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Debt Relief Guidance

Thousands of individuals and families file bankruptcy each year. Often this is the result of circumstances beyond your control with reasons, including spiraling credit card debt, a downturn in the economy or medical expenses for catastrophic injuries. Unfortunately, the resulting stress from one of these challenges can push many past the breaking point. The right bankruptcy lawyer, however, can provide solutions.

Attorney Ed McCormick and the staff at McCormick Law Offices in Cranston can help. There are many misconceptions about bankruptcy or debt relief, so we sit with clients during initial consultation to discuss their financial options and the benefits of different approaches. After determining the best approach for you, we help with the paperwork. As soon as it is filed, the creditors are legally obligated to stop contacting you.

What Is The Difference Between Chapter 7 And 13?

Whether it is Chapter 7 or the more structured Chapter 13, these financial tools are designed by the government to provide debt relief so people can get back on their feet.

  • Chapter 7: The most common type of debt relief available to individuals and couples; this generally involves a trustee liquidating nonexempt assets to pay off as many debts as possible. This is for debtors who have little or no disposable income. The advantage is that it is relatively quick and offers a clean slate.
  • Chapter 13: This is designed for people who have steady income above a certain median level in Rhode Island or Massachusetts. The strategy here is to restructure the debt and pay at least a portion of it back over a period of three to five years. This enables you to keep all property as long as you stick to the repayment plan.

The Advantages Of Filing Bankruptcy

Filing bankruptcy does not make you a failure. It enables debtors and their families to have a fresh start. Whether it is Chapter 7 or 13, the following advantages include:

  • They end harassment by creditors and collection agencies
  • They stop collection lawsuits and wage garnishments
  • They can eliminate unsecured debts such as credit card debt, medical bills, deficiency balances and more

We Provide Debt Relief To Those In Need

Contact our firm by using this website, or call our office at (401) 351-3441 to schedule an appointment to discuss your debt relief options. Initial consultations are free and confidential.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.