Bankruptcy in Rhode Island

$500,000 in the home (land and buildings, or personal property such as a mobile home) that you live in or intend to live in as your principal residence.

Automatic: you do not need to record or file a declaration. Only one homestead per family and per home, so a married couple does not get $1,000,000 on the same home. It does not protect against: debts you owed before you acquired the homestead, the mortgage or debt for buying the home, taxes and municipal liens, family court support orders, Medicaid reimbursement liens, mechanics' liens, and debts owed to banks and other regulated lenders.

Law: R.I. Gen. Laws 9-26-4.1

$31,575

Law: 11 U.S.C. 522(d)(1)

$12,000 total in all motor vehicles you own.

Law: R.I. Gen. Laws 9-26-4(13)

$5,025

Law: 11 U.S.C. 522(d)(2)

Household furniture, clothing, family stores, beds and bedding up to $9,600 total; necessary clothing of you and your family (no cap); Bibles, school books and other family books up to $300; jewelry up to $2,000 total.

Law: R.I. Gen. Laws 9-26-4(1), (3), (4), (14)

Household goods: $800 per item, $16,850 total

Jewelry for personal or family use: $2,125

Law: 11 U.S.C. 522(d)(3); 11 U.S.C. 522(d)(4)

$6,500 in any assets. This one applies only in bankruptcy, on top of the other state exemptions. Also, savings or other bank deposits up to $500 are exempt.

Law: R.I. Gen. Laws 9-26-4(16), (18)

$1,675 plus up to $15,800 of any unused part of the (d)(1) homestead amount

Law: 11 U.S.C. 522(d)(5)

Working tools needed in your usual job up to $2,000, plus the professional library of a professional in active practice.

Law: R.I. Gen. Laws 9-26-4(2)

$3,175

Law: 11 U.S.C. 522(d)(6)

Only $50 of earned but unpaid wages is exempt for most people. All wages are exempt if you received public relief (and for one year after it ends) or if paid from a relief fund. Wages of a debtor's wife and minor children are exempt.

Law: R.I. Gen. Laws 9-26-4(8), (9)

IRAs and Roth IRAs, and ERISA-qualified pensions and retirement plans, are exempt, except against divorce/separate-maintenance and child support orders. Excess IRA contributions are not covered.

Law: R.I. Gen. Laws 9-26-4(11), (12)

No dollar limit (IRAs are capped under 522(n))

Money in traditional and Roth IRAs is protected up to $1,711,975 in total.

Law: 11 U.S.C. 522(d)(12); 11 U.S.C. 522(n); 90 FR 8941

Public assistance is exempt, including from bankruptcy. Unemployment benefits are exempt while not mixed with other money. Workers' compensation is exempt (except certain state liens).

Law: R.I. Gen. Laws 40-6-14; R.I. Gen. Laws 28-44-58; R.I. Gen. Laws 28-33-27

Your right to receive Social Security, unemployment, public assistance, veterans' and disability benefits; alimony and support you reasonably need; and certain pension or annuity payments you reasonably need: No dollar limit (some only as much as you reasonably need)

Your right to certain payments: crime victim awards, wrongful-death and life-insurance payments for someone you depended on, personal bodily injury payments (not pain and suffering or actual money losses), and payments for lost future earnings: Crime-victim awards: no limit. Personal injury payment: up to $31,575. Others: as much as you reasonably need

Law: 11 U.S.C. 522(d)(10); 11 U.S.C. 522(d)(11)

• One cemetery lot or burial right.
• 529 college savings or prepaid tuition accounts of any state, except against divorce and child support orders.

Law: R.I. Gen. Laws 9-26-4(5); R.I. Gen. Laws 9-26-4(15)

An unmatured life insurance policy you own (not credit life insurance): No dollar limit

Cash value of life insurance: $16,850

Health aids prescribed by a professional for you or a dependent: No dollar limit

Law: 11 U.S.C. 522(d)(7); 11 U.S.C. 522(d)(8); 11 U.S.C. 522(d)(9)