{"id":1652,"date":"2011-01-21T19:04:20","date_gmt":"2011-01-22T02:04:20","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=1652"},"modified":"2018-11-27T07:38:11","modified_gmt":"2018-11-27T07:38:11","slug":"good-news-new-york-bankruptcy-improves-exemptions-for-debtors","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/good-news-new-york-bankruptcy-improves-exemptions-for-debtors\/","title":{"rendered":"Good news! NY Bankruptcy Exemptions Improved"},"content":{"rendered":"<p><a href=\"http:\/\/nybankruptcynet.files.wordpress.com\/2011\/01\/goodnews.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright\" title=\"good news\" src=\"http:\/\/nybankruptcynet.files.wordpress.com\/2011\/01\/goodnews.jpg\" alt=\"ny bankruptcy exemptions\" width=\"197\" height=\"130\" \/><\/a>As of January 22, if you file for bankruptcy in New York you will have the benefit of <strong>higher NY bankruptcy exemptions<\/strong>, thanks to a <a href=\"http:\/\/www.nytimes.com\/2010\/12\/24\/opinion\/24fri3.html\">new bill signed into law by <strong>Governor David Patterson<\/strong><\/a> just before the New Year.<\/p>\n<p>What are some of the improvements?<\/p>\n<ul>\n<li><strong>Home equity<\/strong> allowance increased from $50,000 to as high as <strong>$150,000<\/strong> in the <strong>New York City<\/strong> area, <strong>Long Island<\/strong>, <strong>Westchester County<\/strong> and <strong>Putnam County<\/strong>.<\/li>\n<li><strong>Home equity<\/strong> allowance increased <strong>$100,000<\/strong> in the <strong>Hudson Valley<\/strong><\/li>\n<li><strong>Home equity<\/strong> allowance increased to <strong>$75,000<\/strong> in <strong>upstate New York<\/strong>.<\/li>\n<\/ul>\n<p><em>*This will enable many more New Yorkers to keep their homes in the event they need to file for bankruptcy.\u00a0 And since bankruptcy judges often allow the exemption for each filer, if a husband and wife both file in the New York City area, then they could together have a <strong>$300,000 home equity exemption<\/strong>.<\/em><\/p>\n<p>Here are some additional improvements in NY bankruptcy exemptions thanks to the new law:<\/p>\n<ul>\n<li>Tools of the trade:\u00a0 Now $3,000 instead of $600<\/li>\n<li>Domestic animals:\u00a0 Now $1,000 instead of $450<\/li>\n<li>Jewelry and art can be exempted along with watches in an amount up to $1,000 (up from $35)<\/li>\n<li>Books:\u00a0 Now $500 instead of $50<\/li>\n<li>Motor vehicles:\u00a0 Now $4,000 instead of $2,400 (And $10,000 for a disabled-equipped car)<\/li>\n<li>\u201cWild card\u201d exemption for personal property and cash (only applies if there\u2019s no home exemption):\u00a0 Now $1,000<\/li>\n<\/ul>\n<p>Additionally, New York debtors now have the option to choose between NY bankruptcy exemptions or the Federal exemptions.\u00a0 The Federal exemptions are generally less generous for homeowners.\u00a0 But if you do not have a home, the \u201cwildcard\u201d exemption is up to $10,825, which protects more cash, tax refunds and anything else within that limit.<\/p>\n<p>At the same time, there are pitfalls to be aware of.\u00a0 Federal exemptions limit the cash value of life insurance to $11,000, whereas New York is unlimited.<\/p>\n<p>The takeaway?\u00a0 It is important to sit down with an experienced bankruptcy lawyer to do a complete analysis before choosing your exemptions.<\/p>\n<p>The purpose of exemptions, FYI, is to make sure that debtors are able to keep necessities so that they can continue living a productive economic life.\u00a0 If you take away everything or almost everything from a person, then they\u2019re going to have a more difficult time getting back on their feet following their bankruptcy case.\u00a0 And it\u2019s in our society\u2019s interest to have people on their feet and able to contribute effectively to our economy.<\/p>\n<p>So while the improved exemptions may seem to make sense from a humane point of view, it\u2019s also about not creating a \u201cdebtor\u2019s prison\u201d existence for New York\u2019s citizens.<\/p>\n<p>If you have questions about new <span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;fair debt collection practices act&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:515,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:[null,2,16773836],&quot;12&quot;:0}\"><a href=\"https:\/\/nybankruptcy.net\/main\/\" target=\"_blank\" rel=\"noopener\">fair debt collection practices act<\/a>\u00a0<\/span>exemptions and how to plan well for your bankruptcy, please, of course, feel free to get in touch for a <a href=\"contact\/\">free initial consultation<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of January 22, if you file for bankruptcy in New York you will have the benefit of higher NY bankruptcy exemptions, thanks to a new bill signed into law by Governor David Patterson just before the New Year. What are some of the improvements? Home equity allowance increased from $50,000 to as high as &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/good-news-new-york-bankruptcy-improves-exemptions-for-debtors\/\"> <span class=\"screen-reader-text\">Good news! NY Bankruptcy Exemptions Improved<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[49],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Good news! 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