{"id":1946,"date":"2011-03-24T09:02:27","date_gmt":"2011-03-24T14:02:27","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=1946"},"modified":"2018-11-27T05:30:52","modified_gmt":"2018-11-27T05:30:52","slug":"bankruptcy-estate","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/bankruptcy-estate\/","title":{"rendered":"NY bankruptcy exemptions and exempt property in bankruptcy"},"content":{"rendered":"

NY bankruptcy exemptions<\/a> have gone through some changes this year.\u00a0 And if you’re a potential New York bankruptcy filer with bankruptcy assets to protect, then those changes are mostly for the better.<\/p>\n

First off, what are exemptions?\u00a0 Exemptions in the bankruptcy context are assets that would normally be part of the bankruptcy estate but which you get to protect from creditors.\u00a0 For example, a car, “tools of the trade” and “books” up to a certain value.\u00a0 These are all things a person might need to survive.\u00a0 Without them, a person may not be able to earn a living and may be forced to continue to live in debt.\u00a0 So the bankruptcy code makes certain necessities exempt from creditors.<\/p>\n

It’s also important to be aware that there are both federal bankruptcy exemptions and state bankruptcy exemptions.\u00a0 In some states, such as New York, you can now choose whether you prefer the federal or state exemptions.\u00a0 (This decision, by the way, is best made with in consultation with experienced Brooklyn, NY bankruptcy lawyers as the calculations can get a bit complicated.)<\/p>\n

One of the major differences between NY bankruptcy exemptions and federal bankruptcy exemptions is the homestead exemption.\u00a0 It’s now $150,000 in New York City and other nearby areas, far more than the federal bankruptcy exemption.<\/p>\n

At the same time, the “wildcard exemption” is higher under federal bankruptcy lawy than under NY bankruptcy exemptions.\u00a0 ($10,825 vs $1,000).\u00a0\u00a0 So if you don’t own a home, it’s possible that you may benefit from opting for the federal bankruptcy exemptions.\u00a0 Again, this is a decision based made in consultation with experienced Brooklyn, NY bankruptcy lawyers.<\/p>\n

Read my previous blog post on NY bankruptcy exemptions<\/a> for a more complete overview of the changes.<\/p>\n

And if you have any questions about exemptions and the bankruptcy estate, please feel free to contact me<\/a> (Bruce Weiner) or the other experienced Brooklyn Bankruptcy Law Firm<\/span><\/a> at Rosenberg Musso & Weiner.<\/p>\n","protected":false},"excerpt":{"rendered":"

NY bankruptcy exemptions have gone through some changes this year.\u00a0 And if you’re a potential New York bankruptcy filer with bankruptcy assets to protect, then those changes are mostly for the better. First off, what are exemptions?\u00a0 Exemptions in the bankruptcy context are assets that would normally be part of the bankruptcy estate but which …<\/p>\n

NY bankruptcy exemptions and exempt property in bankruptcy<\/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":[16,49],"tags":[17,21,32,54,51,52,35],"acf":[],"yoast_head":"\nNY bankruptcy exemptions and exempt property in bankruptcy<\/title>\n<meta name=\"description\" content=\"NY bankruptcy exemptions have gone through some changes this 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