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Posts tagged "homestead exemption"

New Yorkers use exemptions to keep property in bankruptcy

Chapter 7 bankruptcy is designed to give consumer debtors fresh starts on financial freedom. This freedom is achieved through liquidating the debtor's assets and using the proceeds to pay off creditors. Though Chapter 7 bankruptcy can give debtors a way to get out from under their financial burdens it can also induce fears in those who want to keep at least some of the real and personal property items.

Bankruptcies down in New York, but Chapter 7 leads

Chapter 7 bankruptcy can provide debt relief and protect certain property belonging to the filing party at the same time. Although bankruptcies in one part of New York recently hit a low, Chapter 7 bankruptcies continue to be the majority of filings in the area. The recent bankruptcy filings number is the lowest number since 2005. Bankruptcy numbers throughout the country have declined since 2009. Several factors contribute to the decline. Some of those factors include consumer reluctance to take on new debt and consumers eliminating existing debt.

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