Long Island Bankruptcy Exemptions
Chapter 7 Bankruptcy Lawyer in Long Island
A common untruth associated with Chapter 7 bankruptcy is that it will result in the liquidation of all the debtor's assets. New York law, however, offers bankruptcy exemptions to debtors filing under Chapter 7 of the bankruptcy code. This means that much, if not all, of the debtor's property and assets may be protected from surrender to the bankruptcy court.
The property that is exempt in a Chapter 7 bankruptcy in Long Island may vary depending on the particular case. As such, it is recommended that you discuss your specific situation with an attorney experienced with these matters. By calling a Long Island bankruptcy lawyer at Jacoby & Jacoby, you can get information that applies to your unique situation.
List of Bankruptcy Exemptions
Following is a basic description of the primary bankruptcy exemptions that may apply in a Long Island Chapter 7 bankruptcy:
- Homestead - worth up to $50,000 (or $100,000 for a married couple); this may include equity in a home
- Motor vehicle - worth up to $2,400; this may include equity in a vehicle
- Wedding apparel, furniture, refrigerator, radio receiver, TV, tableware, cooking utensils, crockery, etc - worth up to $5,000
- Wedding ring - worth up to $5,000
- Watch - worth up to $35
- Tools of trade - worth up to $5,000
- School books, family pictures, and family bible - worth up to $5,000
- Household pets - worth up to $450
Make sure you get the information that is applicable to your unique case and your concerns in regard to your property. Our law firm represents debtors throughout Nassau, Suffolk, Queens and all of Long Island. We can help you better understand what exemptions may apply to your property and can represent you in filing for bankruptcy to offer your assets the utmost protection by law.
Contact a Long Island bankruptcy attorney today. |