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New Bankruptcy Exemptions

New Bankruptcy Exemptions in New York

Understanding Your Case in Westchester County

As new cases of bankruptcy arise, the federal and state 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. With a resourceful and up-to-date attorney for debt relief at your side, you can ensure 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

The following basic exemptions are now available:

  • Homestead - Increased to $150,000.
  • Motor Vehicle - Increased to $4,000, or $10,000 if the vehicle is disability adapted
  • Personal Property - Increased to $10,000.
  • Books & Religious Texts - Increased to $500.
  • Domestic Animal & Food - Increased to $1,000.
  • Tools of Trade - Increased to $3,000.
  • Allows the exemption of one computer and one cell phone.

The new bankruptcy exemption bill also included a wildcard exemption. The wildcard exemption allows $1,000 for a debtor's personal property, bank account, or cash to be exempted 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. We can help you with all of your options to obtain financial relief without losing what's important to you.

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