What Is Chapter 7 Bankruptcy?

What Is Chapter 7 Bankruptcy?

When you feel like you are under a mountain of debt, it might seem like there is no hope, like there is nothing you can do to get out of this situation. There is no shame in finding yourself in serious debt. It happens to a lot of people of all walks of life, usually due to things that are out of their control anyway.

At The Law Offices of James T. Marasco, we pride ourselves on helping people just like you find a road to a better tomorrow. The important thing is to look toward the future, and we can help you through this process and help you find debt relief.

Why Choose Chapter 7 Bankruptcy:

Often referred to as liquidation bankruptcy, Chapter 7 bankruptcy cancels your debts in return for the forfeiture of your property, as long as you meet certain financial stipulations. There are rules around what property is forfeitable and which property is not, because leaving you with nothing is no better than leaving you with crushing debt. Exempt properties can but will not necessarily include:

  • A personal vehicle
  • A certain amount of equity in your home
  • Needed house appliances, like refrigerators, stoves, ovens and heating
  • Tools of your trade
  • Unpaid salary you are owed

There are other exemptions which we will be able to advise you on.

Our number one priority is helping our clients. If you feel buried under a mountain of debt, our experienced attorneys can look at your financial situation with you and navigate you to the right outcomes in your Chapter 7 bankruptcy.



Attorney James Marasco has more than 30 years of experience helping Rhode Islanders with their Chapter 7 bankruptcy problems. Call us at 401-421-7500 or send the firm an e-mail. Our offices are conveniently located in Providence and Narragansett. We will send you a free bankruptcy brochure and schedule a free initial consultation for you with a lawyer.

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