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Bankruptcy Exemptions

Federal and State Bankruptcy Exemptions

Bankruptcy Exemptions Explained

When you decide to file for bankruptcy, you may go through a liquidation process (Chapter 7) or reorganize your debt in order to pay creditors (Chapter 11, Chapter 13). If you take a means test and qualify to file for Chapter 7 bankruptcy, the sale of non-exempt assets will be used to pay off your debt. But federal and state bankruptcy laws include a series of exemptions that allow you to keep most if not all of your assets safe from liquidation.

Federal and State Bankruptcy Exemptions

Changes to New York state bankruptcy code now allow NY residents to choose between federal or state exemption statutes.  New York used to opt out of federal exemption status but recently allowed individuals to decide between both exemption options. This means that you have more options when it comes to establishing your exempt assets for the court. Certain federal exemptions may be more favorable to you than New York ones, and allow you to keep more if not all of your property. Conversely, certain New York exemptions like college tuition trust funds and security deposits may not be covered under the federal exemption code. You can work with a Queens bankruptcy lawyer to decide whether federal or state bankruptcy exemption status works best for you.

Common Bankruptcy Exemptions

Here are some assets that you may be allowed to keep when you file for Chapter 7 bankruptcy:

  • Alimony, child support
  • Pensions and retirement savings
  • Unemployment, social security, disability
  • Worker’s compensation, injury compensation

 And up to a certain value:

  • Your home: property up to $150,000 (equity) for the counties of Kings, Queens, New York,, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam; up to $125,000 (equity) for the counties of Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster; up to $75,000 (equity) for the remaining New York counties
  • Your car
  • Your belongings and furnishings

The Federal and New York state value limits on many of these exemptions vary, so it is important to consult with a Queens bankruptcy to make sure you get all the right, up-to-date information you need. They can help you with exemption types, values, and how to properly file these exemptions with the court. The firm’s valuable insight is critical during your bankruptcy process.

Queens Bankruptcy Lawyer Bruce Feinstein, Esq.

The Law Offices of Bruce Feinstein, Esq. are prepared to fight for you. Their knowledge of bankruptcy code and legislation, combined with over a decade and a half of experience in the courtroom, is very important when it comes to defending your assets. The firm offers one-on-one service to make sure they understand every detail of your financial situation and can provide you the best service. They take client advocacy seriously, and make quality representation their top priority. Whether or not you decide to file for bankruptcy, you can depend on Bruce Feinstein, Esq. to help you make the right choice when it comes to your financial future.

Contact Queens bankruptcy attorney Bruce Feinstein, Esq. today if you a having trouble paying your bills and need help

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