Topics:
Bankruptcy
Exemptions
Legislation
"Starting Jan. 22, bankruptcy filers will be able to take several new and higher exemptions under state law, including an increase in the home equity allowance from $50,000 to $150,000 on Long Island.
Jewelry, art, a computer and a cell phone, as well as pets and their food, have been added to the list of exemptions.
The changes, signed into law Thursday by outgoing Gov. David A. Paterson, were intended to better reflect today's values and cost of living and also bring New York's exemptions more in line with those passed by other states.
Included in this legislation is a new exemption for a vehicle not exceeding $4,000 above the debtor's liens and encumbrances ($10,000 for a vehicle equipped for use by a disabled person) and a raise of the bankruptcy exemption accordingly. This bill would also increase the homestead exemption from $50,000 to either $75,000, $125,000 or $150,000 depending upon the county of residence. (150K for KINGS, QUEENS, NEW YORK, BRONX, RICHMOND, NASSAU, SUFFOLK, ROCKLAND, WESTCHESTER AND PUTNAM counties; 125K for DUTCHESS, ALBANY, COLUMBIA, ORANGE, SARATOGA AND ULSTER counties; 75K for all other counties.)
The new law will also give New Yorkers the option of choosing the Federal bankruptcy exemptions when the new law takes effect." ...more...
Topics:
Bankruptcy
Financial Planning
Financial Crisis
Foreclosure
Chapter 13
Exemptions
"Lenders wrote off as uncollectible $11.1 billion in home equity loans and $19.9 billion in lines of credit in 2009." ...more...
Topics:
Bankruptcy
Foreclosure
Legal Research
Exemptions
Financial Planning
"Bankruptcy lawyers sometimes forget: not everyone worried about debt actually needs to file bankruptcy. The anxiety that brings someone to your office may not be grounded in a real understanding of the rights of their creditors." ...more...
Topics:
Bankruptcy
Exemptions
Legal Research
"helps determine exemptions if you have moved your domicile from one state to another state within the past year or so." ...more...
Topics:
Bankruptcy
Exemptions
Student Loans
"In re Simpson, --- F.3d ----, 2009 WL ------ (9th Cir. Feb 2009)(single-premium annuity here does not qualify as exempt property under California Code of Civil Procedure Sec. 704.100 where debtor purchased it as an individual and annuity was not established for debtor by employer)" ...more...