Rhode Island Bankruptcy Attorney
You've been searching for answers about the complicated Rhode Island bankruptcy laws. You have done your research and still have questions. Use the confidential legal evaluation tool and an attorney near you will contact you to discuss your possible case.
Our bankruptcy attorneys are from well-established law firms dealing exclusively in consumer debt. We will be with you every step of the way, whether a Chapter 7, Chapter 13 or bankruptcy alternative.
Bankruptcy may be your only choice to be debt free again. Don't wait; it's never too early to talk to a lawyer and wipe your financial slate clean. A Rhode Island Bankruptcy Attorney can be an invaluable resource to file all the necessary bankruptcy forms and answer all of your bankruptcy questions.
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Filing Chapter 13 Bankruptcy in Rhode Island
Chapter 13 benefits in Rhode Island
Chapter 7 Bankruptcy is the easiest and most common type of bankruptcy, but many people will not qualify to file Chapter 7 Bankruptcy or they will not want to liquidate their assets. Chapter 13 Bankruptcy will not discharge your debts as quickly, in fact you will have to repay all or most of your debt, but Chapter 13 Bankruptcy does allow you many benefits including:
- -Stop a home foreclosure and allow you to repay missed mortgage payments
- -Give you the ability to reorganize your debts with a more favorable debt repayment plan.
- -End certain types of wage garnishments
- -Stop harassing creditor calls
- -Stop repossessions
- -It may affect your credit for less time than Chapter 7 Bankruptcy.
Contact a Rhode Island Bankruptcy Attorney before filing Chapter 13 Bankruptcy. A bankruptcy attorney will file your bankruptcy forms, help you develop your bankruptcy repayment plan and appear in court for you. After the bankruptcy petition is filed, a trustee will be appointed to help you manage your debt repayment plan. If you complete the plan, your debts will be discharged. This can take from three to five years.
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Filing Chapter 7 Bankruptcy In Rhode Island
Rhode Island Chapter 7 Bankruptcy InformationChapter 7 Bankruptcy will allow you to discharge most of your unsecured debt including: hospital bills, unsecured personal loans and high credit card debt. Filing Chapter 7 Bankruptcy will liquidate your assets to pay your creditors. The first step in the bankruptcy process is to contact a Rhode Island Bankruptcy Lawyer who can file your bankruptcy petition. After the petition is filed, an automatic stay will temporarily halt debt collection efforts. Debt collection may continue if a judge determines there is cause.
A trustee is appointed by the bankruptcy court to sell your assets and property and use the proceeds from the sale to pay your debts. Chapter 7 Bankruptcy is the most common, least expensive and easiest method to discharge most of your unsecured debt. Chapter 7 Bankruptcy will usually take between four to six months to complete. If you are a partnership, corporation, married couple or individual, you may qualify to file Chapter 7 Bankruptcy.
The goal of bankruptcy changes enacted in 2005 under the Bankruptcy Abuse Prevention and Consumer Act (BAPCPA) was to make it more difficult for individuals to file Chapter 7 Bankruptcy and discharge all of their debts. The BAPCPA was passed to require individuals who were able, to file Chapter 13 Bankruptcy and repay their creditors. Other changes that were made to federal bankruptcy law include:
- -A new income test to determine if individuals will qualify for Chapter 7 Bankruptcy
- -Additional bankruptcy document requirements
- -Certain taxes under Chapter 13 Bankruptcy now can not be discharged
- -You must complete a credit counseling course prior to filing bankruptcy
- -You must complete a financial management course prior to the discharge of your debts
The main change in the BAPCPA was to force individuals to pass a series of tests to determine if they can file Chapter 7 Bankruptcy. The first test is the income test. The income test compares your income to the median income of other residents in your state. If your income is below the median income compared to other Rhode Island families, you may be able to file Chapter 7 Bankruptcy. If your income is higher than the median income for other Rhode Island families, you will have to complete additional "means tests".
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The Means Test and Rhode Island Bankruptcy
The purpose of means testing is to determine how much disposable income you may have to pay your creditors. The test takes your gross income and subtracts certain expenses such as your house payment, your car payment, child support, tuition (up to $1650) and taxes owed. If you can still pay $6,000 or $100/month in debt repayment over the next sixty months you may not be able to file Chapter 7 Bankruptcy. If you do not pass that test, but you could still pay 25% of your disposable income toward debt repayment over the next sixty months, you may not be able to file Chapter 7 Bankruptcy.
Incomes for all states are published under the State Median Income List by the United States Trustee program. For the state of Rhode Island, after March 15, 2009, the average median income for a single wage earner is $46,466. For a family of two the median income is $59,314 and for a family of three it is $72,809. For a family of four it is $91,415.
The means test information provided is general in nature and is not legal advice. It is important to contact a Rhode Island Bankruptcy Lawyer if you are considering filing Chapter 7 Bankruptcy.
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Bankruptcy Exemptions in Rhode Island
There have been certain assets and property that will be protected from your creditors in the bankruptcy process. These assets are called exemptions and are listed in federal bankruptcy law. Some states have created their own list of exemptions. Depending on the state where you live, you may be able to choose either the state bankruptcy list or the federal bankruptcy list. Certain states will not allow you to choose, but will require you to use the state bankruptcy list.
Exemptions for both lists were created to let you maintain certain assets so you can start over after bankruptcy. In the state of Rhode Island, you may choose either the federal bankruptcy exemptions or the State of Rhode Island Bankruptcy Exemptions.
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Rhode Island Bankruptcy Attorneys
Following is a list of bankruptcy attorneys who practice law in Rhode Island. To contact one of these attorneys, please complete our free case evaluation form or call 800-859-0844
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Providence Robert Jacquard 231 Reservoir Ave Providence, RI 02907 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Warwick Law Office of Stephen Germani 931 Jefferson Blvd., Suite 2006 Warwick, RI 02886 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Related Pages
Means Test - as defined in our Bankruptcy Glossary
Liquidation - as defined in our Bankruptcy Glossary
Rhode Island Bankruptcy Law Information:
Are you considering Bankruptcy in Rhode Island?
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