Bankruptcy Attorney in Rhode Island
Your Trusted Partner in Financial Distress and Debt Relief
Are you drowning in debt and struggling to make ends meet? Do you find yourself in constant fear of losing your home or possessions? Filing for bankruptcy may be the solution to your financial woes.
At Hazian Law Office, we understand how emotionally and physically draining financial difficulties can be. Our experienced bankruptcy attorneys in Rhode Island can help you through the complex process of filing for bankruptcy and provide support and resources to help you get a fresh start and take control of your financial future.
Schedule a free legal consultation today, and let us help you navigate the path towards debt relief and a brighter financial future.
What Is Bankruptcy?
Bankruptcy is a legal process that allows individuals to alleviate their debt burdens and obtain a fresh financial start. It involves filing a petition with the court, which will then review your financial situation and determine if you are eligible to have your debts discharged or reorganized.
There are two main types of bankruptcy: Chapter 7 and Chapter 13. Each has its own eligibility requirements, procedures, and outcomes. Our bankruptcy attorneys in Warwick are well-versed in both types and can help you determine the best option for your financial future.
Chapter 7 Bankruptcy
Chapter 7, the “liquidation bankruptcy,” allows individuals to discharge most of their debts by liquidating their assets. This may include selling off non-exempt property to repay creditors. However, certain assets, such as a vehicle, primary residence, and other personal belongings, may be exempt from liquidation.
Our bankruptcy attorneys in Rhode Island can help you determine which assets are exempt and protect them during the process, which typically takes 3-6 months to complete.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy involves creating a repayment plan to pay off creditors over a period of 3-5 years. This allows individuals to keep their assets while still working towards paying off their debts. The repayment plan is based on the individual’s income and expenses, making it more manageable for them to make payments. This type of bankruptcy is often more suitable for individuals with a steady income who want to keep their assets, such as a house or car.
Our experienced bankruptcy attorneys in Warwick can help you create a feasible repayment plan and guide you through the process. Chapter 13 bankruptcy can also help prevent the repossession of assets or foreclosure, allowing individuals to catch up on missed payments.
What Is the Process for Filing Bankruptcy?
Navigating the bankruptcy process without a qualified bankruptcy attorney in Rhode Island can be overwhelming and confusing. You may make mistakes that could jeopardize your chances of a successful outcome. Our team has extensive experience handling such cases and can guide you step-by-step through the process.
1. Consultation with an Attorney
Schedule a free legal consultation with our bankruptcy attorneys in Rhode Island. During this initial meeting, we will review your financial situation, discuss your options, and determine if filing for bankruptcy is the right option for you.
2. Preparing and Filing a Bankruptcy Petition
Once you decide to proceed with bankruptcy, we will help you gather all the necessary documentation and information to file a bankruptcy petition. This includes a list of creditors, income and expenses, assets and liabilities, and other relevant financial information.
3. Attending Credit Counseling
Before your bankruptcy case can proceed, you must attend credit counseling with an approved agency. This ensures that you have explored all options for managing your debt before filing for bankruptcy.
4. Creation of a Repayment Plan
In the case of Chapter 13 bankruptcy, our team will create a feasible repayment plan based on your expenses and income. The court and creditors must approve this plan before it can go into effect.
5. Meeting of Creditors
A meeting of creditors is a mandatory court hearing where you will meet with your bankruptcy trustee and any interested creditors. Our team will help you prepare for this meeting and ensure you are well-informed and confident.
6. Discharging of Debt
If your bankruptcy case is successful, the court will issue a discharge order. This releases you from personal liability for certain debts. This does not apply to child support, student loans, and other types of debts.
7. Rebuilding Credit
After your bankruptcy case is closed, our legal financial experts can guide you in rebuilding your credit and improving your financial situation. This may include creating a budget, obtaining secured credit cards, and regularly checking your credit report for accuracy.
Our goal is to help you achieve long-term financial stability and success. If you are struggling with overwhelming debt, schedule a free legal consultation and see how we can help you through the bankruptcy process.
