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Bankruptcy - An Overview 

Brian Fogarty Oct. 6, 2022

BankruptcyDFR Firm Wall SIgn is a legal vehicle that provides relief to individuals and businesses in serious financial trouble and protects their creditors to the extent possible. Generally, the bankruptcy process assesses the debtor's assets and liabilities and provides a structure within which the debtor is allowed to keep some, and in most cases, all property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud and most tax debt.  The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of trouble. Most bankruptcy debtors have experienced unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce or illness.  In such cases, filing bankruptcy may be the right answer. If you are facing serious financial challenges, contact Devane, Fogarty & Ribezzo in West Warwick, Rhode Island, to schedule a consultation with an experienced bankruptcy attorney who can help you assess your legal options. 

Consumer Bankruptcy 

When an individual falls desperately behind in his or her debt payments, one option may be to declare bankruptcy. Bankruptcy is a legal proceeding in a federal bankruptcy court that relieves the debtor of some or all of his or her debts. While bankruptcy may not be the best option for everyone, in the right situations, it can provide people with a fresh start. A lawyer experienced in bankruptcy law can advise you as to whether bankruptcy may be the right move for you. 

Credit Counseling Requirement in Bankruptcy 

In 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the new requirements BAPCPA imposes on a bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing. A lawyer experienced in consumer credit and bankruptcy law can help educate debtors about the credit counseling requirements. 

There Is Life After Debt. Let Us Help You Get There. 

Experienced Rhode Island Consumer Bankruptcy Attorneys 

At the law firm of Devane, Fogarty & Ribezzo, we know the stress that financial difficulties can cause. If you are considering bankruptcy, it is important that you first understand how it really works. For information about debt relief and bankruptcy options, contact us for a free consultation. 

Get a Fresh Start ∙ Regain Control Over Your Finances 

Federal bankruptcy laws give you the right to erase most, if not all, of your unsecured debt through Chapter 7 bankruptcy liquidation or through Chapter 13 bankruptcy reorganization. By using the bankruptcy law, our attorneys may help debtors: 

  • Discharge credit card debts, judgments, liens, medical bills and, in some cases, satisfy fines which they are unable to pay, over an extended period of time 

  • Stop home foreclosure and save their homes 

  • Prevent repossession of assets 

  • Prevent garnishment of wages or bank levies 

  • Satisfy, or in some cases discharge, income tax liabilities 

  • Restore driving privileges, which have been suspended due to nonpayment of motor vehicle surcharges or nonpayment of municipal court fines 

  • Stop harassing collection calls 

  • Hold creditors responsible for collection abuse, such as violating an automatic stay/discharge order 

  • Maximize asset protection through use of either state or federal exemptions. 

At Attorney Fogarty SmilingDevane, Fogarty & Ribezzo, we are experienced bankruptcy attorneys with more than 20 years of bankruptcy law experience. We limit our practice to consumer bankruptcy cases, which includes Chapter 7 debt liquidation and Chapter 13 debt restructuring or repayment. 

Both individuals and businesses may find themselves with more debts than they can pay when due.  In such cases, filing for bankruptcy may provide a solution to what seems an insurmountable problem.  Bankruptcy means two basic forms of relief: (1) liquidation and (2) rehabilitation, also known as reorganization.  Most bankruptcies filed in the United States involve liquidation, which is governed by Chapter 7 of the Bankruptcy Code.   Chapter 7 bankruptcies are also called “straight bankruptcies,” are the most common form chosen by individual consumers.  In a Chapter 7 consumer bankruptcy, the individual debtor’s estate is theoretically liquidated and the assets are distributed to creditors.  However, in practice most people’s properties are eligible for protection under exemptions provided by the federal government and the state.   Partnerships, sole proprietorships and corporations are also eligible to file under Chapter 7. 

There is Life After Bankruptcy 

If you have yet to file for bankruptcy in Rhode Island but are seriously considering such a move, you may be asking yourself — "Is there life after bankruptcy? Is there life after debt?" The answer to both questions is yes. 

At Devane, Fogarty & Ribezzo, we want your bankruptcy efforts to succeed. We want to see your family restored to the sound economic footing you once had. Don't be afraid to ask for help. Contact us at (401) 289-1007 to secure a free consultation. 

Mortgage payments, credit card debts, unforeseen medical bills: these concerns don't have to be forever. You can deal with them now. That is why federal bankruptcy protections are on the books — to help those who, through no fault of their own, have fallen on hard times. 

On the other side of your Chapter 7, Chapter 11 or Chapter 13 bankruptcy filing, you can look forward to: 

  • An end to stress over financial problems 

  • Relief of debt pressures 

  • Credit Repair 

  • Eligibility for mortgage and motor vehicle loans 

  • An end to Collection Abuse 

  • An end to fear of Mortgage Foreclosure 

  • A stop to repossession of personal items 

  • Prevention of wage garnishment 

  • Lifestyle and budget adjustments 

  • A clearer income tax picture 

  • Preservation of driving privileges 

  • A fresh start toward a brighter future 

Our trusted New Jersey bankruptcy attorneys have made a positive difference in many lives during their combined 50-plus years of experience. We guide you to action despite the emergence of many destructive, deceptive bankruptcy myths. We speak for you to your mortgage lender in pursuit of a mortgage loan modification. 

You will come away from your free initial consultation with a definite sense of why we are different from other bankruptcy firms. We are a debt relief agency dedicated to your financial peace of mind. Contact our lawyers of Devane, Fogarty & Ribezzo, today. 

Our Experience Can Make a Difference. Call for Your Free Initial Consultation