchionne was elected as Vice President of the Bankruptcy Law Network, an internet resource for consumer information on bankruptcy and now serves as its President. Bankruptcy Law Network has three sister sites, Credit Law Network, Debt Law Netowrk and Mortgage Law Network.
Areas Of Practice:
Consumer Bankruptcy
Workouts & Foreclosure and Repossession Defense
Real Estate Closings
Honors:
Super Lawyer Connecticut - 2007, 2008
Member of the Month - April 2006, National Association of Consumer Bankruptcy Attorneys
American Institute of Banking Community Service - Ken Kovel Award, 2001
Teacher of the Year, American Institute of Banking, 1998
Pro Bono Representation of Indigent Clients, U.S. Bankruptcy Court, District of Connecticut, 1996 - 2002
American Jurisprudence Award 1978
Classes/Seminars Taught:
Speaker - NACBA 2009 Convention, Chicago, IL
Speaker - NACTT 2009 Convention, Boston MA
Speaker - NACBA 2008 Workshop, Hilton Head, SC
Speaker - NACBA 2008 Convention, Los Angeles, CA
Speaker - NACBA 2007 Workshop, Las Vegas, NV
Speaker - NACBA 2007 Convention, Philadelphia, PA
Adjunct Professor - Bankruptcy, Real Estate, Consumer, and Commercial Law,
American Institute of Banking and Teikyo Post University
Past/Present Affiliations:
National Association of Consumer Bankruptcy Attorneys
American Bankruptcy Institute
American Institute of Banking, Northwest Region Council
City of Waterbury Corporation Counsel - Advisor, 1996 - 2000
Waterbury Bar Association - Chair, Committee on Bankruptcy -1998
Waterbury Credit Bureau, Inc. - Vice President, 1983 - 1985
American, Connecticut, and Waterbury Bar Associations
Admitted:
Connecticut, 1982
U.S. Federal Court, 1982
Education:
Drake University Law School, Des Moines, IA, J.D. - 1980
University of Connecticut, Storrs, CT, B.A. - 1977
Past Positions:
Bender & Anderson, Of Counsel, Hamden, Conn.
DiPietro, Kantrovitz & Brownstein, P.C., New Haven, Conn.
Grady & Riley, Waterbury, Conn.
