Chapter 7 bankruptcies can be resorted to wipe out the debts and make a “fresh start”.
When under the legal framework of Rhode Island Bankruptcy laws, it can be viewed as an effective distribution oversight process.
Though certain debts like alimony, child support, fraudulent debts and student loans cannot be discharged under Rhode Island laws,
it is still widely acclaimed ideal. It enables an immediate protection against the collection efforts of the creditors
Merits of Rhode Island Bankruptcy Laws- Chapter 7
- Enables a fresh start. i.e. only secured assets can be owed after the bankruptcy
- Enables immediate protection against collection efforts of creditors
- No minimum amount of debt required
- Cases get completely discharged in as less as 3- 6 months
- No chance to lose out your property