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 […]