Filing for bankruptcy in New York can be a complex process. It is important for a person to know which exemptions he or she can claim in order to make the bankruptcy process as smooth as possible. This article will discuss which exemptions a person may claim when filing for bankruptcy in New York.
First off, federal bankruptcy exemptions are not able to be filed in New York. Instead, debtors may only file state exemptions within New York. In order to file for New York bankruptcy exemptions, a person must reside within the state of New York. A person must have also initiated the bankruptcy filing process within the state of New York.
The homestead exemption in New York is generous, considering the high cost of living within New York. A single person may claim up to $50,000 on his or her home. A married couple may claim up to $100,000 on a home. The types of homes that may receive exemptions are houses, condos, co-ops, and mobile homes.
A debtor may also claim certain exemptions on wages in the state of New York. A person may claim 90% of earned wages that are unpaid. The wages may be received within 60 days before filing and any time after filing for bankruptcy. A person who is a noncommissioned officer, musician, or private in the U.S. or New York state armed forces may receive up to 100% of his or her wages.
For automobiles, a person may claim up to $2,400 as exempt on a motor vehicle. A married couple may claim up to double this amount of money as exempt on a motor vehicle. There are also many other types of property a person may file exemptions for during bankruptcy. Specifically, a person's bible, schoolbooks, clothing, and family pictures are exempt. Other items that may be exempt are a sewing machine, food, television, refrigerator, furniture, dishes, and utensils. A person may also claim a wedding ring, stoves with fuel for up to 60 days, and watch with a value up to $35 as exempt property. The only requirement is that all of these exemptions may not total in excess of $5,000. A person is also able to claim up to $2,500 in cash as exempt. Savings may also be claimed as exempt for up to $600.
When filing for exemptions in New York, it can be advisable to seek the help of a lawyer. Be sure to find a bankruptcy lawyer that understands the state bankruptcy laws for New York. An experienced bankruptcy attorney can ensure a person fills out all of the paperwork in an adequate fashion. It is important to know the procedure for filing bankruptcy in New York so that one can be approved and have his or her exemptions approved.
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If you live in Alabama, Florida, Missouri, New York or Wyoming, please click here for additional information.
By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code.