Frequently Asked Questions About Rhode Island’s Bankruptcy Laws:
Q: Does filing for Chapter 13 Bankruptcy mean I have to relinquish all my property?
A: No. Under Rhode Island law you may keep all you household goods, including appliances, clothing, dish ware, furniture, books and wedding rings. You may keep your car if you making monthly payments on it.
Q: I’ve heard the term “means test.” What is that?
A: The “means test” determines whether you can afford to pay back at least a portion of your unsecured debt. You pass the test automatically if your income is below your area’s median income.
Q: What if I fail the means test?
A: You still may be eligible for Bankruptcy protection under Chapter 13 in which case you will need to payoff your debt within five years.
Q: Are student loans eligible for Chapter 13?
Q: Am I able to get rid of a second mortgage?
A: You might be eligible. Read more information about eliminating your second mortgage.
Got More Questions? For more detailed answers to these and other questions about filing for bankruptcy, contact Janet Goldman for a free initial evaluation. Declaring bankruptcy mayor may not be the right solution for your particular debt problems. The way to find out is to take the time at the very beginning to consult with an experienced attorney. At Janet Goldman Law Offices, we can help you evaluate your specific debt situation and get you on the right track back to normalcy and a life without the constant harassing by creditors.