What Property Can I Keep When Liquidating Through Chapter 7 Bankruptcy?
Although Chapter 7 bankruptcy involves selling off many assets to help partially repay creditors, the law exempts many types of property from the liquidation process in an effort to leave you with enough assets to have a fresh start. However, you have a number of choices to make, including choosing between the exemption lists offered by federal or state law. In Queens, before you begin bankruptcy filing, you should seek advice from an experienced local bankruptcy attorney who can analyze your specific financial circumstances and help you make the most appropriate choice.
Both federal and state laws consider some of the same property as exempt, such as qualified retirement accounts. However, the dollar value of allowable homestead and other property exemptions may differ in ways that make the federal exemptions more advantageous for one individual, while another person might benefit by using the state options. Unfortunately, the laws of New York do not provide a single itemized list of available exemptions. While the state lists certain exemptions within its Civil Practice Law and Rules, other exemptions appear elsewhere within state statutes.
The laws pertaining to bankruptcy exemptions and other specifications change frequently. Therefore, when seeking bankruptcy advice, it makes sense to retain a Queens lawyer who focuses solely on bankruptcy and related issues and remains current on both state and federal laws. Every individual faces bankruptcy with a unique set of circumstances requiring thorough analysis prior to filing.
With more than two decades of experience bringing debt relief to clients, the Mark E. Cohen, Esq. provides one-on-one service to clients seeking to find resolution to challenging financial issues so they can move forward with a fresh start.