Legal Question in Bankruptcy in New York

Bankruptcy exemptions

I am presently close to $50000 in credit card debt. I own outright, my home, 1 auto & 1 motorcycle. Would I be able to keep these things if I was to file bankruptcy?

Thank you.


Asked on 5/15/08, 10:23 am

1 Answer from Attorneys
Nancy Delain Delain Law Office, PLLC

Re: Bankruptcy exemptions

The answer to your question is a loud and resounding IT DEPENDS on several factors such as (for example) the chapter under which you file and the value of the assets you own outright.

You will need an attorney to guide you through the bankruptcy process (don't try to go it alone; the law changed in 2005 and now even a simple innocent mistake can cost you your discharge forever). If you know a lawyer who practices bankruptcy law and who is local to you (I'm in Schenectady), call them sooner rather than later. If you need a referral to a lawyer, contact your county's bar association or the NY State Bar Association (www.nysba.org).

Good luck with it.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.

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Answered on 5/15/08, 1:43 pm


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