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The Legal Reality of Bankruptcy

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Frequently Asked Questions About Bankruptcy

  • If I file for Chapter 7 or Chapter 13, will I have to relinquish all of my property?

    In Rhode Island, you are allowed to keep all exempted property with a few specific limits. You may also keep household goods such as appliances, clothing, dishware, furniture, books, and wedding rings. If you are buying a car using monthly payments, you may keep the vehicle as long as you maintain your monthly payments.

  • What is the means test?

    The Chapter 7 bankruptcy means test is a way of determining whether you can afford to pay back at least a part of your unsecured debt. If your income is below the median income in your area, you automatically pass the means test. If your income is above the median, you’ll be required to apply the means test formula.

  • What happens if I don’t pass the means test?

    You may still qualify for bankruptcy protection under Chapter 13, which requires you to pay off some portion of your full debt using a prescribed five-year payment plan.

  • Can a student loan be discharged under Chapter 7 or Chapter 13?

    No. Student loan debt is not discharged under Chapter 7 or Chapter 13 bankruptcy in most cases.

  • Am I able to get rid of a second mortgage with Chapter 13 bankruptcy?

    You might be eligible. Contact us to learn more.

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