Are there any assets that I will be required to sell when filing for bankruptcy?

Yes, when filing for bankruptcy in Rhode Island, there are certain assets that you are required to sell. These assets are known as “non-exempt” assets. Examples of non-exempt assets include luxury items such as jewelry, art, musical instruments, cars, boats, and even real estate. Generally, any asset that is valued at more than $500 is considered non-exempt. Any money or property earned or received while filing for bankruptcy will also be considered non-exempt and you may be required to use it to pay off your creditors. Any assets that you receive as a gift or inheritance after filing for bankruptcy may also be non-exempt and used to pay off your creditors. In addition, any assets that you own jointly with someone else may be non-exempt. This means that if you file for bankruptcy, you may be required to sell or transfer ownership of these assets in order to pay off your creditors. When deciding which assets you are required to sell, the court will weigh the value of the item against the amount of debt you owe. If the debt outweighs the value of the asset, the court will generally require you to sell the asset. Ultimately, the decision rests with the court. Ultimately, the decision of which assets you are required to sell will depend on your specific circumstances. It is wise to seek the advice of an experienced bankruptcy attorney to ensure that you are taking the best course of action for your individual situation.

Related FAQs

What debts can I discharge in bankruptcy?
Are there any sites where I can get reliable information about bankruptcy law?
Are there any special provisions for filing for bankruptcy as a single parent?
What are the advantages and disadvantages of filing for bankruptcy?
How does filing for bankruptcy affect my retirement benefits?
Is it possible to have a bankruptcy case dismissed?
Can I file for bankruptcy if I'm unemployed?
What are the restrictions for filing for bankruptcy?
What kind of debt relief is available to married couples filing for bankruptcy?
What is the difference between a voluntary and involuntary bankruptcy filing?

Are there any assets that I will be required to sell when filing for bankruptcy?

Related FAQs

Related Blog Posts