Redding, CT’s Trusted Law Firm for Bankruptcy


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Redding Bankruptcy Attorneys for:

  • Chapter 7 Bankruptcy

  • Chapter 11 Bankruptcy

Debt can sometimes reach an unmanageable level, and this is common among people all across the country. For the citizens of Redding, CT, this unmanageable financial situation does not have to be tackled along. Romanello Law Firm is here to serve your needs, providing dependable attorneys for every client.

While dealing with debt and bankruptcy can be common, few people are prepared for it. Romanello Law Firm helps you make decisions that are in your best interest, and this can sometimes include bankruptcy to get you back on your feet.

Experienced Bankruptcy Lawyers

Romanello Law Firm has proudly been providing the Redding, CT area with trustworthy legal representation for almost 20 years. We have helped clients all throughout Redding, the entire state of Connecticut, and New York. For individuals and companies alike, our services are for you.

You can trust Romanello Law Firm with your case, no matter how overwhelming it may feel in the moment. We tailor all of our services to match the needs of our Redding clients, applying our wide range of skills to best service you.

Filing for Chapter 7 Bankruptcy in Redding, CT

What is Chapter 7 Bankruptcy?

Names and terminology can be confusing when it comes to understanding bankruptcy, but with Chapter 7 Bankruptcy, it is designed with the individual in mind. It is the most common form on bankruptcy here in Redding, as well as across the United States. Chapter 7 Bankruptcy enables debtors to have most of their debt burdens lifted and helping them on the way to a new start. With Chapter 7 Bankruptcy, however, comes the frequent need for the liquidation of assets. This can result in a loss of property or a decreased credit score for the individual. Chapter 7 Bankruptcy is also commonly known as a “straight bankruptcy.” This relates to the manner in which assets are dealt with to make payments to the creditor. With this transaction complete, the gathered debt can then be removed. It can be hard to know when is best to apply for a Chapter 7 discharge, but our professional representatives can help you make the decision.

Certain requirements and expectations are necessary to have your Chapter 7 Bankruptcy approved by a local Redding court. To have your filing approved, you must have a small business that has gathered an excessive amount of debt or have a household capacity that is marked below the median income for the state. To see if you approve for this, you can take a “mean test” to check your household gross income. Romanello Law Firm keeps you updated on all that is required during this process.

How Does Chapter 7 Work

The Chapter 7 Bankruptcy process begins with a professional and official filing. This petition requires a schedule and statement affairs. The filing process can range from a four to six month completion time. Our Redding clients should apply at a local bankruptcy court to help the process move along. The petition process requires honesty and accurate information. There are specific documents and information that will be needed for this process. This can 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.

By being honest and transparent when working with our trustees, our Redding clients can have a smoother and simpler process when applying for bankruptcy. This can help the debt be discharged from personal liability for most debts.

The Chapter 7 Discharge in Redding, CT

The discharge is the official release for Redding applicants. The accumulated debt is dismissed when a court order is given, and the debtor is no longer expected to pay the remaining amount of debt. To reach this, during the Chapter 7 application process, certain payments and liquidation will have to occur.

Filing for Chapter 11 Bankruptcy in Redding, CT

What is Chapter 11 Bankruptcy?

When filing for a Chapter 11 Bankruptcy, it is with the intention of Redding clients reorganizing and structuring their business. Chapter 11 Bankruptcy was designed for large companies with debt by helping them rearrange their operations to pay off parts of the debt. It requires a formal petition and approval from a local court, but then Redding companies can then begin their fresh start.

While it is uncommon for smaller businesses and individuals to apply for a Chapter 11 Bankruptcy petition, it is also an option. You can consult directly with one of our Romanello Law Firm attorneys for feedback and suggestions. Call today to receive a free consultation.

How Does Chapter 11 Work?

In congruence with other bankruptcy applications, a Chapter 11 Bankruptcy begins with an official petition. This is typically sent to the nearest Redding bankruptcy court to be reviewed. Petitions can be either voluntary or involuntary. If the former, the debtor can fill out the petition. If it is the latter, the creditor has the option to fill it out. When filing for a Chapter 11 Bankruptcy, a Redding client is expected to include a disclosure statement. This contains necessary information connected to the financial situation. Information such as:

  • 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

In addition to the Chapter 11 Bankruptcy petition, the debtor must propose an adequate plan for restructuring and payment methods. While making these plans and adjustments, creditors can be withheld.

Confirming the Plans for Chapter 11

As with other bankruptcy petitions, a Chapter 11 Bankruptcy is dependent on the approval and acceptance of the plan by the local Redding court. The plan will require several elements, and some of these may include aspects like:

  • Feasible: is the proposed plan feasible? Does it make sense and it is plausible for the debtor to make the payments and stay on the suggested schedule?
  • Best Interest of the Creditors: does the plan meet the needs of the creditor? The proposed plan must cover necessary payments, including adequate coverage as if it were a Chapter 7 filing.

A dismissal of the debt will be given once the Chapter 11 Bankruptcy plan is accepted by the Redding court and the creditor. The debtor is then able to restructure finances for both the business and personal matters.

Bankruptcy FAQs

How Do Chapter 7 and Chapter 11 differ?

There are carrying circumstances for bankruptcy, and so come the varying forms of application. Chapter 7 was designed to meet the needs of the individual. For this, debts are forgiven through liquidation of personal assets. Chapter 11 is designed for large companies and restructures over liquidation to make the debt payments and start again.

How Can Filing For Bankruptcy Help With Creditors?

Romanello Law Firm helps you make the decision to declare bankruptcy. This filing can immediately protect you from bill collectors and other creditors. Through an automatic injunction, bankruptcy can protect your property, help you avoid foreclosure, and stop additional collection efforts.

What Are the Short-Term Effects of Bankruptcy?

A positive aspect to applying for bankruptcy is that the pressure from creditors will be removed. To make sure the filing process is honest and accurate, all of your financial decisions will be closely watched by a Redding bankruptcy trustee. Permission will be required when selling assets and repaying debt.

What Are the Long-Term Effects of Bankruptcy?

Bankruptcy can help eliminate difficulties and struggles right in front of you. There are some long-term items to deal with, however, such as an impacted credit score. Bankruptcy will be noted on your credit history, which can impact your loan qualification. You may still be able to apply for a loan, but approval may be a bit more difficult.

Why Romanello for Bankruptcy in Redding, CT?


Fill out the Form for a Free Consultation

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4 Simple Steps to Bankruptcy in Redding, CT:

1. Meet With Our Experienced Bankruptcy Lawyers

2. Determine The Plan of Action

3. File With The Court

4. Relinquish Your Debt

Romanello Law Firm provides services with our Redding, CT clients in mind. If you are struggling with the stress and burden of debt, we have teams of expert lawyers to help you. Support in times of financial need can be crucial to making beneficial decisions, and we’re with you the whole process.

Have a Question? – 203-205-0891

Trustworthy, ethical, and responsible representation is the guarantee when working with Romanello Law Firm. Fill out the form today to receive a free consultation. Our services are tailored to the fluid needs of our Redding clients.

A better life is your goal, and we want to help get you there!

MackAdminBankruptcy – Redding, CT