What Is the Bankruptcy Means Test in Rhode Island?

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Written by the Upsolve Team.  
Updated July 30, 2019

The state motto of Rhode Island is simply the word “hope.” This single word holds tremendous power, especially for those hardworking Rhode Islanders who struggle to make ends meet no matter how hard they try. It can be difficult to maintain hope when no effort ever seems to be “enough” to stabilize your family’s finances. Thankfully, there are good reasons to keep on hoping. For example, there are numerous debt relief options available to individuals and families struggling to keep afloat. One of the best options for lower-income households involves filing forChapter 7 bankruptcy. This process allows you toerase most or all of your debts whilekeeping most or all of your property. To qualify for a Rhode Island bankruptcy under Chapter 7, your household earnings must fall within specificincome limits to pass the bankruptcy Means Test in Rhode Island. This test examines your household size, income, and expenses to determine if you are in a position to pay your debts over time.

Rhode Island Median Income Levels

Rhode Island Median Income Standards for Means Test for Cases Filed On or After May 1, 2020
Household SizeMonthly IncomeAnnual Income
1$5,142.17$61,706.00
2$6,321.50$75,858.00
3$7,091.67$85,100.00
4$8,736.08$104,833.00
5$9,486.08$113,833.00
6$10,236.08$122,833.00
7$10,986.08$131,833.00
8$11,736.08$140,833.00
9$12,486.08$149,833.00
10$13,236.08$158,833.00

Discharge in Bankruptcy for Rhode Island

If you pass the bankruptcy Means Test in Rhode Island, you may begin the process of seeking a Rhode Island bankruptcy discharge under Chapter 7 of the bankruptcy laws. This process is uniquely valuable for lower-income families because the Court allows debts to be erased usually without forcing filers to sell their assets for the benefit of creditors. Keeping your property while lowering your debt can allow you and your family to make a fresh financial start. By erasing credit card bills,medical debt and a host of other financial burdens, getting a discharge can lower your family’s monthly bills considerably. However, you must complete all Rhode Island bankruptcy requirements to benefit from this opportunity. 

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Rhode Island Means Test Calculator

You may be wondering how to determine if you meet Chapter 7 bankruptcy eligibility requirements under the bankruptcy Means Test in Rhode Island. There is a straightforward way to explore if your specific situation allows you to file for Chapter 7 bankruptcy. You can use a Rhode Island Means Test Calculator online. This resource can tell you efficiently and effectively whether you are a potential candidate for Chapter 7 bankruptcy. However, it’s  important to know that the Means Test numbers change every so often and keep in mind that not all bankruptcy Means Test calculators are current. Many are not regularly updated, which means that they give users inaccurate information about their eligibility. Thankfully, the state-specificMeans Test calculators maintained by thenonprofit legal aid organization Upsolve are always up-to-date. You can, therefore, use these resources with confidence. Once you know whether you are eligible to file, you can make an informed decision about the best path forward for you and your family. If you have questions or would like to speak with anexperienced attorney before you come to any conclusions, you can reach out to the experienced team at Upsolve any time. 

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What Happens if I Fail the Means Test for Rhode Island?

Rhode Island may only be 37 miles across from East to West, but it has a tremendous history and tremendous heart. If you fail the bankruptcy Means Test in Rhode Island, take (tremendous) heart. There are still numerous debt relief options available to you and your family. For example, you may benefit from filing aChapter 13 bankruptcy instead. This option allows you to reorganize your debt so that it’s more manageable. It’s not always a perfect solution, but it can be life-changing and provide you with certain benefits you don’t get in a Chapter 7. It’s important to know that you can schedule a risk-free consultation with aRhode Island bankruptcy lawyer before you make any decisions. By asking an attorney any questions you may have, you can be sure that your decision is an informed one. Many attorneys even offer free consultations, so don’t hesitate to reach out for support and guidance if you could benefit from some professional assistance at this time.

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