New York Bankruptcy
Don’t let debt drag you down. Chapter 7 bankruptcy was created to eliminate debt and silence creditors. Talk to a local New York bankruptcy lawyer today about your debt-relief options.
We’ll connect you to a nearby New York bankruptcy lawyer—for free and with no obligation. All you have to do is plug in your ZIP code below and fill out a brief bankruptcy evaluation form to get started.
Filing Chapter 7 Bankruptcy in New York
If you’re a New York resident who’s considering Chapter 7 bankruptcy as a means of relieving your financial burdens, you may be wondering what you can expect from a Chapter 7 case.
While a New York bankruptcy lawyer can give you the most personalized and detailed information about your finances, we at Chapter7.com can inform you of some New York bankruptcy law basics.
New York Bankruptcy Exemptions
You may have heard the term “liquidation” used to describe Chapter 7 bankruptcy. Liquidation refers to the process of converting an asset to cash. In Chapter 7 bankruptcy, a bankruptcy trustee can sell off non-exempt assets to pay off creditors.
Since the institution of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005, the requirements for filing a Chapter 7 bankruptcy case have changed considerably
A bankruptcy lawyer can determine which possessions are protected from a liquidation sale. Here’s an outline of assets that are exempt in New York:
Homestead: Real property, including a mobile home, worth up to $50,000.
Wages: 90 percent of earnings, subject to some limitations.
Vehicle: One motor vehicle worth up to $2,400.
Personal Property:
- Stove, food and fuel necessary for 60 days.
- One sewing machine.
- Family Bible, pictures, school books and up to $50 worth of other books.
- Church pew.
- Domestic animals worth up to $450.
- Clothing.
- Household furniture.
- Crockery, tableware, cooking utensils.
- Wedding ring.
- Watch worth up to $35.
- Up to $600 worth of trade tools and equipment.
Consult a New York Chapter 7 Bankruptcy Lawyer Today
Unsure how to calculate the value of your home? Confused about the worth of your personal belongings?
A bankruptcy lawyer practicing in your area of New York can help you sort out the details. Thanks to our nationwide network of sponsoring bankruptcy attorneys, we at Chapter7.com have the resources to connect you with a bankruptcy lawyer practicing near you.
Whether you’re interested in learning more about the process of liquidation, curious as to how many of your debts could be relieved in a bankruptcy filing or just wondering whether Chapter 7 bankruptcy is the right choice for you, you may benefit from speaking with a New York bankruptcy attorney.
To get started today, all you have to do is fill out the above free form or call us at 877-226-6844. Make the first move right now and contact us.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.