Legal Question in Bankruptcy in New York

Assets

If i file for bakruptcy will assets include life insurance i have which has couple thousand in cash value?

Also, what happens with bank account, will a couple hundred dollars be frozen?

Thanks

MC


Asked on 6/11/03, 4:25 pm

2 Answers from Attorneys
Andrew Nitzberg Andrew Nitzberg & Associates

Re: Assets

Your accounts will not be frozen. You will continue to have access to them all the way through the process. However, cash over the exemption limit (2500) will be a part of the bankruptcy estate and will be divided among the creditors. But good planning can minimize your losses.

You are welcome to a consultation at no fee at my offices at 42 West 44th Street, NY,NY. Please call for an appointment first. (646) 591-5786.

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Answered on 7/22/03, 5:34 pm
Neil Colmenares The Law Office of Neil E. Colmenares, P.C.

Re: Assets

Cash surrender values are non-exempt. Depending on which other exemptions you choose, you are entitled to a maximum of $2500.00 in exempt cash. Your are allowed to plan for Bankrutpcy. Please call this office to discuss your options at 718-888-3108.

Neil E. Colmenares, Esq.

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Answered on 6/11/03, 5:23 pm


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