New York Exempt Property
The process of filing for bankruptcy may seem overwhelming. You likely have questions and concerns, and at our firm we can get them answered. The Queens, New York, law firm of Allan R. Bloomfield is dedicated to helping consumers in need of financial relief with bankruptcy law. For more than three decades, we have been committed to helping those experiencing financial hardships.
Principal attorney Allan Bloomfield and his staff always provide highly individualized services so they can directly meet your needs. When it comes to your financial well-being, we are here as your advocates.
Keep Assets in Bankruptcy: Work With an Experienced Attorney at Our Firm
You do not lose everything when you file for bankruptcy. In fact, under the law, there are many types of assets that you are allowed to keep. Exemptions in Chapter 7 and Chapter 13 are set by New York law and that law may soon change. Determining exemptions can be a complex process, but we will answer all your questions and address any concerns you may have. At our firm, you will meet directly with attorney Bloomfield. He will sit down with you and discuss your assets with you and how to proceed.
It is very important that you do not transfer property to another person as you contemplate bankruptcy. This can be considered a "fraudulent conveyance," and will hurt your situation in the end. If you transfer property and then decide to file for bankruptcy, you may lose something you might otherwise have kept.
In both Chapter 7 and Chapter 13, retirement accounts, 401(K)s, pensions, IRAs, government payments, Social Security and veteran's benefits are all exempt and considered safe assets. You may also keep your home and car, and even some money in the bank.
The following items can also be exempt:
- Now up to $150,000 of equity in your home - $300,000 if you and your spouse own it
- Now up to $5,000 in other personal property items — such as clothing and household goods
- Up to $5,000 in your bank account
- A car with up to $4,000 in equity
Schedule a Free Initial Consultation With Our Queens Bankruptcy Exemption Attorney
Please contact us today at 718-544-0500 to schedule a complimentary consultation with a lawyer. We will meet directly with you and help determine the best solution for your financial situation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
