Consumer Bankruptcy Lawyers in Woonsocket, Rhode Island

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

Chapter 7 Bankruptcy in Woonsocket, Rhode Island

There are 2 typical forms of bankruptcy in Woonsocket, 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 cleared. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Woonsocket, Rhode Island is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Woonsocket, Rhode Island

Chapter 13 bankruptcy in Woonsocket, Rhode Island is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. 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 Woonsocket, Rhode Island

Which Bankruptcy type to file under depends strongly on the facts of each distinct case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, you should talk with a local Woonsocket, Rhode Island bankruptcy Lawyer. Your Lawyer can advise you of your options and inform you of their likely result. This will make it much easier for your to make an informed choice.

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Life in Woonsocket

Woonsocket is located in Rhode Island's Providence COUNTY. Specifically, it is south of Massachusetts. Perhaps one of the main reasons Woonsocket is well-known is because it is home to the headquarters for CVS, the popular pharmacy and drug store chain.

Popular sites include Allen Street Historic District, Frank Wilbur House, Glenark Mills, Hanora Mills, Jenckes Mansion, Linton Block, Main Street Historic District, Pothier House, St. Andrews Episcopal Chapel, Stadium Building, Woonsocket Civil War Monument, and L'Eglise du Precieux Sang.

Famous residents, past and present, include Greg Abate, Rocco Baldelli, Clem Labine, Ambrose Kennedy, Neil Lanctot, William C. Lovering, Bryan Berard, Brian Boucher, Marcel Desaulniers, and Gabby Hartnett.

Woonsocket also has a strong legal force because many attorneys have established small law offices and firms in the city. These offices and firms provide legal services in all areas, allowing local businesses and residents to stay near in order to seek legal guidance.