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December 2015 Archives

Seeking relief from spousal support debt

For many of those in Salem who come to us here at The Law Office of Paul Petrillo seeking debt relief solutions, spousal support ranks among their largest debts. If you find yourself significantly far behind in your alimony payments and lack the means to make up your debt, you may also be desperately seeking a resolution that does not involve legal trouble. Bankruptcy could be one alternative that you are considering.

Examining medical debt amongst the insured

Many in Salem may believe that the key to avoiding financial scenarios where bankruptcy becomes a debt-relief alternative is simply to avoid debt altogether. However, for many, it is not that simple. The leading cause of personal bankruptcy in the U.S. is medical debt. Just how prevalent is such debt? The Centers for Disease Control and Prevention reports that in 2012, an estimated 21.8 percent of American families had difficulties paying their medical bills, while 36 percent overall faced some form of financial burden related to healthcare.

Snowstorms to blame for company’s bankruptcy

For both private citizens and companies in Salem, there may be many reasons why the need to file for bankruptcy protection could arise. Most would assume those to be related to a company’s operations or a person’s inability to manage his or her money effectively. However, that is not always the case. Sometimes, certain circumstances may manifest that are completely out of one’s control. Some may scoff at this idea, having firmly entrenched the thought in their minds that no matter the financial obstacle, they still will be able to overcome it. While this idea is certainly bold, history has often proven it wrong.

Filing for an individual Chapter 11 bankruptcy

Most of the clients that we here at The Law Office Paul Petrillo work with who are seeking personal bankruptcy protection will typically file under either Chapter 7 or Chapter 13 guidelines. Yet what if your unique financial situation prohibits you from filing for either of these forms of bankruptcy? You still may have an option: Chapter 11.

The business bankruptcy repayment schedule

Managing debt is a challenge that nearly every Salem business owner has to face. In those cases where such debts begin to seem insurmountable, then the realistic assessment as to their abilities to pay them off may be necessary. If repayment is not possible, bankruptcy protection may be the only choice business owners have to either restructure their companies to continue operations, or simply walk away without the threat of continued action from creditors. According to The United States Courts, 31,671 companies in the U.S. sought such protection in 2014.

Law Office of Paul Petrillo
One Tara Boulevard
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Nashua, NH 03062

Phone: 603-635-4149
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