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.
Answered on 10/24/00, 4:39 pm
Related Questions & Answers
-
Definition of terms used in Schedule Forms Define; Creditors holding unsecured... Asked 9/13/00, 3:11 pm in United States New York Bankruptcy Law
-
Chapter 7 can you submit chapter 7 without an attorney Asked 9/12/00, 6:16 pm in United States New York Bankruptcy Law
-
Purchase of Real Property before discharge of bankruptcy A person files Chapter 7... Asked 9/11/00, 11:01 pm in United States New York Bankruptcy Law