What exemptions are allowed during bankruptcy in New York?

If you’ve been considering filing for bankruptcy in New York, you may be interested in knowing what items you own that could be exempt from your bankruptcy claims. Bankruptcy courts know that starting from scratch won’t help you. Because of this, there are many exemptions that you may be able to claim. For instance, did you know that if you have personal property like cash or bank accounts, you may be able to keep up to $1,000 as a single person? What about your vehicle? In most cases, you’ll be able to keep a vehicle worth $4,000 or less as a single person, or if you’re disabled, you may keep one that’s worth up to $10,000. Living in your home is important to you, and the bankruptcy courts know that you need somewhere to stay throughout this time in your life. Fortunately, New York has relatively high homestead allowances. Your primary residence can be exempt from bankruptcy proceedings as long as it’s under $125,000 and you’re located in one of the select countries listed, either Orange, Saratoga, Ulster, Albany, Dutchess or Columbia. If you’re located in other counties, you’ll only get an exemption of $75,000, so keep that in mind… Continue reading

Is bankruptcy good for eliminating high debts?

If you’ve fallen into debt, you may be wondering if bankruptcy is the right move for your situation. There are circumstances where bankruptcy can help you eliminate debt and get back on your feet with only minor consequences. Sometimes, you can come out of bankruptcy in better shape than when you went into it. Should you go into bankruptcy? That depends on your personal situation. You may be considering Chapter 7 bankruptcy, which focuses on liquidating your assets, or you could consider Chapter 13, which allows you to have a payment plan. The goal of any kind of bankruptcy is to eliminate debt, so your income-to-debt ratio can be improved. With this process, you’ll eventually be able to pay off or eliminate debt, allowing you financial freedom. One reason considering bankruptcy is good is if you make a decent income but find your debt isn’t decreasing, even though you’re paying your minimum payments. Credit card debt can grow quickly, and when your paychecks are maxed out while trying to pay the minimum payments, bankruptcy is an option. Chapter 7 bankruptcy would allow you to sell off items to pay the debt and to start over. Chapter 13 would let you… Continue reading

Get out of debt with a repayment plan with Chapter 13 bankruptcy

When you’re in a position where you’re facing a growing debt that threatens your life and livelihood, it’s normal to want to get out of the situation through any means necessary. Before you take any steps toward freedom from your debts, it’s important that you understand what you’re doing. Each choice you make now could affect you into the future, and you need to understand how your future will be changed. Chapter 13 bankruptcy is one of the few bankruptcy choices that allows you to restructure your debt, so you can keep the things you have. Part of the problem of having debt is the amount you have to pay each month. Did you know that choosing Chapter 13 bankruptcy can help you reduce your liability and provide you with an affordable monthly payment that is primarily based on your income? With Chapter 13 bankruptcy, there are a number of benefits you can appreciate. You may be able to consolidate high student loans, for instance, helping you reduce them and get a zero-interest repayment plan. You could eliminate credit card debt, and best of all, you could stop harassing phone calls to your home and cellphone. If you have tax… Continue reading

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