Is a Corporation or other Business an asset in a Chapter 7 Bankruptcy?

Is a Corporation or other Business an asset in a Chapter 7 Bankruptcy? Whether you have shares in a public company, own an LLC, or have an interest in a partnership they may be of value to a Bankruptcy Estate.  First, in a Chapter 7 case the estate becomes property of a Bankruptcy Trustee when […]

Objecting to a Bankruptcy Discharge

There are several different grounds to object to a bankruptcy discharge such as, Destruction, Transfer or concealment of property, the debtor is not an individual (corporations cannot get a discharge), any unjustified failure to keep financial books or records, Dishonesty in connection with the case, Refusal to obey a court order and a prior discharge […]

Do I Get To Keep My House And Other Assets In Bankruptcy?

When an individual or married couple files for Bankruptcy, an Estate is created. In this Estate, all of the individual’s or the couple’s belongings are considered to be part of the Estate. These belongings can be protected by listing them as exempt when your Bankruptcy case is filed. There are several rules as to what […]

A Comparison of New York and Federal Asset Exemption Laws

Asset New York Exemption Federal Exemption Homestead (principal Residence)   *amount of equity that is exempt $150,000 (Kings, New York, Nassau, Suffolk, Rockland, Westchester, Putnam) $125,000 (Dutchess, Albany, Columbia, Orange, Saratoga, Ulster) $75,000 (all other counties in New York) $21,625 “Wildcard” *can be used on any asset $1,000 if no homestead exemption is used *only […]