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March 2016 Archives

Detailing your disclosure statement

For those Salem clients that come to us here at The Law Office of Paul Petrillo for assistance in filing for a Chapter 11 bankruptcy, one of the components of their proceedings that generates the most questions is the disclosure statement. If you are preparing for such a case yourself to reorganize your small business, it may be important for you to review exactly what a disclosure statement is as well as the requirements regarding its filing and approval.

Detailing debt relief options

Many of those who are struggling with debt in Salem typically face two major challenges: they find their own knowledge and experience insufficient to overcome the financial hurdles that they face, or they simply lack the resources to repay their creditors. In both cases, outside assistance may be needed to grant those in such situations a realistic chance to once reclaim control of their finances. For many, that assistance may be bankruptcy. Yet many of the stigmas associated with bankruptcy protection may drive people to see other forms of debt relief.

Chapter 7 the only option for struggling clinical research lab

For most of the business owners in Salem who are considering bankruptcy, the preferred method is to file for a Chapter 11 or “reorganizational” bankruptcy. The reason being is just that: it allows them to reorganize their companies into a different structure (and oftentimes, under new leadership) to help move on from their financial struggles in the past to a much more well-managed future. However, there may be certain cases were circumstances do not allow a company to continue without first settling all of its liabilities. In such a case, a small business owner may have no choice but to pursue a Chapter 7 case.

Who is filing for medical bankruptcy?

The rising costs of healthcare have left many people in Salem, both insured and uninsured, with little chance to realistically afford their medical bills. If you feel as though you are drowning in medical debt, you may wonder how many others are in your same situation. One way for you to understand the struggle that others have in affording their medical bills in comparison to yours may be to evaluate medical bankruptcy data cross the U.S.  

Retaining your accounts receivable through bankruptcy

More often than not, the companies that come to see us here at The Law Office of Paul Petrillo hope to continue operating after their cases have been discharged. If this adequately describes your situation, then reorganizing your debts and finances through a Chapter 11 bankruptcy may be your best option. To have a reasonable chance at succeeding post-bankruptcy, you may need to try and maintain as many of your current clients as possible. Your ability to do so will depend largely on your ability to retain your accounts receivable. The question then becomes is that even possible.

Law Office of Paul Petrillo
One Tara Boulevard
Suite 200
Nashua, NH 03062

Phone: 603-635-4149
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