Major exemptions available when filing for bankruptcy in New York are listed below. New York has opted to allow its residents to utilize the federal exemptions, so New York citizens may use either the federal exemptions or the exemptions listed below. However, you must be a resident of New York for at least three years and four months in order to use New York’s state exemptions.
A lawyer should be consulted to determine the particulars of each exemption and to determine all available exemptions that may be filed.
1) Homestead (equity in dwelling used as residence)
2) Equity in automobile
3) Personal property
4) Tools of the trade
7) Public benefits
8) Alimony and child support
Bankruptcy is a very complicated process and filing an exemption incorrectly can lead to that property being seized, even if the property would have been exempt had the exemption been filed correctly. The New York bankruptcy exemption statute must be used when filing for exemptions.
A bankruptcy lawyer knows the particulars of filing for bankruptcy and can recommend what chapter of bankruptcy is right for you, and also ensure that your exemptions are filed correctly. A qualified New York lawyer can provide you more information if there is a legal basis for your bankruptcy case.
Last Modified: 06-17-2014 04:37 PM PDTLaw Library Disclaimer
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