FAQs

In Rhode Island, you're permitted to retain exempted property, subject to specific limitations. This includes household items such as appliances, clothing, dishware, furniture, books, and wedding rings. If you're financing a vehicle, you can keep it as long as you continue making the monthly payments.

The Chapter 7 bankruptcy means test is a method used to determine if you have the financial capacity to repay a portion of your unsecured debt. If your income falls below the median income for your area, you automatically qualify. However, if your income exceeds the median, you'll need to apply the means test formula to determine eligibility.

If you don't pass the means test for Chapter 7, you may still be eligible for bankruptcy protection under Chapter 13. This alternative requires you to repay a portion of your total debt through a structured five-year payment plan.

Generally, student loan debt is not dischargeable under Chapter 7 or Chapter 13 bankruptcy. There are very few exceptions to this rule.

It's possible to eliminate a second mortgage through Chapter 13 bankruptcy in certain circumstances. For more detailed information about your specific situation, please contact our office for a consultation.