Rhode Island Chapter 13 bankruptcy differs from Chapter 7 bankruptcy in a number of ways. The most important difference is that in a Chapter 13 bankruptcy, you are obliged to repay a portion of your unsecured debts. Generally, Chapter 13 is also a better way to prevent foreclosure on your home and the seizure of your other assets.
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When you file Chapter 13 bankruptcy in RI, you submit a plan to repay your debts over a three to five-year period. Regularly scheduled payments on secured debts (those secured by property such as your home or car) must be paid during the Chapter 13 case. You even have the opportunity to cure arrearages or catch up on your late payments on your secured debts over the life of your Chapter 13 case. However, unsecured debts such as credit card bills, hospital bills and, in some cases, unsecured second or third mortgages may be paid back at pennies on the dollar.
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The bankruptcy laws determine how much you will pay based on your income and expenses. At the end of the three to five-year period, generally, all remaining unsecured debts will be discharged. Chapter 13 is a form of bankruptcy protection often used by homeowners who are significantly behind in their mortgage payments.
Free Chapter 13 Bankruptcy Attorney Consultation
To discuss Chapter 13 bankruptcy with an experienced Rhode Island bankruptcy lawyer, call our office or fill out the form on this site. Our firm handles Chapter 13 bankruptcy cases throughout Rhode Island including Providence, Cranston, Coventry, Cumberland, East Greenwich, East Providence, Johnston, Lincoln, North Kingstown, North Providence, Pawtucket, Riverside, Smithfield, Warwick, West Warwick, Warren, Woonsocket, Bristol and Barrington, Rhode Island.
LAW OFFICE of CHRISTOPHER E. HEBERG
RI Chapter 13 Bankruptcy Attorneys
1215 Reservoir Avenue
Cranston, Rhode Island 02920
