For millions of people, bankruptcy provides the opportunity to move past their debt. Rhode Island’s bankruptcy laws could give you the same chance for a fresh start.
Rhode Island gives you two routes: Chapter 7 and Chapter 13. They are tailor-made to help people in different situations get debt relief.
Speak with a Rhode Island bankruptcy lawyer near you by completing the free case review form on this page. For more information on your options, keep reading.
Before filing bankruptcy, you need to know which type of bankruptcy you want to file. This is one area where your bankruptcy lawyer can be particularly useful, because you will want to choose a bankruptcy form that gives you all the help, protection and relief you need to fully conquer your debt.
Chapter 7 bankruptcy is a very powerful tool for people with lots of unsecured debt. Unsecured debt is any debt not tied to a specific piece of property like a house or car. Your credit card debt is unsecured debt, as would be money owed relating to medical bills, personal loans or utility bills.
During Chapter 7 bankruptcy, most, if not all, unsecured debt could be completely retired. Many people are able to keep their homes, cars and other possessions as Rhode Island provides generous exemptions.
These bankruptcy exemptions protect property, up to a certain value, from a liquidation sale. Although atypical, these do happen from time to time and you should be aware of how the exemptions and laws stand to affect you.
Note: Filers may use federal bankruptcy exemptions and exempt up to 75 percent of their wages.
Chapter 13 bankruptcy is the bankruptcy choice for many individuals who need extra property protections, and also have some income.
While Chapter 7 bankruptcy is only available to people with lower incomes, Chapter 13 bankruptcy can help those who have regular income. During Chapter 13 bankruptcy, single, manageable payments are made to a court trustee who will handle all debts in an ordered manner.
The courts may reduce your debts before ordering them, and you should be protected from creditor collection as well as fees and fines during your case. Chapter 13 is often used by people who encountered a temporary setback, such as a job loss or injury, that caused a steep spike in their debt.
Now that you know the options available, you may be ready to begin taking action. Or, you may simply want more information and answers to questions about your specific situation. You can get all of that quickly and easily by speaking with a Rhode Island bankruptcy about filing bankruptcy.
Your bankruptcy attorney can help you get informed and help you take action.
To speak with a local Rhode Island bankruptcy attorney simply fill out the free bankruptcy case review form on this page or call, toll free, 877-349-1309.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local Rhode Island bankruptcy attorney.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local Rhode Island bankruptcy lawyer.