Considering Bankruptcy?

Find out how Chapter 13 or Chapter 7 Bankruptcy can give you a fresh start.

Get Your Free Bankruptcy Case Review Now!

Free Online Evaluation!

Tap For A Free Evaluation!

New York Bankruptcy Exemptions

What Exemptions are allowed when filing bankruptcy in New York?

Below is a list of some of the available New York bankruptcy exemptions . This list only identifies a small fraction of the exemptions available in New York and there are many exemptions (such as retirement accounts, life insurance, and trade tools) that are not listed and may be beneficial to you. Talk to a qualified New York bankruptcy attorney in your area to have all the available exemptions explained to you. Only a New York bankruptcy attorney can properly list and explain all of the applicable exemptions offered in New York.

New York Bankruptcy Exemptions

The State of New York does not allow its residents to use the Federal bankruptcy exemptions.

There is property that can be exempted or protected from creditors when you file bankruptcy. You have the option of utilizing the exemptions provided by the state. After filing for bankruptcy, this property is safe. Be aware that there are certain debts, which you will not be able to erase in bankruptcy. These are non-dischargeable debts.

There are some limits on certain exemptions such as equity that you have in a home or in a vehicle. The difference between the cost of the item and the amount owed on the item is the definition of equity. If the item, such as home or vehicle, secured by a loan and payments made on time, the equity is protected by your exemptions. A debtor must generally pay the trustee the value of the non-exempt property to keep the property.

This is a list of some of the available exemption in the State of New York. You can obtain a more detailed list of exemptions by contacting a qualified New York bankruptcy attorney in your area. They will be able to explain all of the state exemptions.

The best way to determine which exemptions to utilize is to meet with a qualified and proven bankruptcy attorney which can evaluate your individual case and guide you through the process. Contact an attorney today.

Assets

Homestead:

Real property, including condos, co-ops or mobile home up to $50,000

Pensions:

Miscellaneous:

Personal Property:

Public Benefits:

Tools of Trade:

Wages:

Wildcard: None

Share this article with a friend