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.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure attorney to discuss your specific legal situation.