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Bankruptcy

Personalized Bankruptcy Solutions

Whether in Connecticut, Massachusetts or Rhode Island, bankruptcy law is a federal regulation aimed at helping people and businesses who are having financial problems.

The aim of a bankruptcy attorney with regard to consumer debtors is to assist them in overcoming their financial difficulties and obtaining a fresh start.

Chapter 7, Chapter 11, and Chapter 13 bankruptcy are all options we provide. Schedule a free consultation right away if you're curious to learn more about declaring bankruptcy in Rhode Island, Massachusetts or Connecticut.

Download Your FREE eBook: "Understanding Bankruptcy: A Comprehensive Guide"

Are you looking for a comprehensive guide to understanding bankruptcy, making informed choices, and building a stronger financial future? Look no further! We're excited to offer you our eBook, "Navigating Bankruptcy: A Comprehensive Guide to Financial Relief and Recovery."

What's Inside:

  • Clear explanations of different bankruptcy types and processes
  • Insights into legal aspects, asset treatment, and tax implications
  • Practical strategies for rebuilding credit and managing finances post-bankruptcy
Ready to get started? Click the Image below to instantly access your FREE eBook and empower yourself with knowledge:

 

Benefits of Declaring Bankruptcy

Filing for bankruptcy under Chapter 7 or Chapter 13 of the United States Bankruptcy Code provides different benefits, depending on your financial situation and goals. Here are some of the benefits of each chapter:

Benefits of Chapter 7 Bankruptcy

  1. Quick debt discharge: Chapter 7 bankruptcy is often referred to as "liquidation bankruptcy" because it allows individuals to have most of their unsecured debts, such as credit card debts and medical bills, discharged (wiped out) relatively quickly, usually within a few months after filing.
  2. No repayment plan: Unlike Chapter 13, Chapter 7 doesn't require a repayment plan. Once the debtor's non-exempt assets are liquidated, the remaining eligible debts are discharged, and the debtor can make a fresh financial start.
  3. Immediate relief: As soon as you file for Chapter 7, an automatic stay is put in place, halting all collection actions, including lawsuits, foreclosure, and wage garnishments.
  4. Exemption of certain assets: Each state has specific bankruptcy exemptions that allow debtors to protect certain assets, such as a primary residence, a car, and personal belongings, from being sold to pay off creditors.

Benefits of Chapter 13 Bankruptcy

  1. Repayment plan: Chapter 13 bankruptcy allows individuals with a regular income to create a structured repayment plan to pay back a portion or all of their debts over a period of three to five years. This can be helpful for those who have significant assets they want to protect from liquidation.
  2. Debt consolidation: By combining all eligible debts into a single monthly payment through the repayment plan, it becomes more manageable and can relieve some financial stress.
  3. Mortgage and car loan arrears: Chapter 13 allows debtors to catch up on missed mortgage or car loan payments over time, preventing foreclosure or repossession.
  4. Protection from creditors: Similar to Chapter 7, Chapter 13 also initiates an automatic stay that provides immediate relief from collection actions and creditor harassment.
  5. Retain non-exempt assets: Chapter 13 allows debtors to keep non-exempt assets (like a second home or luxury items) by paying their value through the repayment plan.

It's important to note that bankruptcy has long-term effects on credit and financial standing, so it's crucial to consult with a qualified bankruptcy attorney at Senerchia and Senerchia P.C., and consider all alternatives before deciding to file. Each chapter has specific eligibility requirements and considerations, so determining which chapter is suitable for your situation will depend on your individual circumstances.

Our Mission

At Senerchia & Senerchia P.C., located in Cranston, Rhode Island, we stand with individuals and families in our community who have endured hardship or life challenges. At our firm, we focus on Short Sales, Bankruptcy, Family Law, Estate Planning, Worker’s Comp, Probate, Personal Injury, and Criminal Law. We have dedicated our careers to fighting for the rights of people in Rhode Island, Massachusetts, Connecticut, and New Hampshire.

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