Can I Keep My Home If I File Bankruptcy in Rhode Island?

Rhode Island law allows a homeowner to keep up to $300,000 of the equity in his or her home when the homeowner files for bankruptcy. If the homeowner has $300,000 or less in equity in the home and is able to continue making regular mortgage payments then the homeowner is likely to keep the home in a bankruptcy proceeding. However, if the homeowner has substantially more than $300,000 of equity in the home then the court may order that the home be sold and that the equity over $300,000 be used to be pay creditors.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

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