Weekend & Evening
Appointments Available
Free Case Evaluation

New Bankruptcy Exemptions

New Bankruptcy Exemptions in New York

Understanding Your Case in Westchester County

As new cases of bankruptcy arise, the laws surrounding bankruptcy and debt relief options must be renewed to keep up with the changing times. A Westchester County bankruptcy attorney will be able to assist you and your family as you embark on your journey through bankruptcy in search of debt relief. Without a resourceful and up-to-date attorney for debt relief at your side, you can't be sure that you are fully aware of how your property will be affected by your Westchester County bankruptcy.

New Property Exemptions in Westchester County Bankruptcy Cases

With a new bankruptcy exemption law in action, the following is a list of basic exemptions now available to Westchester County debtors:

  • The homestead exemption has been increased from $50,000 to $150,000.
  • 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.
  • Personal property, such as clothes, furniture, refrigerator, tableware, and television exemption increased from $5,000 to $10,000.
  • Books and religious texts exemption increased from $50 to $500.
  • 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.
  • Provides for the exemption of one computer and one cell phone.

The bill also included a wildcard exemption, allowing $1,000 for personal property, bank account, or cash if no homestead is claimed. As determined above, filing for bankruptcy does not necessarily guarantee that an individual will lose all of their belongings. For an extended list on all property exemptions when filing for bankruptcy or any more questions on the new bankruptcy exemption bill, do not hesitate to seek the legal guidance of an educated attorney at Bronson Law Offices, P.C. today.

Contact a Westchester County bankruptcy attorney at our firm today for all of your debt relief questions or concerns.