Ridgefield, CT’s Trusted Law Firm for Bankruptcy


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Ridgefield Bankruptcy Attorneys for:

  • Chapter 7 Bankruptcy

  • Chapter 11 Bankruptcy

Debt can be an unmanageable struggle for most Americans all across the country. Rather than tackling the stress and indecision alone, Romanello Law Firm is here to work with you side by side and give you proper representation for all of your financial needs.

While debt may be a common problem in the Ridgefield, CT area, it does not mean you are always prepared for it. Romanello Law Firm understands various situations and helps all of our clients with the timing and decisions in regards to bankruptcy and debt.

Experienced Bankruptcy Lawyers

Romanello Law Firm has been taking care of residents and businesses in the Greater Ridgefield, CT region since 2000. Our years of experience have been centered around quality and personal relationships between our Ridgefield clients and our attorneys. We understand the unique nature of your situation and do our best to understand it.

All of our services are trustworthy and honest. Romanello Law Firm provides dependable representation for all of our clients, whether it be individuals or even large companies. Our legal services are tailored to meet the exact needs of all of our Ridgefield clients.

Filing for Chapter 7 Bankruptcy in Ridgefield, CT

What is Chapter 7 Bankruptcy?

This kind of bankruptcy was created to serve the needs and interests of the individual. If you have accumulated a large amount of debt, then a Chapter 7 Bankruptcy may be the best decision for you. It is the most commonly filed bankruptcy petition here in Ridgefield, as well as across most of the United States. A Chapter 7 Bankruptcy can help debtors be free of their heavy financial burdens and pave the way for them to begin again with a fresh start. To make some of the debt payments and have the rest lifted, the process usually involves liquidation of assets. Liquidation, unfortunately, can result in a loss of property or have a negative impact on your credit history. Also recognized or referred to as a “straight bankruptcy,” Chapter 7 Bankruptcy deals directly with the creditor and payment methods. When a Chapter 7 Bankruptcy petition is approved, burdening debt is then lifted for the individual. You may have questions or concerns about filing for a Chapter 7 Bankruptcy, but Romanello Law Firm helps all of our Ridgefield clients with timing and making the decision.

A Chapter 7 Bankruptcy must be approved by a local bankruptcy court here in Ridgefield. To receive approval, certain requirements are expected. The filing individual must either have a small business with large amounts of debt or have a household size that is underneath the median income for the state of Connecticut. A “mean test” can help you know if you qualify by determining your gross household income.

How Does Chapter 7 Work

To begin the process of a Chapter 7 Bankruptcy, you must apply with an official petition to a local Ridgefield bankruptcy court. This includes a schedule and statement of affairs. The timing of the application process can vary, but it typically takes around four to six months. Certain documents and information will be required when filing for a Chapter 7 Bankruptcy. This information usually 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.

The bankruptcy filing process requires precise information, so we encourage all of our Ridgefield clients to be honest with our Romanello Law Firm attorneys. Accurate documentation is necessary for a smooth and simple petitioning process.

The Chapter 7 Discharge in Ridgefield, CT

Once the petition has been completed and submitted, the local Ridgefield court will then approve the filing. With the petition approved, a debt discharge is given to the applicant, and the debtor is no longer required nor expected to pay the remaining debt. Liquidation may need to previously occur to reach this stage.

Filing for Chapter 11 Bankruptcy in Ridgefield, CT

What is Chapter 11 Bankruptcy?

A Chapter 11 Bankruptcy serves the unique purpose of appealing to the interest and benefit of large companies. If your Ridgefield business has gathered a lot of debt over time, then filing for a Chapter 11 Bankruptcy could potentially be in your favor. A Chapter 11 Bankruptcy allows for corporations to restructure their organizations to deal with financial situations. This can help your Ridgefield company obtain the new start you are looking for.

It is less common for smaller companies or individuals to apply for a Chapter 11 Bankruptcy, but it still a viable option. Fill out the following form to receive a free consultation on your situation, and one of our Romanello Law Firm lawyers can provide accurate and relatable feedback.

How Does Chapter 11 Work?

Filing for a Chapter 11 Bankruptcy also begins with an official petition. This will be sent to a local Ridgefield bankruptcy court to review and either approve or dismiss. If the bankruptcy filing is voluntary, then the debtor can fill out the petition. If it involuntary, however, then the creditor is welcome to fill it out. A disclosure statement is required for Ridgefield applicants when filing for a Chapter 11 Bankruptcy. This statement requires the information for your current financial situation, 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

When applying for a Chapter 11 Bankruptcy, a proposed plan of reorganization is also expected. This will include plans for payment. When our Ridgefield clients are making these plans, we can keep creditors and collectors at bay.

Confirming the Plans for Chapter 11

A Chapter 11 Bankruptcy petition requires approval from the applied bankruptcy court. To meet the requirements of the court and increase the possibility of approval, certain aspects are expected. These include:

  • Feasible: is the plan proposed feasible for the debtor? Will you be able to make the necessary payments and stay on your suggested schedule?
  • Best Interest of the Creditors: bankruptcy filings need to serve the interest of the creditor. Payments must be accounted for and covered, often compensating as if it were a Chapter 7 Bankruptcy filing.

With the approval of the proposed Chapter 11 Bankruptcy petition, the Ridgefield court will then give a discharge of the debt. This grants permission for the Ridgefield applicant to then restructure their business and attend to financial matters.

Bankruptcy FAQs

How Do Chapter 7 and Chapter 11 differ?

Chapter 7 and Chapter 11 Bankruptcy differ in terms of who they are designed to serve. A Chapter 7 Bankruptcy is curated more for the individual, helping them make payments typically through liquidation. A Chapter 11 Bankruptcy is for large companies who are seeking to restructure their organization to cover the necessary payments.

How Can Filing For Bankruptcy Help With Creditors?

Bankruptcy is never an ideal decision, but Romanello Law Firm can help you make the decision that is in your best interest. When you file for bankruptcy, you can be instantly protected from creditors through an automatic injunction. This can help protect your property, avoid foreclosure, and prevent offensive collection attempts.

What Are the Short-Term Effects of Bankruptcy?

Once you apply for bankruptcy, immediate pressure from creditors is lifted. However, to make sure honest practices are taken, one of our trustees will carefully manage your financial decisions. Selling assets and making payments will require approval.

What Are the Long-Term Effects of Bankruptcy?

Applying for bankruptcy can help alleviate pressure immediately, but there are also some long-term problems to deal with. Bankruptcy will be noted on your credit history, which can directly impact your ability to borrow money. You can still qualify for loans, but it can make the process more complicated.

Why Romanello for Bankruptcy in Ridgefield, CT?


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4 Simple Steps to Bankruptcy in Ridgefield, 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 of Ridgefield, CT, Romanello Law Firm gives you proper representation for all of your financial needs. We host extensive teams of professional attorneys to keep you informed throughout the entire process and help you make the best decision.

Have a Question? – 203-205-0891

Our years of experience have helped make us experts in serving individuals and companies here in Ridgefield. We tailor our legal services to match your exact financial needs. For a free consultation, fill out the form or give us a call today.

We are your partners to get you on the path to a fresh beginning!

Bankruptcy – Ridgefield, CT