Property Exemptions in New York Bankruptcy Cases

Bankruptcy is a complicated legal process which requires the exceptional legal guidance of an experienced and compassionate Westchester County bankruptcy attorney.  Individual debtors who attempt to file for bankruptcy on their own often end up in an even deeper financial mess.  In some cases, many individuals do not understand which type of bankruptcy to file for, Chapter 7 bankruptcy or Chapter 13 bankruptcy, or if an alternative to bankruptcy is a safer option for them.

With new cases of bankruptcies in Westchester County, Rockland County, Queens, and Bronx coming up daily, the laws surrounding bankruptcy claims is forced to change to meet the needs of these debtors.  The new regulations on property exemptions in bankruptcy cases are as follows:

• The homestead exemption has been increased from $50,000 to $150,000 in Westchester County, along with Kings, New York, Queens, Bronx, Richmond, Nassau, Suffolk, Rockland, and Putnam;
• Personal property, such as clothes, furniture, refrigerator, tableware, and television exemption increased from $5,000 to $10,000;
• The motor vehicle exemption has been increased from $2,400 to $4,000.  If the vehicle is equipped for use by a disabled person, the exemption amount is $10,000;
• Increases one watch from $35 to $1,000;
• The domestic animal and food exemption is increased from $450 to $1,000;
• The tools of trade exemption is increased from $600 to $3,000;
• Books and religious texts exemption increased from $50 to $500;
• Provides for the exemption of one computer and one cell phone;
• Allows for the debtor to choose to follow current federal exemptions or the new New York exemptions;

In some instances, an individual will qualify for Chapter 13 bankruptcy rather than Chapter 7, forcing the debtor to establish a repayment plan with his or her creditors.  Other cases, a large portion of an individual's debt will be discharged along with assets surrendered to the creditor as a form of repayment.  The Westchester County bankruptcy and debt relief attorneys at Bronson Law Offices understand that filing for bankruptcy will be a complicated and confusing time for you and your family.  They have dedicated their entire professional careers to help debtors find debt relief and will stop at nothing to ensure your rights are fully protected.  Contact a Westchester County bankruptcy lawyer at the firm today for all of your debt relief concerns in Queens, Bronx, Rockland County, or Westchester County.