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.
Speak to an Experienced Foreclosure and Alternatives Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives 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 and alternatives attorney to discuss your specific legal situation.