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.