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Exemptions to Bankruptcy in New York

New York Bankruptcy Attorney

When you file for bankruptcy, you must provide a complete listing of your assets, debts and income.  Under Chapter 7 bankruptcy, some of your assets made be liquidated to pay off your debtors.  Bankruptcy exemptions describe how much of your property and assets you will be able to keep in order to make a new start once the court discharges your debts.  The federal bankruptcy exemptions are not used in New York so only the state statutes apply.  To help you understand the New York state bankruptcy exemptions you should speak to a New York bankruptcy lawyer at Price law Group.  

We have helped over 100,000 clients resolve their financial difficulties through bankruptcy.  Whatever your situation may be and no matter how complex, our bankruptcy attorneys are ready to help you.  You will have the dedication and resources of our entire firm at your disposal.  When you meet with one of our lawyers for your free consultation, you will get clear and simple answers to your questions.  After we review your particular financial circumstances, we can provide the legal options you have available.  Determining how to protect your assets, property and resources is a vital step in planning your future.

Find Out What Exemptions You Qualify For

The New York statutes regarding bankruptcy exemptions fall under the following basic categories:

  • Homestead - equity in your home, mobile home, condo or co-op - $50,000 (double, if married)
  • Personal property including clothing, furniture, basic appliances - $5000
  • Vehicle - $2400 if you own the vehicle and have equity
  • Tools and/or work related equipment - $5000
  • Government benefits, pensions, life insurance policies - all exempt
  • Alimony pay, child support and maintenance - normally exempt

Your attorney will review your assets and help you determine how they may fall under these exemptions.  In some cases, such as a person who has a lot of equity in real estate or his home, Chapter 13 bankruptcy may be a better choice to protect such assets.  Put an end to creditor abuse and the stress of being unable to pay your bills.  Call our offices today.

Contact a New York Bankruptcy Attorney to learn about bankruptcy exemptions and how many of your assets you will be allowed to keep after your debts are discharged.

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