Brookfield, CT’s Trusted Law Firm for Bankruptcy

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    Brookfield Bankruptcy Attorneys for:

    • Chapter 7 Bankruptcy

    • Chapter 11 Bankruptcy

    Debt is a common occurrence for people all across America. Unfortunate circumstances can occur, but with Romanello Law Firm, you have a partner here to help you through. For the people in the Greater Brookfield, CT area, we are here to service you in your time of financial need.

    Dealing with debt and bankruptcy can be unfamiliar and intimidating. Even though these feelings, they do not need to be necessary. Romanello Law Firm has teams of expert law attorneys to stand by your side during the entire process.

    Experienced Bankruptcy Lawyers

    Romanello Law Firm has been serving the Brookfield, CT area and greater parts of Connecticut and New York for almost two decades. We have experience with a variety of situations and concerns, helping both individuals and companies.

    We provide professional representation for every single one of our clients. Our services for the people of Brookfield are tailored to match their exact needs for specific situations. Call us today to begin working with us and starting your fresh beginning.

    Filing for Chapter 7 Bankruptcy in Brookfield, CT

    What is Chapter 7 Bankruptcy?

    Chapter 7 Bankruptcy is recognized as the most common type of bankruptcy filing and petition for Connecticut, New York, and the entire United States. A Chapter 7 Bankruptcy is designed to help the individual, removing most burdening debts and paving the way for a new start. Chapter 7 Bankruptcy petitions are often founded on debtors liquidating assets. The liquidation process can lead to a loss of property and result in a lower credit score for the individual. Also known as a “straight bankruptcy,” a Chapter 7 Bankruptcy takes direct action with the creditors and necessary payments are made. This is often through the aforementioned sold assets. When the bankruptcy petition process is completed and approved by a local court, gathered debt is then dismissed. If you are concerned about the timing of applying for a Chapter 7, there is no need to worry. Romanello Law Firm helps all Brookfield clients with the timing and processing of filing for bankruptcy.

    There are certain requirements and expectations when an individual petitions for a Chapter 7 Bankruptcy. The process involves an application that must be accepted by a local Brookfield court; petitioning individuals must either have a business with a large amount of debt or a household income that falls under the median state income (a “mean test” can determine your current level of household gross income).

    How Does Chapter 7 Work

    The process for a Chapter 7 Bankruptcy filing is distinct, and Romanello Law Firm provides representatives to keep the information clear for you the entire process. To begin, you file for bankruptcy and establish a schedule with a statement of affairs. The filing process for a Chapter 7 Bankruptcy ranges between four to six months. By petitioning at a local Brookfield court, the process can avoid unusual delays. There is additional information required to help the process filing go as smoothly as possible. This information includes:

    • 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 working directly with our attorneys, the filing process can be kept simple and easy to understand. We encourage all of our Brookfield clients to cooperate and provide necessary information to move along the process.

    The Chapter 7 Discharge in Brookfield, CT

    With the filing process completed and the petition approved, a debt discharge will be given to the individual. At this stage, the gathered debt is removed. Debtors will be expected to liquidate necessary assets to make arranged payments, but then paying off the entire debt is no longer expected.

    Filing for Chapter 11 Bankruptcy in Brookfield, CT

    What is Chapter 11 Bankruptcy?

    The Chapter 11 Bankruptcy was created and designed to help large businesses who have accumulated large amounts of debt. Instead of alternative bankruptcy methods that require liquidation, Chapter 11 Bankruptcy allows businesses to hold on to their assets and instead, restructure their business to remove the debt. There is a formal bankruptcy petition that must be approved by a local court, but then applying company may then get the fresh start they are looking for. Some debts may have to be paid off, and some debts will also be forgiven. With Chapter 11 Bankruptcy, we try to keep your Brookfield business growing.

    While the Chapter 11 Bankruptcy is designed for larger companies and businesses, smaller companies and individuals are also able to apply for Chapter 11 Bankruptcy to avoid asset liquidation. It is, however, less common for smaller entities.

    How Does Chapter 11 Work?

    Similar to most bankruptcy processes, the Chapter 11 Bankruptcy begins with a petition and filing. This is sent to a local Brookfield court to either approve or dismiss. If you are declaring the bankruptcy voluntarily, then the debtor is expected to fill out the petition. If the bankruptcy is not voluntary, then the petition can be filled out by the creditor. Information is required at this stage to help the application process goes smoothly and efficiently. This information is usually financially related, 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

    The filing process will occasionally require a schedule to cut back on current costs or a list of resources for additional income, which can keep the creditor at bay.

    Confirming the Plans for Chapter 11

    A Chapter 11 Bankruptcy filing process often includes a list of certain requirements. Before approval, the restructuring must be approved, and it must have requirements such as:

    • Feasible: is the proposed plan both plausible and potentially successful? Can the debtor or business accomplish what the plan proposes? Expenses must either be covered or accounted for in the scheduled time.
    • Best Interest of the Creditors: the proposed plan must serve the needs of the creditor as well. This financial coverage must meet the needs as if it were a liquidation bankruptcy case.

    Once the local Brookfield court has approved your bankruptcy application, you can then begin the reorganization of your company.

    Bankruptcy FAQs

    How Do Chapter 7 and Chapter 11 differ?

    Chapter 7 and Chapter 11 Bankruptcy are both designed to help people be relieved of their debt burdens, but serve two different people. Chapter 7 is most commonly used by individuals or small groups with large amounts of debt, relying on the liquidation process. Chapter 11 is for larger companies who are seeking to avoid liquidation of assets, but would rather restructure their business to make payments.

    How Can Filing For Bankruptcy Help With Creditors?

    Romanello Law Firm provides professional protection from creditors during the bankruptcy process. With the help of an Automatic Stay, or an automatic injunction, we can prevent attacking movements or forcible actions from your creditor on your property. This can help our Brookfield clients avoid potential foreclosure.

    What Are the Short-Term Effects of Bankruptcy?

    The immediate benefit of bankruptcy filing is an end to hovering from creditors. Romanello Law Firm tries to enable room for our Brookfield clients. However, your financial situation will be under close examination by a professional trustee. Any financial action will require permission.

    What Are the Long-Term Effects of Bankruptcy?

    Bankruptcy is rarely desired, but it can be necessary and beneficial for your lasting benefit. When you file for bankruptcy, though, a note will be made on your credit score. This can lower your credit score and prevent its growth temporarily. As a result, your loan qualifications may be under surveillance. While bankruptcy does not prevent you from obtaining a loan, it can make it more difficult.

    Why Romanello for Bankruptcy in Brookfield, CT?

    Fill out the Form for a Free Consultation

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      4 Simple Steps to Bankruptcy in Brookfield, 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 is dedicated to serving everyone in the Brookfield, CT area. From individuals to small companies and even to large businesses, our team of professional trustees are with you every step of the way. We give expert representation and provide adequate information to keep you updated.

      Have a Question? – 203-205-0891

      We at Romanello Law Firm seek to tailor our services to the need of every situation. No one’s financial needs are the same, and we completed understand that. We make our services accessible for everyone here in Brookfield.

      To begin your way to a fresh start, give us a call today!

      Bankruptcy – Brookfield, CT