FANNING & HUGHES: New York Bankruptcy Law Firm
If you are suffering under the burden of debt, an experienced New York bankruptcy lawyer from Fanning and Hughes can give you a fresh financial start. The New York bankruptcy lawyers at Fanning and Hughes can help you file for bankruptcy under Chapter 7 or Chapter 13.

Exempt Assets

In bankruptcy, an individual is allowed to keep a certain amount of property. These are called the exempt assets. Non-exempt assets can be sold by the trustee to pay your creditors.

Exemptions exist under both federal and state law. Federal bankruptcy law allows each state to opt out of the federal exemption scheme. A majority of states, including New York, have opted out of the federal exemptions, thereby requiring bankrupt parties who are residents of those states to use the state exemptions. These are some of the exemptions that apply in New York.

Homestead - $50,000 per debtor ($100,000 per married couple)
Motor vehicle to $2,400
Pensions, IRAs and most retirement assets - $1,000,000
Other property: All stoves, food, and necessary fuel for 60 days; one sewing machine; family Bible, family pictures, and school books; other books not exceeding $50 in value; church pew; certain domestic animals not to exceed $450; clothing; household furniture; one refrigerator; one radio receiver; one television set; crockery, tableware and cooking utensils; a wedding ring; a watch not exceeding $35 in value; necessary tools, furniture, and equipment for a trade or business not exceeding $600 in value.

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We are a federally designated debt relief agency helping people file for relief under the bankruptcy code.

FANNING & HUGHES, PLLC
108-18 Queens Blvd -
4th Floor
Forest Hills, NY 11375
718.261.3290
contact@FHLawOffice.com