Consumer Bankruptcy Lawyers in Bristol, Rhode Island

Find the right Consumer Bankruptcy attorney in Bristol, RI

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt excused. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you ultimately decide that they are outweighed by the benefits. Bankruptcy is governed by federal law, and proceeds in federal courts. So, the procedure for filing for bankruptcy in Rhode Island will be very similar to the procedure anywhere else in the U.S. However, individual bankruptcy courts have different rules for exemptions, so it might be a good idea to consult with a local attorney in Bristol, Rhode Island before filing.

Chapter 7 Bankruptcy in Bristol, Rhode Island

There are 2 typical types of bankruptcy in Bristol, Rhode Island. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 liquidates some of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many types of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and necessary personal items, like clothing. These assets are not available to creditors.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is absolved. However, some types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Bristol, Rhode Island is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Bristol, Rhode Island

In Bristol, Rhode Island, chapter 13 is very different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 does not excuse debt, but restructures it instead. Typically, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is typically manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Bristol, Rhode Island

The answer to this question depends heavily on your distinct situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an experienced local Bristol, Rhode Island bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

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Life in Bristol

Bristol is located in Bristol County, Rhode Island. It is a small city with a population of around 23,000 people. It is a seaport that is named after Bristol, England. In fact, the atmosphere at Bristol Harbor is very serene and peaceful. It is one of Bristol's most beautiful spots!

Major industries that drive Bristol's economy include boat building, manufacturing and tourism. Some great attractions include America's Cup Hall of Fame, Blithewold Mansion, Gardens and Arboretum, Bristol County Jail, Bristol County Courthouse, Bristol Ferry Lighthouse, Colt State Park, Gillary's Tavern, Herreshoff Marine Museum, Linden Place, Mount Hope Bridge, Poppasquash Farms Historic District, Joseph Reynolds House, and Coggeshall Farm Museum. As evident, Bristol is a history-lover's delight!

Bristol is also home to many law offices established by competent attorneys. These attorneys are well-experienced in many areas of law, making them easily able to handle the legal needs of residents and local businesses.

All in all, Bristol has it all--beauty, history, charm, and serenity!

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