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Rhode Island, RI Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Rhode Island, RI Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Rhode Island, RI Bankruptcy Exemptions

All law references are to Rhode Island Bankrutcy Code.

ASSET EXEMPTION DESCRIPTION LAW SECTION

HOMESTEAD

$300,000 occupied or inteded to be occupied as primary residence.

9-26-4.1

INSURANCE

Accident or sickness proceeds, avails or benefits

27-18-24

Fraternal benefit society benefits

27-25-18

Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors

27-4-12

Temporary disability insurance

28-41-32

MISCELLANEOUS

Earnings of a minor child

9-26-4(9)

Property of a business partnership

7-12-36

PENSIONS

ERISA-qualified benefits

9-26-4(11)

Firefighters

9-26-5

IRAs and Roth IRAs

9-26-4

Police officers

9-26-5

Private employees

28-17-4

State & municipal employees

36-10-34

Tax exempt retirement accounts; Traditional and Roth IRAa up the $1,095,000 per person.

11 U.S.C. § 522

PERSONAL PROPERTY

Furniture, beds and bedding, household goods and supplies up to $8,600 total

9-26-4

Bibles & books to $300

9-26-4(4)

Burial plot

9-26-4(5)

Clothing needed

9-26-4(1)

Consumer cooperative association holdings to $50

7-8-25

Debt secured by promissory note or bill of exchange

9-26-4(7)

All motor vehicles up to $10,000 total

9-26-4

Jewelry up to $1,000 total

9-26-4

Prepaid tuition accounts

9-26-4

PUBLIC BENEFITS

Aid to blind, aged, disabled, AFDC, general assistance

40-6-14

State disability benefits

28-41-32

Unemployment compensation

28-44-58

Veterans’ disability or survivors’ death benefits

30-7-9

Workers’ compensation

28-33-27

Crime victim's compensation.

12-25.1-3

Family assistance benefits.

40-5.1-15

TOOLS OF TRADE

Library of professional in practice

9-26-4(2)

Working tools up to $1,200

9-26-4

WAGES

Earned but unpaid wages to $50

9-26-4(8) (C)

Earned but unpaid wages due military member on active duty

30-7-9

Earned but unpaid wages due seaman

9-26-4(6)

Earned but unpaid wages if received welfare during year before filing bankruptcy

9-26-4(8) (B)

Wages of spouse

9-26-4(9)

Wages paid by charitable organization to the poor

9-26-4(8) (A)