Bankruptcy Lawyer Mark BuckleyLogo
Attorney
MARK BUCKLEY
Bankruptcy & Estate Planning Law

401-467-6800
TAP TO CALL
Free
Free Consultation
Make a Payment
  • Home
  • About
  • RI Bankruptcy
    • Forms
  • Estate Planning
    • Forms
  • FAQ
  • Contact
  • Blog
  • Locations
    • Warwick
    • Providence
  • Forms
  • Free Consultation
We will refund the attorney fee if your case is dismissed without receiving a discharge. More Info...
Mark Buckley Attorney Banner

Limits of Bankruptcy

by Mark Buckley

There are some debts that cannot be discharged in a Chapter 7 bankruptcy. These include child support, alimony, certain tax obligations, most student loans, and debt incurred through wrongful conduct or at a time when there was no ability to repay. Another limit of bankruptcy is that if the debtor intends to keep his secured property (i.e. house and car), he must continue to make regular payments. While bankruptcy can prevent an impending foreclosure, it should not be used merely as a stalling tactic if there is no desire and financial ability to keep the property. Also, bankruptcy will not protect the fraudulent transfer of assets, hiding of assets, or one who makes false statements in a bankruptcy petition. Another limit is the number of times one can file bankruptcy; a debtor must wait 8 years between Chapter 7 bankruptcy filings.

In balance, bankruptcy should help an honest debtor start fresh while also protecting the interests of certain other parties. Do not be tempted to pay back family members with income tax refunds, take out cash advances from one card to pay another, sell or transfer property to anyone for less than full value, or fail to disclose all property you may have owned in recent years. You also need to be careful not to use your credit cards up to the last second. Creditors could argue that you “knew, or should have known” that you used the cards when there was no ability or intention to repay the debt. If your monthly net pay is not enough to handle your present monthly living expenses, do not continue to use your credit cards to make up the difference. These are just a few of the common mistakes that could prevent you from getting the protection you need.

Filed Under: Videos

About Mark Buckley

Estate Planning, Consumer Bankruptcy, and debt-settlement attorney licensed in RI & MA. I am the only bankruptcy lawyer who is a CERTIFIED FINANCIAL PLANNER professional.

To plan your estate, or resolve debt concerns, call me at (401) 467-6800.

Free Consultation

  • This field is for validation purposes and should be left unchanged.

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

How To File a Chapter 7 Bankruptcy Petition…

How to file for bankruptcy

Debt Collector Calls in Rhode Island…

Collection Agency Calls
30 Bankruptcy Commandments

Bankruptcy Videos

The Bankruptcy Discharge

Bankruptcy Court Hearings

Meeting of Creditors

Filing for Bankruptcy

Limits of Bankruptcy

Types of Bankruptcy

Introduction to Bankruptcy

Bankruptcy Links

Help With Taxes

Help With Judgments

Stop Bad Credit

Stop Tax Garnishments

Stop Foreclosures

Stop Repossession

Stop Lawsuits

Stop Bill Collectors

Latest Bankruptcy Law Blog Posts

Attorney Mark Buckley: Best Bankruptcy Lawyer in Warwick

2022: Top Bankruptcy Lawyers in Providence

Top 3 Bankruptcy Lawyers – Providence, Rhode Island – Attorney Mark Buckley, CFP

PROUD MEMBER OF

Image of the Massachusetts Bar Association logo.
Logo image of the Rhode Island Bar Association
Logo of the National Association of Consumer Bankruptcy Attorneys (NACBA)

Providence Office

1536 Westminster Street
Providence, RI 02909

Warwick Office

511 Green Bush Road
Warwick, RI 02818
  • Home
  • RI Bankruptcy
  • About Mark Buckley
  • FAQ
  • Contact Me
  • Blog
  • Forms
  • Disclaimer
  • Sitemap

Copyright © 2023 · RI-bankruptcy.com