When you file for bankruptcy you can keep all your possessions that are considered exempt. That said, only certain property is protected from the claims of creditors because it is exempt under either the federal law or the laws of New York State. After retaining a New York bankruptcy lawyer at the Law Offices of David I. Pankin, P.C., we will evaluate your case and review your assets. We will then discuss which exemptions are available to you and which would be best for you to claim. A debtor can only select exemptions under state law or federal law exclusively. One cannot pick and choose between state and federal exemptions.
Here are a few examples of commonly exempted property under federal bankruptcy law:
Please note, your specific situation will determine which exemptions are available to you. If you want to know more about what property you can keep when filing for bankruptcy, please contact our office by phone at 888-529-9600 to arrange for a free, initial consultation.
Remember,“bankruptcy is not the end, it’s a new beginning."
|New York State Law||Federal Law|
|A portion of the equity in your home: $150,000 for property in the New York downstate area for a single filing, $300,000 for a joint filing||Up to $21,625 of the equity in your home|
|Equity in a car worth up to $4000 or $10,000 if the car is equipped for use by a disabled person||Equity in a car worth up to $3450|
|Most household items and other personal property (e.g. — furniture, TV, radio, other appliances, clothing, a computer, a cellphone, a wedding ring)||Most household items and other personal property (e.g. — furniture, TV, radio, other appliances, clothing, a computer, a cellphone, a wedding ring)|
|Most public benefits such as Social Security, Disability, Veterans benefits, Worker’s Compensation||Most public benefits such as Social Security, Disability, Veterans benefits, Worker’s Compensation|
|Alimony and/or Child Support||Alimony and/or Child Support|
|Qualifying retirement accounts, pensions, and life insurance||Qualifying retirement accounts, pensions, and life insurance|
|Most tools of your trade (worth up to $3000)||Most tools of your trade|
|$5000 in a Bank Account or Cash (if the homestead exemption is not taken).||A wildcard exemption for $1,150 of any property plus $10,825 of unused home equity exemption|