Roxbury, CT’s Trusted Law Firm for Bankruptcy


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Roxbury Bankruptcy Attorneys for:

  • Chapter 7 Bankruptcy

  • Chapter 11 Bankruptcy

The reasons for debt can range from medical bills to job loss. Either way, a majority of Americans or citizens living in Roxbury face debt every year, and it can threaten the loss of companies as well as property. Your first step in combating bankruptcy issues is to seek professional legal help. Here at Romanello Law Firm, one of our experienced bankruptcy attorneys will be here for you.

No one ever wants to file for bankruptcy, but in times of need, it can be the only way to relinquish your unmanageable debt.

Experienced Bankruptcy Lawyers

Romanello Law Firm has been experts in Bankruptcy for nearly 20 years. With all of the experience we’ve gained over the years, we’re confident that we can assist whatever our Roxbury clients are currently facing.

As soon as we take on your case, we’ll be looking for the best ways to steer your current situation and get you into a better financial standing.

Filing for Chapter 7 Bankruptcy in Roxbury, CT

What is Chapter 7 Bankruptcy?

A majority of individuals living in Roxbury as well as all over the state file for Chapter 7 Bankruptcy. Chapter 7 will help debtors be free of most of their debt and to start over their financial situation. Not everything is ideal when it comes to bankruptcy, when filing for Chapter 7, debtors will be responsible for selling off property or assets. This process of selling off assets is called liquidation or “straight bankruptcy” where assets are sold, the amount is given to creditors, and the debtor can be free from debt.

In order to qualify for Chapter 7 Bankruptcy, Roxbury residents must meet certain requirements. This includes having a business with significant debt or a household that is smaller than the median income. Another way to see if you qualify is to take a bankruptcy, “mean test” that will help you determine what type of household income you have.

How Does Chapter 7 Work

Chapter 7 Bankruptcy usually begins with debtors filing a petition with a bankruptcy court close to Roxbury area. This process can take as little as four months to as long as six months. Along with the petition, a debtor must also file certain documents with the court:

  • 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

When it comes to filing for bankruptcy in Roxbury, it’s always important for a debtor to cooperate and provide the necessary documents to the trustee. By following the guidelines and requirements, the debtor is more likely to be discharged of personal liability for a majority of their debts.

The Chapter 7 Discharge in Roxbury, CT

To finish your Chapter 7 Bankruptcy, debtors must be discharged but only with a court order. During the bankruptcy process, the debtor will have to liquidate their assets in order to pay off creditors and start anew.

Filing for Chapter 11 Bankruptcy in Roxbury, CT

What is Chapter 11 Bankruptcy?

Cases filed under Chapter 11 Bankruptcy are mainly known as “reorganization” bankruptcy. This means that instead of completely liquidating your business, you have the opportunity to reorganize or rearrange the way your business runs. For businesses with heavy debt, Chapter 11 helps debtors create a plan for profitability post-bankruptcy. This can include cutting back costs while seeking new resources for revenue.

All along the way, you’ll be keeping creditors close, but not close enough to completely drain your business. The plan you create, will need to be approved by a court close to Roxbury. Once it has been approved, you’ll be able to redevelop your operations that helps you pay back a fraction of the debt you owe.

How Does Chapter 11 Work?

Chapter 11 Bankruptcy cases begin by filing a petition with a bankruptcy court close to the Roxbury area. Voluntary petitions can be filed out by a debtor, while involuntary cases must be filled out by a creditor. Along with a petition, the debtor must file a disclosure statement including their financial affairs. This 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

To have a Chapter 11 case go smoothly in Roxbury, a debtor must also propose a plan to help reduce unnecessary costs, while also looking for alternative resources for income.

Confirming the Plans for Chapter 11

To successfully reorganize your Roxbury business, you must have your plan accepted by the court. There are multiple points you need to include in your plan, but for the most part it must be:

  • Feasible: Will your plan go off without a hitch? Will any problems arise? You need t make sure that the terms of your plan can be achieved and that you can cover the expenses. This also includes recurring payments to creditors
  • Best Interest of the Creditors: For the plan to be accepted, you must complete it with your creditors in mind. This means that creditors must receive a similar payment to that of a chapter 7 liquidation. For certain situations, creditors may be awarded a payment in full.

Once the bankruptcy court for the Roxbury area accepts your plan, you may be free to begin reorganizing your business or personal finances.

Bankruptcy FAQs

How Do Chapter 7 and Chapter 11 differ?

Chapter 7 bankruptcy is known as the most common form of bankruptcy where most debts are forgiven, but it comes at a price. This type of bankruptcy includes selling off personal assets (also known as liquidation) for the form of repayment to creditors. While Chapter 11 Bankruptcy includes having debts restructured to the point where repayment becomes more achievable. This type of bankruptcy is also normally just used by corporations or business owners, whereas Chapter 7 mainly deals with individuals or households.

How Can Filing For Bankruptcy Help With Creditors?

Usually, when you file for bankruptcy in the Roxbury area you’ll be able to keep creditors at bay. This means you won’t have creditors constantly harassing you for collection activities. For serious forms of harassment, say a creditor wants to repossess your car or foreclose your mortgage, bankruptcy can get between the situation. This is known as an Automatic Stay (an automatic injunction) that stops all collection efforts against you or your property.

What Are the Short-Term Effects of Bankruptcy?

Almost immediately, harassment from creditors will come into play, but bankruptcy can put a halt to their interactions with you. There are also some downsides as well. As soon as you file, your financial dealings will be examined by a bankruptcy trustee, and they’ll be the one to give you the “okay” on selling your assets as well as when you pay your debt back.

What Are the Long-Term Effects of Bankruptcy?

The process of a Roxbury bankruptcy can take a few months until completion. During that time, you’ll learn that certain consequences are imminent. This statement of bankruptcy will remain on your credit history and can cause problems for you later on when you want to gain more credit. Lenders will typically use your credit report to determine if you’re a good fit for a loan. Overall, declaring bankruptcy isn’t the end-all, but in the beginning, it may be harder for you to return back to your life as it once was.

Why Romanello for Bankruptcy in Roxbury, CT?


Fill out the Form for a Free Consultation

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4 Simple Steps to Bankruptcy in Roxbury, CT:

1. Meet With Our Experienced Bankruptcy Lawyers

2. Determine The Plan of Action

3. File With The Court

4. Relinquish Your Debt

If you’re currently struggling with bankruptcy, turn to the professionals at Romanello Law Firm. We’ll make sure to situate you with a qualified lawyer with experience in the Roxbury area. We strongly recommend that you seek help with your situation. Failure to take care of your bankruptcy problems can lead to long-term financial and legal consequences.

Have a Question? – 203-205-0891

For all of our Roxbury clients, we only want to provide the best quality customer service and bankruptcy expertise.

Overall, we want to help you relinquish your debts, move on from this period in your life and go on to live a happy, well-structured lifestyle. If you are interested in our bankruptcy services, please contact us today so that we can help you get started on the right path to a debt-free life.

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