Monroe, CT’s Trusted Law Firm for Bankruptcy


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Monroe Bankruptcy Attorneys for:

  • Chapter 7 Bankruptcy

  • Chapter 11 Bankruptcy

Many Americans are facing financial stress due to unmanageable debt. At Romanello Law Firm we can offer you a solution and relieve that stress for you. Bankruptcy options can be confusing, but our experienced bankruptcy attorneys can help so you don’t have to face your debt alone. Filing for bankruptcy can be the fresh start you need to get your life back on track.

Experienced Bankruptcy Lawyers

Romanello Law Firm offers you almost 20 years of experience providing legal advice and representing clients in Monroe as well as throughout Connecticut and New York. When you hire an attorney from Romanello Law Firm you are hiring a committed attorney who will provide the best representation tailored to your specific needs.

Filing for Chapter 7 Bankruptcy in Monroe, CT

What is Chapter 7 Bankruptcy?

In Monroe and throughout the entire country the most common type of Bankruptcy is Chapter 7 Bankruptcy. This is because when you file for Chapter 7 you will get rid of the majority of your debt and have a fresh start. When you file you will have bankruptcy on your credit score for 10 years. This may make attaining a loan difficult for that time, but so does a high debt to income ratio.

There are times when you could be denied filing for Chapter 7. A bankruptcy attorney servicing Monroe can help you understand the complexities and determine if you meet the requirements for a Chapter 7 bankruptcy. Some of the requirements are based on income and household size. In all cases, you must possess significant business or personal debt.

How Does Chapter 7 Work

The process for filing for Chapter 7 begins with an official petition, schedule and statement affairs. You will need to file your personal or business petition with a bankruptcy court in Monroe. The whole process can take between four to six months to reach completion. Some of the information needed for an official bankruptcy for will include:

  • A list of all creditors and the amount and nature of their claims
  • The source, amount and frequency of the debtor’s income
  • A list of all the debtor’s property
  • A detailed list of the debtor’s monthly living expense, food, clothing, shelter, utilities, taxes, transportation, medicine, etc

You will also need to take a bankruptcy “mean test” to determine if your household gross income is too high. When the process is complete the filer will be exempt of personal liability on most of their debts.

The Chapter 7 Discharge in Monroe, CT

At the end of the process a discharge will be granted to the debtor. However, there are factors that can cause the discharge to be revoked or denied. For instance, failure to disclose all assets during your case can cause your to have your discharge revoked.

There are also some debts that cannot be discharged. These are debts such as alimony and child support. Still others, such as student loans, are rarely discharged. Our experienced attorneys will help you through each stage of this process.

Filing for Chapter 11 Bankruptcy in Monroe, CT

What is Chapter 11 Bankruptcy?

Chapter 11 bankruptcy is an option for any business, but is mostly utilized by corporations. The benefit of a chapter 11 bankruptcy is that it allows the debtor to continue to remain in control of their business operations. In a Chapter 7 bankruptcy the business ceases to operate.

Filing Chapter 11 Bankruptcy for your Monroe business gives you the opportunity to restructure your business and avoid liquidation. This restructuring allows a business to redevelop it’s operations in order to pay a fraction of their debts while dismissing other debts. This option is most common in corporations, but there are certain situations that would allow for a Chapter 11 bankruptcy for individuals or smaller companies in Monroe.

How Does Chapter 11 Work?

To file for a Chapter 11 Bankruptcy you will need to file a petition with the closest bankruptcy court in Monroe. There are times when this petition will be filled out by the creditor, but other times is it is voluntarily filled out by the debtor. The debtor must also file a disclosure statement that provides sufficient information about their financial affairs. This information can include:

  • History of the debtor
  • A Collection of assets and liabilities
  • Documentation of current income and expenditures
  • A list of any executory contracts or unexpired leases
  • A statement of all current financial affairs

A plan for restructuring the business in order to trim costs and see alternate sources of income in order to repay debt must then be proposed.

Confirming the Plans for Chapter 11

For the Chapter 11 bankruptcy to be confirmed, the Monroe business must have their reorganization plan accepted. Reorganization plans have many requirements such as:

  • Feasible: Is it a viable plan? Is it obtainable? The plan must be viable and obtainable. The debtor must be to cover the expenses. These also include payments to creditors.
  • Best Interest of the Creditors: The plan must meet the best interests of the creditors in order to be confirmed. In the end, the creditors must receive a similar amount to what they would receive in a Chapter 7 liquidation case. At times the debtor will be responsible for a full payment.

Once the plan as been accepted by the Monroe area court and the creditor, the debtor will put the reorganization plan into place. The process may take a few months up to several years to complete.  This will depend on the size of the debt and the complexity of the bankruptcy.

Bankruptcy FAQs

How Do Chapter 7 and Chapter 11 differ?

In a Chapter 7 bankruptcy the debtor will be required to liquidate certain personal assets in order to repay debts. Chapter 7 is the most common bankruptcy utilized. Chapter 11 is more common for larger businesses and corporations in the Monroe area and across the country. Instead of liquidation Chapter 11 allows for the business to reorganize in order to repay debts.

How Can Filing For Bankruptcy Help With Creditors?

An “Automatic Stay” is an injunction that goes into place the moment you file for bankruptcy in Monroe. This injunction halts any action from creditors and means you will have protection from your creditors or bill collectors as soon as your petition is filed.

What Are the Short-Term Effects of Bankruptcy?

In the short term most of your debts will be forgiven. Allowing the debtor in Monroe a fresh start in either an individual or business bankruptcy and an end to calls from creditors.

What Are the Long-Term Effects of Bankruptcy?

After your Monroe bankruptcy has been completed, the debtor will have bankruptcy on their credit for up to 10 years. This will make securing new loans difficult. Fear not, declaring bankruptcy doesn’t mean you won’t be able to borrow money again, but it may be harder to get a loan with a good interest rate until good credit has been reestablished.

Why Romanello for Bankruptcy in Monroe, CT?


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4 Simple Steps to Bankruptcy in Monroe, CT:

1. Meet With Our Experienced Bankruptcy Lawyers

2. Determine The Plan of Action

3. File With The Court

4. Relinquish Your Debt

Currently struggling with bankruptcy and looking for a qualified lawyer in Monroe? Romanello Law Firm strongly recommends that you receive help in your case because bankruptcy is complex and can lead to long-term financial and legal consequences.

Have a Question? – 203-408-2013

We recognize every situation is unique and that is why we customize our representation to the unique needs of our clients in Monroe. We are committed to providing you with accessible and responsive legal representation you can trust.

Contact us today if you are in need and we can get started right away on getting you that fresh start you desire.

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