Consumer Bankruptcy Lawyers in West Warwick, Rhode Island

Find the right Consumer Bankruptcy attorney in West Warwick, RI

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt discharged. 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 West Warwick, Rhode Island before filing.

Chapter 7 Bankruptcy in West Warwick, Rhode Island

There are 2 common types of bankruptcy in West Warwick, 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 essential 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 West Warwick, Rhode Island is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in West Warwick, Rhode Island

Chapter 13 bankruptcy in West Warwick, Rhode Island is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

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

Chapter 13 is usually a good option for people who have a steady 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 steady income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an experienced local West Warwick, 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 particular situation.

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Life in West Warwick

West Warwick is located in Rhode Island's Kent County. Per the 2010 census, its population is 29,191 people.

The city is surrounded by the Pawtuxet River. An unfortunate incident involving the Pawtuxet was that in 2010, extreme rainfall caused the water level to rise approximately 21 feet. This caused flooding throughout must of the city.

Popular sites include Arctic, Centerville, Clyde, Lippitt Mill and Natick.

West Warwick, along with surrounding cities, together comprise of a very competent legal force. Attorneys in the wide area practice in many fields of law and are very experienced. Thus residents do not have to travel far to seek competent legal counsel.

Overall, Westwarwick is a charming, quaint place to live or visit!

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