New York Bankruptcy Exemptions
Westchester County Bankruptcy Attorney
A common misconception associated with
bankruptcy proceedings is that a debtor will lose all of his or her property. This
is simply not the case. At the Bronson Law Offices, P.C. we are committed
to dispelling the many myths associated with bankruptcy, particularly
those concerning your personal property and
If you are considering a
Chapter 7 bankruptcy but are not sure of what property you will be able to keep, an attorney
at our offices can advise you on New York's bankruptcy exemptions.
An experienced Westchester County bankruptcy lawyer can review your particular
situation to determine how your property will be affected if you file
What Property Is Exempt?
Following are the basic exemptions available to
White Plains and
Westchester County debtors who
file for bankruptcy (these may vary depending on the particular situation):
- Homestead exemption-up to $150,000 for the following counties: Westchester,
Putnam, Rockland, Bronx, New York, Richmond, Queens, Kings, Nassau and
Suffolk; $125,000 for Dutchess, Albany, Columbia, Orange, Saratoga and
Ulster; $75,000 for all other counties in the state of New York.
- Motor vehicle exemption - up to $4,000. If the vehicle is equipped for
use by a disabled person, the exemption amount is $10,000.
- Clothing, furniture, refrigerator, tableware, cooking utensils, television
and radio valued - up to $10,000
- Wedding ring - $5,000
- Family bible, portraits, family pictures and school books - up to $500.
- Trade tools - $3,000.
- IRAs, Keoghs, 401k and similar plans
- Food for 60 days
Federal Exemptions in Bankruptcy
Alternatively New York bankruptcy filers can elect to utilize the Federal
exemptions which feature a wild card exemption of up to approximately
$12,000. Determining whether a debtor should use the NY state or Federal
exemptions, an attorney should analyze the debtor's assets and equity
value of real estate to maximize the possible benefits. Our attorneys
will provide planning and strategy to make sure that your assets are exempted
to the full extent of the law. Often we can concert non-exempt assets
Filing for bankruptcy does not necessarily mean that you will lose all
of your property. In fact, many debtors lose little to nothing at all.
For husband and wife, most exemptions are even doubled. A lawyer at our
firm can talk to you about what exemptions may apply to you and can protect
your rights through
the bankruptcy process to ensure you receive the full bankruptcy exemptions to which you should