Bankruptcy Attorney

best bankruptcy attorney Cromwell ct A trusted bankruptcy attorney Cromwell, CT residents can count on, from The Law Offices of Ronald I. Chorches, knows that filing for bankruptcy might be the right thing for you to do during hard times. A common misunderstanding about bankruptcy is that it means you have no options or a bleak future. This is far from the truth. Filing for bankruptcy can allow you and your family to have a significant amount of freedom. This may be the one way that you can begin taking back your financial freedom and wiping your slate clean. 

How do I know which kind of bankruptcy to file for? 

Numerous types of bankruptcy are available for individuals to file. When faced with the decision to declare bankruptcy, you might wonder about your ability to select a specific type that suits your situation best. Consulting with a knowledgeable lawyer can provide valuable guidance in determining the most appropriate choice for you. Among the most prevalent options are Chapter 7 and Chapter 13 bankruptcy.

Chapter 7

Chapter 7 bankruptcy involves the liquidation of a debtor’s assets to settle outstanding debts. After the liquidation process, the remaining debts are discharged. However, certain debts like taxes and student loans may not be fully eliminated and could still require repayment. This form of bankruptcy is particularly suitable for individuals with an income below the average state income and limited assets.

Chapter 7 bankruptcy provides an opportunity for a true fresh start as it allows you to satisfy your creditors’ claims. Yet, it comes with the consequence of relinquishing many of your assets, and there is a possibility of losing your home or car. If your goal is to swiftly repay your debts, this could be the most suitable bankruptcy option to pursue.

Chapter 13

Chapter 13 bankruptcy involves the formulation of a structured repayment plan. Under this arrangement, the debtor makes regular monthly payments to a trustee who then distributes these funds to the creditors. Throughout the repayment period, the majority of the interest is frozen, and any remaining debt is discharged once the plan is completed. This form of bankruptcy is commonly pursued by individuals seeking to safeguard their assets from being liquidated.

With Chapter 13 bankruptcy, you have the opportunity to collaborate with your bankruptcy attorney in devising a customized repayment plan, enabling you to gradually settle your debts. Typically, this repayment plan spans three to five years, granting you the ability to retain your property. Additionally, if you’re concerned about foreclosure, Chapter 13 offers a potential solution to help you keep your home.

Not sure which chapter bankruptcy is right for you? 

You don’t need to worry about making the choice on your own. By collaborating with an attorney, they will conduct a thorough examination of your financial situation, carefully assess your debts and assets. Undoubtedly, their expertise will enable them to determine the most appropriate bankruptcy option you qualify for and assist you in creating a comprehensive plan to navigate through the process.

Business Bankruptcy

If you are a small business owner who is facing financial difficulties, you may be thinking about filing for bankruptcy. In this situation, a bankruptcy attorney Cromwell CT clients trust may recommend filing for Chapter 11 bankruptcy, also known as reorganization bankruptcy. 

Chapter 11

In contrast to Chapter 7 bankruptcy, which involves liquidating assets to repay debts, Chapter 11 provides the debtor the opportunity to retain control of the business. They can develop a reorganization plan to restructure their financial matters without the immediate need to liquidate assets. During the Chapter 11 bankruptcy process, a business can continue its operations. Typically, the debtor, referred to as the “debtor in possession,” retains control and manages the business as usual. However, if there are allegations of fraud, dishonesty, or gross incompetence, the court may appoint a trustee to take charge of the company’s operations throughout the bankruptcy proceedings.


Chapter 11 bankruptcy enables the business to stay in business. Therefore, the cash flow can facilitate the repayment process. Additionally, a court order is issued to prevent creditors from taking aggressive actions against the business during the bankruptcy proceedings. This approach is generally well-received by creditors since it offers them the possibility of recovering a larger portion, if not all, of their funds through the structured repayment plan, as opposed to if the company were to cease its operations altogether.


Chapter 11 bankruptcy stands out as the most intricate among all bankruptcy types, and it typically involves higher expenses. For a struggling company contemplating bankruptcy, the legal costs alone can be burdensome. Moreover, the reorganization plan must secure approval from the bankruptcy court and must be feasible enough to allow the business to realistically repay its debts over a period of time. The process requires careful navigation and financial planning to ensure a successful restructuring of the business.

We have the answers to your bankruptcy questions.

If you are financially distressed, a Cromwell bankruptcy attorney can help you determine the best available solution. To learn more about what we can do for you, please do not hesitate to contact The Law Offices of Ronald I. Chorches today to schedule a free review of your case.

Our service area also includes Berlin, Newington, and Middletown.