Protecting Your Property in New York
When you are struggling with overwhelming debt, you may be considering filing for bankruptcy. Bankruptcy may seem like a scary process, but it can be an effective way to manage your debts and protect your property. At Park & Nguyen Attorneys At Law, we can help you navigate the bankruptcy process and protect your property with bankruptcy exemptions.
To determine if you qualify for bankruptcy exemptions, we need to first evaluate your financial situation. Contact us today to learn more about bankruptcy exemptions.
What Are Bankruptcy Exemptions?
When you file for bankruptcy, you are essentially asking a court to allow you to discharge your debt. However, our state has many property exemptions that allow you to keep a sizeable portion of your property.
Bankruptcy exemptions are state laws that protect certain types of property from being sold at bankruptcy auctions. The types of property that can be protected by bankruptcy exemptions include:
- Personal property - Anything that you own that is not real estate, such as jewelry, electronics, furniture, and clothing.
- Homestead - The house that you live in that is worth less than the state's homestead exemption.
- Motor vehicles - If you own a car or a motorcycle, it may be protected by the state's motor vehicle exemption.
- Tools of the trade - If you are a tradesman, your tools may be protected by the state's tools of the trade exemption.
- Public benefits - If you receive public benefits, such as Social Security Disability, they may be protected by the state's public benefits exemption.
To learn more about bankruptcy exemptions and how they can protect your property, contact Park & Nguyen Attorneys At Law.
How Do Bankruptcy Exemptions Work?
When you file for bankruptcy, you will be required to fill out a bankruptcy schedules. This will be a comprehensive list of your assets, debts, income, and expenses. When completing the bankruptcy schedules, you will be required to mark your property as either exempt or non-exempt.
Exempt property is property that cannot be taken from you to pay off your debt.
How Do We Determine Bankruptcy Exemptions?
To determine if you qualify for bankruptcy exemptions, we need to first evaluate your financial situation. We will need to review your income, expenses, assets, and debts. Once we have a clear picture of your financial situation, we will be able to determine if you qualify for bankruptcy exemptions.
Once we know what bankruptcy exemptions you qualify for, we will be able to help you protect your property during bankruptcy. If you are considering filing for bankruptcy, we can help you understand how bankruptcy exemptions can benefit you.
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