New Fairfield, CT’s Trusted Law Firm for Bankruptcy
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New Fairfield Bankruptcy Attorneys for:
Chapter 7 Bankruptcy
Chapter 11 Bankruptcy
One of the most common financial issues people struggle with is debt. It is a typical struggle for people all across America, but that does not mean it has to be difficult to deal with. Romanello Law Firm is here to help all people in the New Fairfield, CT area with their financial decisions.
It can be difficult when evaluating the need for bankruptcy, as it can be an unfamiliar territory for most people. With Romanello Law Firm, you have teams of professional law attorneys ready to serve you and stand by your side.
Experienced Bankruptcy Lawyers
With nearly 20 years of dedicated service and experience, Romanello Law Firm has been serving the entire Connecticut and New York area with their financial and legal needs. For New Fairfield, CT our services are personalized for our individual and business clients.
No matter the size of our client, we give expert representation for every single case. To begin with working with us today, call our office. Our wide range of skill and knowledge are applied to help everyone to allow them to begin on their new path.
Filing for Chapter 7 Bankruptcy in New Fairfield, CT
What is Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy is the most commonly filed form of bankruptcy in Connecticut, New York, and most of the United States. The Chapter 7 Bankruptcy is designed to service individuals and smaller companies, as it is more affordable and quicker to file. This can allow for a swift start to your fresh beginning. The Chapter 7 Bankruptcy is recognized as “liquidation bankruptcy” because it can enable individuals to remove their debt, typically through asset liquidation. This can result in a reduced credit score for the person with a temporary impact on qualifying for loans. Further, the Chapter 7 Bankruptcy is recognized as a “straight bankruptcy” because of the direct or straight action that is taken with the creditor. Necessary payments are still required to be paid. There is an application process for a Chapter 7 Bankruptcy, and when that is approved by a local court, your accumulated debt is then removed.
Romanello Law Firm stands right by your side during the entire process, helping our New Fairfield clients understand the entire process. There are certain requirements for a Chapter 7 Bankruptcy, such as owning a business with an excessive amount of debt, or even a household size that is marked underneath the median state income. We can set you up to take a “mean test,” which can help you determine if your household gross income is too low or too high.
How Does Chapter 7 Work
As per usual with most legal situations, there are specific steps to be taken during the Chapter 7 Bankruptcy process. Romanello Law Firm makes sure you are aware of and understand what is expected when filing. The filing process begins with a petition for bankruptcy, which can include an established schedule with a statement of affairs. The time for this filing process can range anywhere from four to six months. Working with a local New Fairfield court can help the process move along quickly. Certain information is also required for this filing process, such as:
- 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.
We suggest that our New Fairfield clients be patient and cooperate with our attorneys, providing all of the necessary information and documentation for the filing process.
The Chapter 7 Discharge in New Fairfield, CT
The discharge for accumulated debt is given once the bankruptcy filing is approved by the court. This may require the debtors to pay off some parts of the debt, but paying off the entire amount to the creditor is no longer expected of the debtor.
Filing for Chapter 11 Bankruptcy in New Fairfield, CT
What is Chapter 11 Bankruptcy?
Chapter 11 Bankruptcy is a form of bankruptcy filing that serves the purpose of large businesses. It allows companies to reorganize and restructure to pay off necessary debts without the need of heavy liquidation and loss of property and assets. Similar to other bankruptcy petitions, a formal filing is required that must be approved. If everything goes well, liquidation of assets to pay back creditors may be dismissed as an option. With the petition approved, New Fairfield companies can begin the fresh start they are seeking.
The Chapter 11 Bankruptcy is most commonly filed with large companies, but smaller businesses and even individuals can also apply for a Chapter 11 Bankruptcy. It is less common, but still an available option.
How Does Chapter 11 Work?
As with other bankruptcy forms, the Chapter 11 Bankruptcy requires a formal petition to a local bankruptcy court. It is then up to them to either approve or dismiss the application. The debtor is expected to fill out the petition if you are voluntarily declaring bankruptcy. The creditor may fill out the petition if the bankruptcy is involuntary. To help with approval, a solid plan for restructuring and manners of reducing cost are expected to be detailed in the petition. The filing process can require some additional information and documentation, including:
- 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
With a solid and dependable schedule propose for additional income or methods to cut back on costs currently, you may be able to keep creditors at a distance.
Confirming the Plans for Chapter 11
The approval of a Chapter 11 Bankruptcy is typically dependent on the sound structure and plan suggested in the petition. For approval on the planned reorganization of your New Fairfield business, some requirements are expected, including information like:
- Feasible: is the restructuring plan feasible? Is the debtor able to accomplish the suggestion and stay on schedule, covering the necessary costs?
- Best Interest of the Creditors: is the creditor served? Does the reorganization of the business make the necessary payments, as if it were a liquidation case?
The local New Fairfield court will update you on the status of your Chapter 11 Bankruptcy, which will then give you the permission to go ahead and reorganize your company.
How Do Chapter 7 and Chapter 11 differ?
The different forms of bankruptcy serve different purposes while both helping people be forgiven of their heavy debt burdens. Chapter 11 Bankruptcy is more for large companies with debt who are looking to organize their business again to cover necessary payments, avoiding potential liquidation. Chapter 7 is more for individuals or smaller entities and can involve some liquidation.
How Can Filing For Bankruptcy Help With Creditors?
Other companies or sources may try to coerce you into other options, but Romanello Law Firm understands what can help you best. Filing for bankruptcy can help give you the fresh start and new opportunities to get you back on your feet and have proper control of your financial situation.
What Are the Short-Term Effects of Bankruptcy?
Filing for bankruptcy can put an end to the incessant bombarding from creditors. Romanello Law Firm can help keep them at bay as you are filing. This will also require close examination of the financial situation for our New Fairfield clients. Any and all financial movements will require approval.
What Are the Long-Term Effects of Bankruptcy?
The most notable impact is on the credit score of bankruptcy-filing individuals. The credit score may be temporarily affected and be lowered. This can impact your loan applications. While filing for bankruptcy does not disqualify you for loans, it may require extra time or processing.
Why Romanello for Bankruptcy in New Fairfield, CT?
Fill out the Form for a Free Consultation
4 Simple Steps to Bankruptcy in New Fairfield, CT:
1. Meet With Our Experienced Bankruptcy Lawyers
2. Determine The Plan of Action
3. File With The Court
4. Relinquish Your Debt
For the people and businesses in the New Fairfield, CT region, Romanello Law Firm is the trusted choice. We are committed to every case and every situation, no matter the specifics. With our team of professional attorneys, you will have expert representation through the entire process.
Have a Question? – 203-205-0891
Our services at Romanello Law Firm are tailored to the exact needs of every client. From small households to big corporations, we are here to represent you. Our services are accessible and available for the people of New Fairfield, CT.
Give us a call today and start your fresh beginning!