Consumer Bankruptcy Lawyers in North Providence, Rhode Island

Find the right Consumer Bankruptcy attorney in North Providence, 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 eventually decide that they are outweighed by the benefits. Bankruptcy is controlled by federal law, and proceeds in federal courts. So, the process for filing for bankruptcy in Rhode Island will be very similar to the process everywhere 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 lawyer in North Providence, Rhode Island before filing.

Chapter 7 Bankruptcy in North Providence, Rhode Island

There are 2 typical forms of bankruptcy in North Providence, Rhode Island. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 liquidates part 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 forms 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 excused. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in North Providence, Rhode Island is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in North Providence, Rhode Island

Chapter 13 Bankruptcy in North Providence, Rhode Island is very different from Chapter 7. Whether or not it is a better option is very 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 North Providence, Rhode Island

Chapter 13 is typically a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an accomplished local North Providence, 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 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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