For many people when they consider the option of bankruptcy their mind automatically goes to the possibility of losing their property. They may be worried about holding on to certain items or at least retaining some of its worth. A vehicle is a main factor for many people and they want the assurance that they can keep their car or not lose the full value of it. In the state of New York there are certain exemptions that can apply specifically to a vehicle and if you are considering bankruptcy it is important for you to be aware of them.
Through New York's Motor Vehicle Exemption, vans, cars, trucks or other vehicles can be exempt, but this can only include one vehicle. One of the exemptions comes from the state itself and allows for as much as $4,000 in car equity to be exempt. For a couple that files jointly, they will be eligible for double the amount of the exemptions. For individuals that have a car that is equipped for a disability, the exemptions can include up to $10,000. The wildcard exemption can be used for up to $1,000 if you do not use it on other personal property and are not claiming a homestead exemption.
If you are filing in the New York area, you will need to decide if you want to use the state exemptions or the federal bankruptcy exemptions. If you choose to go the route of the federal exemptions, then as much as $3,450 for your car can be exempt. It is important that you understand the exemptions that apply to your case or work with a Long Island bankruptcy attorney who does. Call our firm for more a team that has handled more than 15,000 cases.