Bankruptcy Exemptions in Long Island

What Property Can I Keep?

Understanding what property you can keep in your Long Island bankruptcy is one of the most important factors to consider when determining whether to file and how bankruptcy will affect you. Following is the New York law regarding bankruptcy exemptions. Depending on whether you file singly or jointly, and depending on a number of other factors, you may be able to benefit from the following exemptions:

Real estate valued at up to $50,000 (up to $100,000 for married couples filing jointly).
Personal property, including: clothing, furniture, sewing machine, television, tableware, cooking utensils, health aids, wedding ring, bible, schoolbooks, pictures, trade tools, etc. valued at up to $5,000.
90% of trust fund income, if the fund was not set up by the debtor.
Savings of up to $600.
Burial plot of up to ¼ acre, without a structure on the property.
Motor vehicle valued at up to $2,400.
Recoveries from personal injury or wrongful death suits.
90% of wages earned but unpaid, received within 60 days of filing for bankruptcy.
In lieu of homestead/real estate exemptions - up to $2,500 in cash or up to $5,000 after personal property exemptions are taken.
Alimony and child support.
Life insurance proceeds, when prohibited from being used to pay creditors.

An attorney at our Long Island bankruptcy law firm can offer you specific information regarding bankruptcy exemptions and what property you may be able to keep in the face of your Chapter 7 bankruptcy. If you make too much money to qualify for Chapter 7, we can also protect your rights in assisting you with filing a Chapter 13 bankruptcy, which essentially offers protection to all of your property and assets.

Contact our firm today if you are interested in discussing property exemptions and bankruptcy in Long Island with a lawyer who has the experience and knowledge to help.