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New York Bankruptcy Laws

Bankruptcy law seeks to protect debtors from being turned into complete vegetables. These laws also protect the creditors also have a chance of redeem their investment before a debtor goes to complete broke. The bankruptcy laws of New York is largely based on the Federal laws on bankruptcy.

 

Bankruptcy Exemptions for New York

The exemptions of bankruptcy law for the State of New York seem to be echoing the might of this busy business capital. The exemptions recognize such utilities such as motorbike. This is as if to say that your ability to make more money to survive in this city is paramount. The exemptions are also varied depending on the law which is either chapter 7 or 11 or 13. They also vary based on the value of the property to be exempted.

 

Chapter 7 Bankruptcy Law for New York

The exemptions that are discussed under chapter 7 bankruptcy laws are those that affect an individual and not a corporate. If n individual files for bankruptcy, then their homestead is protected by up to $150,000 if in the richer Queens, Richmond or similar states. The middle income areas have a limitation of $125,000 such as in Columbia and Orange. The others have $75,000 exemption. A married couple applying for bankruptcy, would have the amounts double. Under the bankruptcy law Chapter 7, you would also keep $1,000 of the value of your wedding ring and other jewelry.

 

Chapter 13 Bankruptcy Law for New York

Chapter13 bankruptcy laws generally apply to institutions filling for bankruptcy, either voluntarily or involuntarily. The New York bankruptcy law protects the pension contribution of employees to qualified retirement benefit scheme. Chapter 13 generally allows you to settle for a regular repayment of the debt but you only qualify if you have a regular source of income.

 

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