Under the bankruptcy laws revised by Congress in 2005, fewer types of debt can be discharged. Individuals who believe they can discharge all debts through bankruptcy should consult an experienced bankruptcy attorney who can explain the current exemptions schedule. At the Law Office of Ronald V. De Caprio, our Hudson Valley lawyers help clients understand their options in bankruptcy, including those debts that cannot be discharged.
Bankruptcy Exemptions
Individuals in New York are able to protect the following property in bankruptcy filings:
- Homestead exemptions for a house (actual amount depends on the county)
- Tools of the trade up to a certain dollar amount
- Equity in a motor vehicle up to a certain amount
- Jewelry and art, including wedding rings and other valuables up to a certain amount
- Household goods
- Religious books up to a certain amount
There are other exemptions; our experienced bankruptcy lawyers advise clients about those that apply to their circumstances.
Non-Exempt Debt
Our attorneys counsel individuals about Chapter 7 and Chapter 13 bankruptcy, discussing whether their debts are eligible for discharge. We review the primary types of debt that cannot be discharged under the new bankruptcy laws. These include:
- Tax debts
- Child support and alimony
- Legal judgments from a drunk driving accident claim or other personal injury claim
- Governmental units for fines and penalties
- Government-sponsored college loans and benefit overpayments
- Monies owed to certain types of retirement plans
- Debts for certain condominium or cooperative housing fees
Chapter 13 exemptions are more limited than those for Chapter 7. Our attorneys help clients understand the differences.
Contact Us
Please feel free to call 845-406-4201 or contact us online to schedule an appointment to discuss your situation with an experienced Rockland County, New York, lawyer.
