Do You Need a Rhode Island Bankruptcy Lawyer?

Bankruptcy is a legal means through which individuals and businesses can get relief from serious financial troubles. It also provides certain rights to creditors, allowing them a share of the debtor’s assets based on the priority of their claim to the funds.

While bankruptcy can give a person a fresh start, it is important to remember that bankruptcy can also negatively affect credit ratings and make it harder to obtain credit in the future.

If you are facing serious financial challenges, it is important to seek the counsel of a skilled bankruptcy attorney to help you assess your legal options.

For more than 45 years, the skilled bankruptcy attorneys of Gemma Law Associates, Inc., have been helping families that have financial troubles – and we can help you. We represent clients throughout the state of Rhode Island, including Providence, Newport, Woonsocket, Bristol, Pawtucket, and Warwick.

Filing for bankruptcy results in an evaluation of the debtor’s assets and liabilities. Filing also imposes an automatic stay that prevents creditors from taking any action to collect debts. A structure is formulated that allows the debtor to keep some property while satisfying as many eligible debts as possible. The United States Bankruptcy Code provides several ways to file for bankruptcy. The most common methods are under Chapter 7 and under Chapter 13 of the Code.

For a free legal consultation with a Personal Injury lawyer serving Rhode Island, call 401.467.2300

Understanding Chapter 7 Bankruptcy

Chapter 7 is known as a liquidation proceeding, while Chapter 13 is a reorganization proceeding. A debtor who files under Chapter 7 turns over all non-exempt property to a trustee who converts the property into cash and distributes it to the creditors. All eligible debts are quickly discharged and do not require repayment.

In contrast, the main purpose of filing for bankruptcy under Chapter 13 is to enable a debtor to keep certain assets that would otherwise be liquidated by a Chapter 7 bankruptcy. Most of the debts are repaid over a three to five-year period. To be eligible for filing under Chapter 13, a debtor must have predictable income that is sufficient to pay reasonable expenses, with enough remaining to pay outstanding debts.

The traditional stigma of bankruptcy has largely faded and been replaced by the belief that bankruptcy provides a new beginning after a period of financial trouble. Most bankruptcies result from unexpected and extreme financial disruptions caused by unemployment, business failure, medical expenses, marital splits, home mortgage problems, and seriously overextended credit. In these cases, filing for bankruptcy may be the best solution to financial woes. It is important to note that some debts are not dischargeable. They will remain after a Chapter 7 bankruptcy or must be paid during a Chapter 13 bankruptcy.

Personal Injury Lawyer Near Me 401.467.2300

Non-dischargeable debts include:

Debts not listed in the bankruptcy papers
Child support
Alimony
Debts for personal injury or death caused by the debtor
Student loans
Fines and penalties imposed for violating the law
Most tax debt.

A 2005 bankruptcy reform law has caused many people to mistakenly believe that they cannot file for bankruptcy. This is not true. However, the law did impose new requirements. For instance, a new bankruptcy debtor must receive credit counseling from an approved credit counseling agency before the bankruptcy filing. A state-by-state list of government-approved credit counseling organizations can be accessed HERE.

The Providence bankruptcy attorneys of Gemma Law Associates, Inc., can also help educate debtors about these new counseling requirements. We understand that circumstances exist that can result in financial problems for even the most conscientious and hard-working people.

We can guide you through the complicated legal, financial, and emotional maze of bankruptcy and steer you in the right direction. If you are burdened with debt and need the help of an experienced bankruptcy lawyer, contact us today.

Serving the Greater Providence metro area, including Warwick, Cranston, Pawtucket, North Providence, South Kingston, Coventry, Cumberland, Woonsocket, and East Providence.

    
 
 
       Gemma law is the best and helped and guided me threw everything … highly recommended thank you so much
  
 
    
   ellen almgren 
 2023-02-09
 
 
 
      5 stars all the way. They did exactly what was expected. Good Job
  
 
    
   Keith Ruggiero 
 2023-02-04
 
 
 
      Very efficient and very good with communicating with me. I received updates about my case without having to call and request them. Very good law office! Very satisfied.
  
 
    
   Bethania Herrera 
 2023-01-19
 
 
 
      Mark Gemma has been absolutely amazing. He was helpful and answered all concerns and questions I’ve had. Him and his team are beyond incredible, supportive, and sweet. I would like to thank them all for everything they’ve done.
  
 
    
   Samantha Argus 
 2023-01-19
 
 
 
      very professional and honest, what I liked the most is whenever you call the lawyer returns your call with every concern I had. It was my first time and I would not hesitate to trust them again.
  
 
    
   Diana Palacio 
 2023-01-17
 
 
 
      This team is extremely helpful and kind. Mark Gemma was a great help in guiding me through this whole process and was a huge help. I would recommend this team to anyone seeking legal counsel
  
 
    
   Zachary Dustin 
 2023-01-16
 
 
 
      I am so happy with the turnout of my case. Both Sarah and Peter kept me up to date on everything and worked very hard on my case. The whole staff is friendly and diligent with their work. 100% recommend!
  
 
    
   Chelsie Abatiello 
 2022-12-28
 
 
 
      Managed to get my money before Christmas...in just days after settling! Great communication and always helped with my needs, and always gave good advice. Would definitely recommend.
  
 
    
   Trini Luckey 
 2022-12-23
 
 
 
      Always professional and always checking in on their clients. Excellent atmosphere.
  
 
    
   Susan Hallam 
 2022-12-17
 
 
 
      After spending 8 hours in a hospital overnight to get stitches in my lip because of a drunk driver’s negligent decision to get behind the wheel, the last thing I wanted to do was think about it all. I sent an email to Gemma Law, and Mark Gemma quickly called me back with an empathetic approach to listening to my story and helping me figure out the next steps. When he told me I wouldn’t have to have any contact with the insurance companies, I was HOOKED! When he pointed out how unfortunate it was I might have to miss out on a lip modeling career from a potential scar from the stitches, I was SOLD! And when I finally received my settlement check after letting him do all the leg work while I just focused on recovering, I was and am eternally GRATEFUL!  Mark Gemma helped me turn a near death experience into a new start in life and I highly recommend him to anybody needing a personal injury lawyer.
  
 
    
   Angie Sherman 
 2022-12-07
 
 
 
  
  
 
 
   Google rating score: 4.9 of 5, based on 303 reviews

Call or text 401.467.2300 or complete a Free Case Evaluation form

Gemma law is the best and helped and guided me threw everything … highly recommended thank you so much

ellen almgren

2023-02-09

5 stars all the way. They did exactly what was expected. Good Job

Keith Ruggiero

2023-02-04

Very efficient and very good with communicating with me. I received updates about my case without having to call and request them. Very good law office! Very satisfied.

Bethania Herrera

2023-01-19

Mark Gemma has been absolutely amazing. He was helpful and answered all concerns and questions I’ve had. Him and his team are beyond incredible, supportive, and sweet. I would like to thank them all for everything they’ve done.

Samantha Argus

very professional and honest, what I liked the most is whenever you call the lawyer returns your call with every concern I had. It was my first time and I would not hesitate to trust them again.

Diana Palacio

2023-01-17

This team is extremely helpful and kind. Mark Gemma was a great help in guiding me through this whole process and was a huge help. I would recommend this team to anyone seeking legal counsel

Zachary Dustin

2023-01-16

I am so happy with the turnout of my case. Both Sarah and Peter kept me up to date on everything and worked very hard on my case. The whole staff is friendly and diligent with their work. 100% recommend!

Chelsie Abatiello

2022-12-28

Managed to get my money before Christmas...in just days after settling! Great communication and always helped with my needs, and always gave good advice. Would definitely recommend.

Trini Luckey

2022-12-23

Always professional and always checking in on their clients. Excellent atmosphere.

Susan Hallam

2022-12-17

After spending 8 hours in a hospital overnight to get stitches in my lip because of a drunk driver’s negligent decision to get behind the wheel, the last thing I wanted to do was think about it all. I sent an email to Gemma Law, and Mark Gemma quickly called me back with an empathetic approach to listening to my story and helping me figure out the next steps. When he told me I wouldn’t have to have any contact with the insurance companies, I was HOOKED! When he pointed out how unfortunate it was I might have to miss out on a lip modeling career from a potential scar from the stitches, I was SOLD! And when I finally received my settlement check after letting him do all the leg work while I just focused on recovering, I was and am eternally GRATEFUL! Mark Gemma helped me turn a near death experience into a new start in life and I highly recommend him to anybody needing a personal injury lawyer.

Angie Sherman

2022-12-07