Consumer Bankruptcy Lawyers in Newport, Rhode Island

Find the right Consumer Bankruptcy attorney in Newport, 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 Newport, Rhode Island before filing.

Chapter 7 Bankruptcy in Newport, Rhode Island

There are 2 typical types of bankruptcy in Newport, 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 the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Newport, Rhode Island is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Newport, Rhode Island

Chapter 13 Bankruptcy in Newport, Rhode Island is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each distinct case. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

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

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a steady income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a steady income, and most of your property is exempt, Chapter 7 might be a better way to go.

Regardless of your situation, you should speak with an attorney in Newport, Rhode Island who is experienced in bankruptcy before making a decision. They will be able to advise you of your options, and the likely results of each one, allowing you to make a much more informed decision.

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Life in Newport

Newport is located on Aquidneck Island, in Rhode Island's Newport County. It is near Providence. Why this area is popular is for the famous Newport Mansions and its reputation of being a New England summer resort. A nickname for Newport is the "City with the Summer White Houses."

Some known areas include Salve Regina University, the Naval Station, the Naval War College, the Naval Undersea Warfare Center, and the United States Navy Training Center. Other sites include Gooseberry Beach, Bailey's Beach, Ocean Drive, Newport Cliff Walk, Fort Adams, and the International Tennis Hall of Fame.

Newport is also home to many law offices and small firms. These entities train attorneys to handle any and every legal need.

From its pictures, it is evident that Newport is a small, wonderful paradise hiding in Rhode Island. It is definitely a place to visit!

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