Changes in New York State Exemption Laws

Brooklyn, New York Exempt Property Attorneys

In January of 2011, the New York bankruptcy exemptions laws were significantly revised. At the law office of Figeroux & Associates, we focus our attention on handling only bankruptcy and bankruptcy-related cases. With this type of concentration, it is essential that we stay on top of any changes to the bankruptcy laws, federal or state.

Our experienced Brooklyn, New York, lawyers are thoroughly versed in the language of these new state bankruptcy exemptions and can take the time to explain how they may apply in your specific situation. Please call us today at 855-768-8845, to discuss some of the below changes to the bankruptcy exemptions or any other bankruptcy issues:

The changes in the law permit the bankruptcy filer, under the review and guidance of an attorney, to opt out of state exemption laws and instead claim federal exemptions. The filer’s lawyer must determine the advantages and disadvantages before state or federal exemptions are chosen.

There is now an increased homestead exemption. A person who resides in his or her primary residence can now claim an exemption of $150,000. As such, if a husband and wife own a home together and reside at that home, they can now exempt up to $300,000 worth of home equity.

Jewelry and art (including a watch or wedding ring) not exceeding $1,000 can be exempted. Tools and implements that are required for your trade or profession can be exempted up to $3,000. The exemption for cars and other vehicles has increased, up to $4,000 per vehicle. Household goods and wearing apparel up to $10,000.00 in value are eligible to be exempted.

If you do not claim the full amount of the household goods/wearing apparel exemption, you may have a cash exemption of up to $5,000 per person (as long as it does not exceed the collective $10,000 exemption.)

Also, if you do not claim a homestead exemption, you can exempt an additional $1,000 in personal property, bank accounts or cash. Due to this clause, you may be able to exempt up to $6,000.00 per person in a bank account, cash or possible tax returns.

Contact our New York Bankruptcy Exemption Law Changes Attorneys – Let us help you understand what may be exempt property in a bankruptcy proceeding according to the latest changes to the bankruptcy laws in New York. Call our law firm at 855-768-8845 to arrange your free initial consultation. We help people file for bankruptcy relief under the Bankruptcy Code.

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