Rhode Island Bankruptcy Law (RI)
Debtor benefits under Rhode Island laws and filing procedures
Filing bankruptcy in Rhode Island provides almost instantaneously relief, the moment filed, because of the Section 362 automatic stay provision provided by the Code. This provision prevents further collection efforts, court judgments, foreclosure, eviction, repossession, and a host of other creditor actions. Thereafter, debtors are provided an opportunity to discharge debts either immediately, or after partial payments made in wage earner plans. Rhode Island laws are specific in providing a list of exempt assets that may be retained, and creditors remain powerless to collect, seize, or dispose of exempt assets.
To qualify for relief in the State of Rhode Island, 24 months residency is required,. If residing within the state for less than 24 months, the previous state of residency may be appropriate so long as 24 months residency is established. Military service is not considered residing out-of-state. Cases are commenced by filing a petition requesting relief, and an assortment of information, forms and schedules including extensive personal financial information. After all documents are filed, a mandatory meeting is held with a trustee, and all creditors are invited to attend.