Here is a link to a recent news story about when you should consider bankruptcy as an option for debt relief. ABC6 News: Filing Bankruptcy in Rhode Island The only part of the story that should be clarified is that while a Chapter 7 bankruptcy limits the amount of equity you can protect in a home, the laws are quite generous.
In Rhode Island, we can choose between Federal and State exemption laws that allow great protection for real estate. The bottom line is that in the 3,000 clients I have represented over the years, the court has never taken a house.
If you are considering bankruptcy and are concerned that filing a Chapter 7 case may affect your home, give me a call at 467-6800. I will explain how we can discharge your consumer debt and protect your house at the same time.
I am available for telephone consultations and in-home appointments throughout Rhode Island and Massachusetts.