House OKs Rep. Corvese bill to allow those filing for bankruptcy to keep $500

 

STATE HOUSE –  The House of Representatives today approved legislation sponsored by Rep. Arthur Corvese to allow those who file for bankruptcy to keep $500 of their personal savings.

The bill, which now goes to the Senate, is intended to provide some protection for individuals and families experiencing financial difficulties.

“It does not serve the public good to create destitution. People file for bankruptcy because they need relief and protection. That protection should include the ability to keep a small amount of money for personal needs. Five hundred dollars is not much to a creditor, but it is enough to make sure a family has groceries between paychecks or can handle a car repair so they can continue to get to work,” said Representative Corvese (D-Dist. 55, North Providence).

The legislation (2022-H 6623) adds $500 in savings or other deposits held in a banking, or financial institution to the list of assets, such as a family’s clothing and a limited amount of household furnishings, that are exempt from attachment.

 

 

 

                                                           

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