Bankrupt in New York State?
Bankruptcy is hard enough, but bankruptcy in New York State can prove to be even more taxing. It’s a well-known fact that the Empire State is the shining beacon of American ingenuity. A large portion of the country’s economic prowess exists in New York. For this reason, it can be hard to bring yourself to file for bankruptcy. There are also a lot of other demands that come with living in the state and especially the City. Housing, gas, food, clothes, and virtually anything else you can think of are at a premium in New York. So, how much does filing for bankruptcy in New York State really help?
For the most part, it helps in the same way that other bankruptcy laws in other states help. It can exempt certain assets from being taken away to pay the debt. Most of New York’s bankruptcy cases are classified as “No-Assets” in which any assets are liquidated to pay outstanding debts. Even so, there are certain assets that are protected under New York’s bankruptcy laws including books, clothes, heaters, important tools, and others. You’ll also be able to exempt up to $50,000.00 worth of equity in your home that can prove to be outstandingly beneficial. Not only will you not lose your home, you’ll be able to receive some money as a result of it.
You can also exempt one of your vehicles as long as it isn’t worth any more than $2,400.00. All in all, there’s a lot in the way of a safety net that can help you in the Empire State. First, though, you’ll have to know how to navigate all the paperwork and bureaucracy involved in filing for bankruptcy. Nobody likes to deal with the government (particularly when it comes to their money or assets), but in some ways this might be the only way out. Applying for Chapter 7 Bankruptcy protection is probably the way to go for most people.
To avoid all the trouble of filling out paperwork and representing yourself in court, you might think about getting an attorney to represent you. Not only are they knowledgeable, but they will work hard to achieve the best outcome you could possibly hope for.