Legal Question in Bankruptcy in New York
exempt payments prior to bankruptcy
In November I paid a $7000 deposit on a lease option for a house. If I file chapter 7 in June could the court rule the money nonexempt and go after the sellers? ($5000 was money I received from a lawsuit)
Asked on 5/12/01, 8:30 pm
1 Answer from Attorneys
Re: exempt payments prior to bankruptcy
There is not enough here to properly answer
the question. Certain deposits are exempt
This does not sound like one of them
Personal Injury settlements to the extent
of $ 7500 are exempt but this sounds like
you may have converted this to a non-exempt
Your best bet may be to complete the real
estate deal and claim a homestead exemption
of $ 10,000
Answered on 6/21/01, 11:35 pm
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