The Bronson Law Offices - Queens Articles Property Exemptions And You

Property Exemptions And You

By Bronson Law Offices  Apr. 26, 2011 9:51a

A Guide To Understanding What Property You Can And Cannot Lose

It is easy to despair when forced by your circumstances to file for bankruptcy. This does not have to be the end of your life! In fact, filing for bankruptcy is often an opportunity to start fresh and renew your lease on life!

A difficulty that often faces those who attempt to file for bankruptcy without help from a trained bankruptcy attorney is understanding what property you may lose in the process. Contrary to popular opinion, you will not necessarily be forced to abandon all of your worldly possessions and be unable to live the life you are accustomed to! In the state of New York, there are property exemptions that allow you to protect a certain amount of assets from seizure during the bankruptcy process. Educate yourself on these exemptions before making any rash financial decisions!

As always, it is especially important to consult with an attorney about your legal options when filing for bankruptcy. Only a trained professional with a law degree can help answer all your questions and guide you to the right path.

Property Exemptions As Of 2010

New York recently updated the exemptions available in a 2010 bill. The new rules allow you to make the following exemptions:

-          The homestead exemption, which covers a home of up to $150,000.

-          The motor vehicle exemption, which covers a car of up to $4,000.

-          The personal property exemption, which covers many personal effects for up to $10,000.

-          The books and religious texts exemption, covering up to $500

-          The domestic animal and food exemption, which covers as much as $1,000

All these and more can be exempted from seizure when filing for bankruptcy in the Bronx.

A Bankruptcy Lawyer Can Help

If you need to file for Chapter 7 or 13 bankruptcy, it is imperative that you retain the service of a Bronx bankruptcy lawyer with skill and dedication who can help you. Bruce Bronson started the Bronson Law Offices over 15 years ago, where he has practiced financial law and handled countless cases.

Please, contact a Bronx bankruptcy attorney right away for a consultation!

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