A lawmaker in Rhode Island wants people who file for bankruptcy to be able to keep $500 of their personal savings, the Associated Press reported. Democratic Rep. Arthur Corvese, of North Providence, sponsored a bill to provide protection to people and families in financial distress. The Rhode Island House of Representatives approved it Thursday, sending it to the Senate for consideration. Corvese said that while $500 is not much to a creditor, "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.” The legislation would add $500 in savings or other deposits held in a bank or financial institution to the list of assets, such as a family’s clothing and some household furnishings, that are exempt from attachment.
