Legal Question in Bankruptcy in New York

New York provides for a homestead exemption of between $75,000 and $150,000 for a debtor�s primary residence. The amount of the exemption depends on the county that you live in, as follows:

� $150,000 � Nassau, Suffolk, Kings, Queens, New York, Bronx, Richmond, Westchester, Rockland and Putnam Counties

� $125,000 - Dutchess, Albany, Columbia, Orange, Saratoga and Ulster Counties

� $75,000 - All other counties

If you file a Chapter 7 bankruptcy, you may keep your home if the equity in the home does not exceed the exemption limit. The exemption limit applies to each debtor, so that if a husband and wife file for Chapter 7, and the house is jointly owned, then the exemption limit doubles.

To utilize the New York exemptions, a debtor must have resided in New York for a period of at least two years prior to the bankruptcy filing. You should contact an experienced bankruptcy attorney in your area to determine if you are eligible for the New York homestead exemption.

Please see my website to learn more about property exemptions in bankruptcy in New York:

http://www.amdlaw.com/BankruptcyLaw/PropertyExemptions.aspx