New York Bankruptcy Exemptions
In New York, filers are allowed to keep a specific amount of money and property. This is called a Bankruptcy Exemption, and the value changes depending on which type of bankruptcy is filed.
Bankruptcy exemptions fall into two categories: federal and state. The latter depends on where you live, but the former refers to a nationwide standard set by the government.
The New York bankruptcy exemptions are a set of exemptions that debtors can use to protect their assets in a bankruptcy. The exemptions are designed to help debtors keep essentials like clothing, furniture, and vehicles while protecting some of their important assets like their home or retirement savings.
The language surrounding this area of law is typically complex and may call for sound guidance from an experienced New York bankruptcy lawyer. If you are searching for a “bankruptcy attorney near me” who can help you decide the best course of action, The Law Firm of Joseph Lassen will be there for you every step of the way to guide and help you achieve a fresh start.
Best Bankruptcy Attorney New York: Your Solid Protection In Keeping What’s Yours
If you have reached the point where filing for bankruptcy protection is becoming a reality, choosing an experienced and knowledgeable bankruptcy lawyer can mean all the difference. Bankruptcy law is complex, and having an experienced New York bankruptcy lawyer on your side to navigate through the process and protect your legal rights is essential.
There are a few different types of New York bankruptcy exemptions, but the most common one is the homestead exemption. This exemption allows debtors to exempt a certain amount of their home’s value from bankruptcy. This is helpful for people who have equity in their homes that they want to protect from creditors.
There are also several different types of retirement savings exemptions in New York. These allow people to protect their retirement savings from being seized by creditors. This is helpful for people who want to ensure that they have some money saved up for retirement, even if they go bankrupt.
Will I Be Able to Keep My Bank Accounts and Household Goods?
Chapter 7 bankruptcy usually allows people to keep all of their property. However, before making any decisions, it is always best to speak with a bankruptcy attorney who can help you protect your assets.
You are usually allowed to keep your furniture, clothes, and car in both New York and New Jersey if their value falls below a certain limit. The law also permits you to protect other assets such as bank accounts and cars (again, up to set limits). For most bankruptcy filers who do not own a home, both states offer a “wild card” exemption that safeguards any property worth $12,575 or less.
Can I Keep My Car If I File For Bankruptcy?
Many cars are protected under bankruptcy law in New York and New Jersey. If you have a car loan or lease, you can continue to make the payments and keep the car in almost all cases. Many cars without loans are also protected. Again, to know for sure, it is critical to discuss with a bankruptcy attorney to ensure your property is protected. The best bankruptcy attorney in Staten Island NY has to offer is ready to serve you from start to finish at our law firm.
Am I Able To Keep My Home?
If you live in the New York City area, it’s likely that your homestead (house, co-opt, condo) is protected by New York’s homestead protection laws. Although not as generous, New Jersey also has homestead laws that protect many homes. However, if your home is too valuable, filing for Chapter 7 bankruptcy may not be ideal since the Court could sell it to cover your debts. On the other hand, Chapter 13 bankruptcy always protects homes – even if they’re too valuable to be covered under Chapter 7.
The best way to find out if your home is protected under bankruptcy law is to consult with an experienced Chapter 7 bankruptcy attorney at The Law Firm of Joseph Lassen.
Are My Pension and Social Security At Risk After Bankruptcy?
Regardless of the amount you have saved in your retirement, 401(k), IRA, or social security, it is all protected under bankruptcy.
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If you are searching for dependable “bankruptcy lawyers near me” who can help you understand how filing for bankruptcy might work for your unique situation, contact us today! The Law Firm of Joseph Lassen is more than willing to facilitate and help you decide whether bankruptcy may be the best course of action for you.
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