What kind of debt relief is available to married couples filing for bankruptcy?

Married couples filing for bankruptcy in Rhode Island may be able to find relief for their debts. Chapter 7 bankruptcy is the most common form of bankruptcy for married couples. With Chapter 7 bankruptcy, the majority of debt is discharged, meaning it no longer has to be paid back. Couples may be able to keep certain assets while discharging other debts. This could include keeping a home while discharging other types of debt, such as credit card debt. For couples who don’t want to discharge their debt but would like to reorganize it, there is the option of Chapter 13 bankruptcy. Chapter 13 is a payment plan that allows couples to pay back their debt over a three to five year timeframe. During this time, creditors cannot attempt to collect from the couple or threaten them with wage garnishment or foreclosure. Bankruptcy can be a stressful process for any couple, so it is highly recommended to seek the help of a qualified attorney. Rhode Island bankruptcy attorneys can help couples navigate the complexities of the process and find the best possible debt relief option. They can also provide advice and support to ensure all of the requirements for filing a successful bankruptcy are met.

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What kind of debt relief is available to married couples filing for bankruptcy?

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