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Bankruptcy Exemptions Archives

New York's real estate exemption

One of the pieces of property a New York family who is struggling financially is most likely to want to hang onto is the family home. For these people, New York's homestead exemption is very important to understand, as it can help a family protect their residence even through a bankruptcy.

We can help you hang onto your retirement savings

As a previous post on this blog discussed, Rockland County, New York residents who find themselves in financial difficulties can protect a lot of their retirement savings, at least the savings in qualified accounts like a 401(k) or an IRA, from creditors who may otherwise come after their bank accounts and other valuable assets.

If I file bankruptcy, will I be able to keep my retirement?

Many people in Rockland County, New York, particularly those who have a consistent work history, are likely to have some or even a large portion of their wealth wrapped up in a retirement plan like a 401(k) or an IRA. The idea behind these plans, which often come with tax incentives, is to encourage people to save money for retirement.

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.

Will bankruptcy eliminate my unpaid child support obligation?

When a person cannot pay their bills and experiences the pressure of living with overwhelming debt, bankruptcy can be a good option for finding their way back to solid financial footing. However, not all debts can be discharged under a Chapter 7 or Chapter 13 filing. While bankruptcy exemptions may allow a Rockland resident to protect some of their property during the bankruptcy process, that property may later be used to satisfy an unpaid child support obligation or other nondischargeable debts in bankruptcy.

Is there any way to protect my property during bankruptcy?

Every person's path to bankruptcy is unique. Residents of Garnerville may find themselves contemplating the bankruptcy court's protections because of unforeseen expenses, changes to their life plans or simple financial mismanagement. As different paths to bankruptcy may require individuals to make different considerations about their future goals, readers of this post are encouraged to discuss their needs with their personal bankruptcy attorneys and not rely on the content of this post as legal advice.

We can answer your questions about filing for bankruptcy

Readers of this Garnerville bankruptcy law blog likely know that bankruptcy is more than a single step process. In fact, there are many different forms of bankruptcy that consumers and businesses may use to pull themselves out of financial peril. Depending on the circumstances of an individual or company's case, it may benefit from one form of bankruptcy more than another. However, knowing which form of bankruptcy to use can be difficult to assess.

New Yorkers may choose between state and federal exemptions

There are bankruptcy laws in both the federal United States Code as well as in the New York State Code. Each set of laws provides individuals who file for bankruptcy with exemptions that they may use to protect certain items of property from liquidation during the Chapter 7 bankruptcy process. In New York, a person has the right to choose which set of exemptions he prefers to use when engaging with personal bankruptcy in this form.

Why is there a homestead exemption under Chapter 7 bankruptcy?

The stress of living with overwhelming debt can be very burdensome. In fact, some New York residents may be willing to do anything in order to get out from under the crushing weight of outstanding financial obligations. However, built-in protections to the bankruptcy laws often prevent individuals from becoming destitute during the process of climbing out of debt.

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