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Contact A Skilled Rhode Island Bankruptcy Lawyer or Attorney Today

If you are being harassed by your creditors, constantly being reminded that you owe numerous lenders money you can’t afford to pay back, and are looking for a way out of the this financial distress, you might want to consider filing for bankruptcy.

When a person files for bankruptcy, they are looking for a way to get a clean slate and start fresh with their finances. In some cases, bankruptcy serves as way for you to come to some sort of agreement with your creditors and/or lenders that allows you to eliminate your obligations to repay some or all of your debts. Filing for bankruptcy might also mean that you are still required to pay back your debt but under different circumstances.

Has something happened in your life which has made it difficult to keep up with the financial demands you once could meet? If so, you may need to speak with a Rhode Island bankruptcy attorney as they can explain what the process entails and if it might be a good option for you.

While bankruptcy can help you, it isn’t something you want to rush into as it also will be placed on your credit report which could have an adverse effect in the long run.

When will my bankruptcy be removed from my credit report?

Your credit report displays valuable information that banks, lenders, and even stores look at before they are willing to provide you with a loan, line of credit, or a fairly low interest rate. Obviously if you are considering filing for bankruptcy your credit report might already contain negative reporting, however, it will also contain a bankruptcy if you elect to file and receive it.

So how long will a bankruptcy stay on your credit report and what do you have to do to get it removed?

According to, it depends on the type of bankruptcy you filed. This is something else that must be discussed with a Rhode Island bankruptcy attorney as there are a few different options when it comes to what type of bankruptcy you are looking to file for. If you filed a Chapter 13 bankruptcy, you are generally looking at having this remain on your credit report for seven years from the filing date. If you filed a Chapter 10 bankruptcy, you have to wait 10 years from the filing date before your it is removed from your credit report. And once the timeframe has been fulfilled, your bankruptcy should come off of your credit report automatically.

What actions are creditors prohibited from taking once I file for bankruptcy in Rhode Island?

One of the benefits of filing for bankruptcy is that once it is in motion, your creditors and/or lenders are limited in what they can do. The District of Rhode Island U.S. Bankruptcy Court highlights that creditors generally are prohibited from:

As you can see, there are both pros and cons to filing for bankruptcy and it is essential that you become aware of both sides to filing. Because our Rhode Island bankruptcy lawyers are skilled and experienced in this particular field, they can answer any questions you might have or even assist you in initiating the bankruptcy process. Give us a call today and we will assist you in finding a lawyer nearby who is more than willing to help.