Are there any assets that I will not be able to keep in bankruptcy?

Yes, there are assets that you may not be able to keep in bankruptcy in Rhode Island. Generally, when filing Chapter 7 Bankruptcy, any property that is not exempt from bankruptcy is subject to being taken by the bankruptcy trustee and sold to pay back creditors. Exemptions protect certain assets from being sold, such as a person’s primary residence, retirement accounts, personal property and vehicles up to a certain value. When filing Chapter 13 Bankruptcy, you will not be able to keep assets like luxury items or real estate that is non-exempt. Additionally, your creditors will be entitled to collect their debt from any income you receive or assets you acquire during the repayment period. If you have secured debts for items like a car or a home, you will have to keep making payments or surrender the items. Certain debts, such as child support, alimony, student loans, and most taxes are not discharged in either Chapter 7 or 13 Bankruptcy and must be paid in full. It is important to speak with an experienced bankruptcy attorney in your state to get a full understanding of the assets you can keep when filing for bankruptcy. An attorney can provide you with specific details on the types of assets you will be able to keep and which will be subject to liquidation.

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Are there any assets that I will not be able to keep in bankruptcy?

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