It is rare for someone who is represented by a bankruptcy attorney to lose their property (home, personal possessions, retirement plans, etc.) as a result of a bankruptcy filed in Rhode Island. The Rhode Island statute dealing with what you are allowed to keep or “exempt” in spite of a bankruptcy filing has some particularly generous provisions. You can often keep or “exempt” the following items (up to set dollar limits) from being taken from you as a result of a bankruptcy filing in Rhode Island:
• the home where you live
• one or more vehicles
• furniture, home electronics, and other household items
• office equipment
• 401ks, IRAs and various other types of retirement accounts
• Cash, bank account balances, and cash equivalent assets
If you are considering filing bankruptcy and own real estate or other significant assets, you owe it to yourself to speak to an attorney who specializes in bankruptcy law before assuming that all of your assets will be exempt. I offer free initial consultations and often can determine during this first meeting if there is a risk of assets being lost as a result of a bankruptcy filing. Please feel free to give me a call to schedule an appointment to discuss your particular situation.