Legal Question in Bankruptcy in New York

Aspects of personal bankruptcy

In declaring a personal bankruptcy what assets are excluded from creditor claims (e.g. personal residence

I.R.A. accounts, pension funds)if any.


Asked on 9/25/00, 7:53 pm

1 Answer from Attorneys

David Wright Law Offices of David Wright

Re: Aspects of personal bankruptcy

There's a lot of stuff that is exempt, like $10,000 of equity in primary residence ($20,000 for joint filing); a certain amount for a car; a blanket extra exemption; amounts for clothing and personal and business property; and retirement accounts. It really makes sense to list all your assets, and all your liabilities, and go to the lawyer. People who concentrate in this don't charge very much, and they can give you a pretty quick idea. Or type in Bankruptcy in any search engine, and you can get it pretty close.

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Answered on 10/24/00, 4:39 pm


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