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Bankruptcy can be an overwhelming process, but it doesn't have to be the end. For many people, bankruptcy is a critical turning point. With the right legal team behind you, bankruptcy can be your chance to rebuild your finances and your life.
However, getting through the process is difficult. That's why you need reliable, experienced legal support. The team at Goldman & Goldman can be your option for all types of bankruptcy proceedings. We'll treat your case with the dignity you deserve during this difficult and tumultuous time.
There are several types of bankruptcy. Each one has a different purpose and unique legal ramifications. We can help you with:
Chapter 7
Chapter 13
Debt settlement
Military
Small business
For individuals and families with oppressive debt, the two best options are Chapter 7 and Chapter 13. You'll have to look at your specific situation to determine the best path.
Key Features of Chapter 7 Bankruptcy
Chapter 7 bankruptcy is one of the most common options for struggling families. Here are the key points you need to know. Chapter 7 bankruptcy will:
- Hold off home foreclosure until you can reorganize
- Retain your car and house if you can maintain monthly payments
- Protect you from being sued or harassed
- Stop any wage garnishments and bank attachments
- Retain your personal property such as household goods, motor vehicles, and equity in your home up to $500,000
- Require utility companies to turn on your water, lights, heat, and phone
- Discharge any dischargeable unsecured debts
Read more about Chapter 7 bankruptcy to see if it is the right option for you.
A Chapter 7 Success Story
Jose and Lucia M. are involved in a difficult divorce. Jose had his own construction company. Lucia was handling the family finances and spent the money Jose gave her for the mortgage on luxury items. He has over $300,000 in credit card debt and in mortgage arrearage on the house that she lost to foreclosure. The whole situation was messy and fraught.
Goldman & Goldman, Jose pursued protection under Chapter 7. He was able to get rid of the entirety of the $300,000 debt. Now, Jose is ready to move forward with a new chapter of his life.
Types of Bankruptcy
Goldman & Goldman
Key Features of Chapter 13 Bankruptcy
Chapter 13 bankruptcy is another option you can choose to solve your complicated financial issues. Before choosing this option, be sure to understand its implications. When you file under Chapter 13, you can:
- Avoid foreclosure
- Stop annoying creditor actions
- Spread your home mortgage arrearage over three to five years
- Devise a plan that will reduce your overall payments by spreading them over three to five years
- Reduce your interest rate on unsecured debts to 0%
- Cancel all remaining unsecured debt by completing your Chapter 13 plan
Read more about
Chapter 13 bankruptcy to see if it is the right option for you.
A Chapter 13 Success Story
Vincent M. has a home in East Providence, RI. His wife died of cancer a year ago, leaving him to raise their 16-year-old son. Without her income, he fell behind on the mortgage payments. He only owed $5,000 on the mortgage, but the bank refused to give him any time to get his mortgage straightened out.
Goldman & Goldman filed for Chapter 13 protection to stop the bank’s foreclosure. As a result, our team developed a plan to allow Vincent to cure his mortgage debt over five years and keep his house.
The goal of filing for bankruptcy is to protect your assets, rid yourself of debt, and get a fresh start on your financial life. Is Chapter 7 or Chapter 13 right for you? There are many issues to consider, and there is never a simple answer.
In order to determine whether to file for Chapter 7 or to file for Chapter 13, we need to learn the exact particulars of your situation.
- Do you own your home?
- Are you current with your mortgage payments?
- Do you have an auto loan and are you current on your car payments?
- Are your utilities current?
- Are you current with your Rhode Island taxes?
- Are you current with your federal taxes?
- Are you current with property or municipal taxes?
- Are you facing loss of your driver’s license?
- Are you dealing with bank attachments, wage attachments, tax sales, or similar urgent financial problems?
- Are you facing eviction from your apartment?
- Are you getting a divorce?
- Do you meet the income eligibility requirements for Chapter 7?
This quick list of questions barely scratches the surface of the potential complexity of your financial situation. An initial consultation can answer many of these questions, but more information may still be needed. If so, clients are given a simple checklist of information required in order to take the next steps.
Areas of Practice
After Bankruptcy, Then What?
More people than you might expect have been through the bankruptcy process, and while it can be taxing, there is life afterward. According to Rhode Island law, certain properties are exempt from repossession if you have filed for Chapter 7 bankruptcy. These include your household possessions, your jewelry and other personal items, the equity in your home up to $500,000, and your car if you keep up monthly payments.
If you are having trouble with paying your bills and are under stress from nagging collectors and creditors, act now. With swift action, you have a better chance of rectifying your situation and returning to a normal life. Take action today.
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