Do People Have to Give up Their Cars, Houses and Other Assets in a Bankruptcy?

In most cases, there is no reason why you need to give up your personal assets when it comes to filing for bankrutpcy. We would not recommend bankruptcy if our clients had to give up substantial assets; we would recommend a Chapter 13 where they can keep their assets and repay a portion of their debts. In New York, since the beginning of the year, we have had these great exemptions that allow almost everyone to keep their assets. There are generous exemptions for home equity, cars, home furnishings, wearing apparel, some jewelry and retirement funds. Additionally, New Yorkers now can take advantage of the Federal Exemptions, which before January they were not allowed to utilize. These exemptions apply in Chapter 7, Chapter 13 and in debt collection cases.

A Westchester County bankruptcy lawyer from our law firm will be able to take a look at your financial situation and see what the best legal approach for your matter would be. We understand all aspects of bankruptcy law and will be able to assist with protecting your assets throughout the entire legal process. Contact a lawyer from our law firm and we will be able to assist with getting your financial situation back on track.