Rhode Island and Massachusetts Bankruptcy Lawyers

Helping You Understand Your Options for Debt Relief

Dealing with significant debt is one of the most stressful things a person can go through. Overdue payment notices, persistent calls from creditors, and the inability to keep up with bills can all have a negative impact on various aspects of your life, affecting everything from your work to your relationships to even your health. What many people don't realize, however, is that they have federally-protected debt relief options through bankruptcy.

While bankruptcy tends to have a poor reputation—and it should be noted that filing for bankruptcy is not without certain consequences—it can actually be a viable option for eliminating debt and getting a fresh financial start. It is important to discuss your various options with an experienced attorney before filing for bankruptcy. There are several avenues for debt relief that may be available to you, and the right one will depend on your particular circumstances as well as your personal goals.

Contact Karns & Kerrison at (401) 841-5300 to schedule a completely free consultation with a bankruptcy attorney.

Chapter 7 vs. Chapter 13 Bankruptcy: Understanding Your Options

There are two primary forms of bankruptcy available to most consumers: Chapter 7 and Chapter 13. Each option offers a few key benefits and each has its own set of drawbacks. You will want to carefully consider your situation, including your financial needs and goals, before pursuing either option. You will also need to ensure that you qualify for bankruptcy first.

Below is a brief overview of both Chapter 7 and Chapter 13 bankruptcy:

  • Chapter 7: Chapter 7 bankruptcy allows you to completely eliminate your debt and start fresh. However, in order to qualify for this form of bankruptcy, your income must fall below a certain threshold. Additionally, some of your property/assets may be liquidated (sold) to repay some or all of your debts.
  • Chapter 13: Chapter 13 bankruptcy allows you to keep all of your property, but it also requires you to follow a mandatory debt repayment plan for a period of either three or five years. Chapter 13 is often an ideal option for individuals facing home foreclosure, as it allows you to make up past-due mortgage payments and continue paying current payments.

As previously mentioned, this list represents only a very high-level overview of Chapter 7 and Chapter 13 bankruptcy. To learn more about each, or to find out which type of bankruptcy might best suit your situation, please visit our Chapter 7 Bankruptcy and Chapter 13 Bankruptcy pages.

Contact Karns & Kerrison for Help with Bankruptcy in Rhode Island & Massachusetts

While bankruptcy can be a powerful tool in reducing or eliminating debt and allowing you to regain financial control, the process itself can be quite complex. Depending on your unique situation, you may need to qualify for bankruptcy, attend debt counseling, submit various documents, and/or agree to a debt repayment plan. It is a good idea to meet with an experienced attorney who can help you clearly understand your options and create a personalized plan for debt relief.

At Karns & Kerrison, we have been serving clients throughout Rhode Island and Massachusetts since 1974. Our Providence bankruptcy lawyer, Joshua R. Karns, has nearly 15 years of experience assisting individuals and families facing insurmountable debt, relentless creditors, and foreclosure. He works alongside our team to provide compassionate and understanding legal services, coupled with fierce advocacy and tireless representation for each and every client. With offices in Providence and Middletown, we are prepared to serve you.

Contact us online or by phone at 401-841-5300 today for a no-cost consultation.

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Karns & Kerrison is committed to answering your questions about Personal Injury law issues in Rhode Island and Massachusetts. We'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.