Question 1

Can I keep my home and car if I file bankruptcy in Rhode Island?

Accepted Answer

In most cases, yes. Rhode Island has a generous $500,000 homestead exemption that protects equity in your primary residence. Vehicle exemptions also allow you to keep a car with reasonable equity. In Chapter 13, you can keep all your property while catching up on any missed payments over 3-5 years.

Question 2

How long does bankruptcy stay on my credit report?

Accepted Answer

Chapter 7 bankruptcy remains on your credit report for 10 years from the filing date. Chapter 13 remains for 7 years. However, many clients see their credit scores begin improving within 12-24 months of discharge.

Question 3

Will everyone know that I filed bankruptcy?

Accepted Answer

Bankruptcy filings are public record, but they are not published in newspapers or announced publicly. While anyone can search federal court records, in practice, most people will never know you filed unless you tell them.

Question 4

Is bankruptcy the only way to stop foreclosure?

Accepted Answer

No, but it's often the most effective. Alternatives include loan modifications, short sales, and negotiated workouts. However, Chapter 13 bankruptcy provides the strongest legal protection with an automatic stay that immediately stops foreclosure.

Question 5

Do I have to list loans from family members in bankruptcy?

Accepted Answer

Yes. Federal bankruptcy law requires you to list all debts, including personal loans from family members and friends. However, while these debts may be discharged, nothing prevents you from voluntarily repaying family members after your bankruptcy is complete.

Question 6

What is Rhode Island's homestead exemption?

Accepted Answer

Rhode Island offers one of the most generous homestead exemptions in the country at $500,000. This means you can protect up to $500,000 in equity in your primary residence when filing bankruptcy.

Question 7

Do I need an attorney for a Rhode Island real estate closing?

Accepted Answer

While not legally required, having an attorney for your Rhode Island real estate closing is highly recommended. An attorney reviews all documents, conducts title searches, identifies potential issues, and ensures your interests are protected throughout the transaction.

Bankruptcy & Real Estate FAQs

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Credit & Debt

Home & Property

Bankruptcy Process

After Filing

Real Estate

Most Popular Questions

Will bankruptcy stop wage garnishment?

Can I keep my home and car?

What is Rhode Island's homestead exemption?

Will everyone know that I filed bankruptcy?

How long does the bankruptcy filing affect my credit?

Do I need an attorney for a Rhode Island real estate closing?

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Bankruptcy & Real Estate FAQs

Browse by Topic

Credit & Debt

Home & Property

Bankruptcy Process

After Filing

Real Estate

Most Popular Questions

Will bankruptcy stop wage garnishment?

Can I keep my home and car?

What is Rhode Island's homestead exemption?

Will everyone know that I filed bankruptcy?

How long does the bankruptcy filing affect my credit?

Do I need an attorney for a Rhode Island real estate closing?

What Our Clients Want to Know

Credit & DebtCan I keep one of my credit cards?

Credit & DebtDo I have to list loans from family members?

Credit & DebtWhat debts cannot be discharged in bankruptcy?

Credit & DebtWill bankruptcy stop wage garnishment?

Credit & DebtCan I discharge medical bills in bankruptcy?

Home & PropertyCan I keep my home and car?

Home & PropertyWhat is Rhode Island's homestead exemption?

Home & PropertyWhat about loan modifications so I can afford to keep my home?

Home & PropertyCan I file bankruptcy to stop a sheriff's sale?

Home & PropertyWhat happens to my mortgage in Chapter 7?

Home & PropertyIs bankruptcy the only way out of a foreclosure situation?

Bankruptcy ProcessWill everyone know that I filed bankruptcy?

Bankruptcy ProcessHow long does bankruptcy take?

Bankruptcy ProcessWhat is the 341 Meeting of Creditors?

Bankruptcy ProcessDo I have to go to court?

Bankruptcy ProcessWhat is the means test?

After FilingHow long does the bankruptcy filing affect my credit?

After FilingCan I buy a house after bankruptcy?

After FilingHow soon can I get a car loan after bankruptcy?

After FilingWill bankruptcy affect my spouse's credit?

Real EstateDo I need an attorney for a Rhode Island real estate closing?

Real EstateWhat does a title search reveal?

Real EstateWhat are common title defects?

Real EstateHow long does a home closing take?

Real EstateCan an attorney help me exit a timeshare contract?

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