Find a Bankruptcy Lawyer in North Providence, Rhode Island

Find the right Bankruptcy attorney in North Providence, RI

In North Providence, Rhode Island, bankruptcy is a judicial process in which the debts of a person or business can be excused or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is often more economically feasible than requiring the debtor to pay off everything they owe. Of course, one should never view bankruptcy as a "get out of debt free" card, allowing someone to be discharged of their requirement to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing uncontrollable debt from resulting in complete financial ruin. Accordingly, it is best treated as an option of last resort, because it can carry with it significant negative consequences, which must be weighed against the possible benefits. For example, filing for bankruptcy can heavily damage a person's credit rating.

Accordingly, it might be a good idea to consult with a North Providence, Rhode Island bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often challenging to anticipate the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in North Providence could prove invaluable.

Types of Bankruptcy in North Providence, Rhode Island

In North Providence, Rhode Island, there are three basic bankruptcy schemes that are most frequently used. They are identified as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in North Providence, Rhode Island will be very similar to those in any other part of the United States. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is done, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

Under Chapter 13 bankruptcy in North Providence, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over an extended period of time, therefore theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Though Chapter 11 bankruptcy can be used by individuals, it is almost always used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be authorized by a vote of participating creditors.

A major advantage of Chapter 11 bankruptcy is that businesses can continue their operating while going through the process. Also, they can continue to buy and sell their stock.

How Can a North Providence Bankruptcy Lawyer Help?

The decision to file for bankruptcy in North Providence is not one to be made easily, and it definitely should not be made without first obtaining the advice of an efficient North Providence bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in North Providence

North Providence is located in Providence County, Rhode Island. The 2010 census reported its population to be 32,078 people.

The primary industries driving the economy are textile, chemical, and drum recycling. Although the legal force is not included amongst the top industries, there are many law offices and solo practitioners that practice in North Providence. Therefore the legal force is present and thriving.

Famous people that have called North Providence home are Ernie DiGregorio, Jim Gilchrist, Danielle Lacourse, Zellio Toppazzini, and Bob Giammarco.

For a small city covering a small area, North Providence has a lot to show for itself, making it a must-see city to visit!

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