Jump to Navigation

An exemption plan is an important step we can help with

A previous post on this blog overviewed how bankruptcy exemptions work to help a Rockland, New York resident who is struggling with debt keep some of his or her property even after going through a bankruptcy. These exemptions are very important to Garnerville and Rockland County residents, as they enable a person to get a fresh financial start without winding up destitute.

Bankruptcy exemptions can be difficult to apply to a particular situation, and a mistake and doing so can be very costly, as it could mean a New Yorker finds that, although a piece of property could have been protected in the bankruptcy process, it is in fact subject to seizure by the trustee.

For those who know that financial difficulties are going to become impossible to manage in the future, it may be helpful to create an exemption plan, that is, a set of financial and legal steps one can take in order to keep as much property as possible following a bankruptcy. When done correctly, exemption planning is entirely legal, as it simply takes advantage of the law as it is written.

In this respect, our law office can help New York debtors with their exemption planning. We can evaluate their financial situations and where and how they hold their property. Once we do so, we may be able to suggest some transactions that legally and ethically allow them to keep as many of their assets as they can while going through bankruptcy. We do so first by helping a debtor decide whether to use New York's exemptions or those allowed under federal law, as residents of New York have a choice.

No Comments

Leave a comment
Comment Information
Subscribe to This Blog's Feed

CONTACT US

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

FindLaw Network

Location

Law Office of Ronald V. De Caprio 65 West Ramapo Road Garnerville, NY 10923 Phone: 845-406-4201 Toll Free: 866-936-8113
Map & Directions