Legal Question in Bankruptcy in New York

New York Bankruptcy Exemption
Can I exempt stocks under New York Law if I file Chapter 7? I know that I am allowed to keep $2500 in cash or savings account. If I don't have any cash on hand, can I exempt stocks instead or should I sell my stocks and then file?

Asked on 3/04/09, 4:10 pm

Craig Robins Law Offices of Craig D. Robins (www.BankruptcyCanHelp.com)

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Re: New York Bankruptcy Exemption

The exemptions in New York do not provide for any protection for shares of stock of any kind.

Whether you should sell your stocks or not is a decision you should not make until you meet with a qualified bankruptcy attorney.

Making the wrong move with that could be very problematic.

Please feel free to check out my bankruptcy blog for more information on bankruptcy:

www.LongIslandBankruptcyBlog.com

Also check out my website:

www.BankruptcyCanHelp.com

Answered on 3/08/09, 7:15 pm

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