Rhode Island Bankruptcy Laws

Rhode Island bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. In addition, you also have the option to substitute the state specific exemptions completely with the federal exemptions set. Rhode Island bankruptcy district court is located in Providence. The counties of jurisdiction include all the places of the state.

Properties Exemptions Under The Rhode Island Bankruptcy Laws

As per the Rhode Island bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the Rhode Island bankruptcy district courts.

•The Rhode Island bankruptcy laws allow no Homestead Exemptions.
•Insurance Exemptions allowed include Temporary disability insurance, fraternal benefit society benefits, accident or sickness proceeds, avails, or benefits etc.
•Earnings of a minor child have specifically been declared as exemptible property under the miscellaneous exemptions.
•Personal properties exemptions include the following:
◦Bibles and books can be exempted, but only for up to the value of three hundred dollars.
◦If you own any consumer cooperative association holdings, the Rhode Island bankruptcy laws allow you to exempt the same, but only up to fifty dollars in value.
◦Beds, bedding, and furniture are also exemptible up to one thousand dollars in total.
◦Other exemptible personal properties include clothing needed and Burial plot.
◦The Rhode Island bankruptcy laws have also declared the body of deceased person as an exemptible personal property.
•Pension funds are also allowed for exemption under the Rhode Island bankruptcy laws, but only following individuals are eligible for such exemptions:
◦State and municipal employees
◦Public employees
◦Police officers
•The pension exemptions mainly include IRAs and ERISA-qualified benefits.
•As per the Rhode Island bankruptcy laws, the public benefit exemptions include workers’ compensation, Veterans’ disability or survivors’ death benefits, unemployment compensation, State disability benefits and Aid to blind, aged, and disabled.
•No Wild Card exemptions are allowed as per the Rhode Island bankruptcy laws.