Exemptions can leave you financially stable post-bankruptcy

Exemptions can leave you financially stable post-bankruptcy

On Behalf of | Aug 24, 2020 | Bankruptcy |

There are a lot of misconceptions about bankruptcy. Many people who need debt relief mistakenly think that bankruptcy will leave them without anything. With this mindset, they think that the stress of being broke post-bankruptcy isn’t any better than struggling with the debt they already have. If your of this belief, then you might take comfort knowing that this perception of bankruptcy isn’t realistic.

How Bankruptcy Can Leave You Better Off

Depending on which type of bankruptcy you pursue, you might be able to rid yourself if most, if not all, of your debt while retaining certain assets. In New York, the law provides for a number of bankruptcy exemptions, meaning that the identified assets can’t be sold of or otherwise taken from you during the bankruptcy process. These exempt assets can help ensure that you have the stability you need to move forward post-bankruptcy. In other words, they better ensure that you can succeed with the fresh financial start that you’ve obtained.

New York’s Bankruptcy Exemptions

A lot of property is exempt from the bankruptcy process in New York. Here are just a few of them:

  • Jewelry not to exceed $1,000 in value
  • Your wedding ring regardless of value
  • A vehicle that is worth up to $4,000
  • If you don’t have a home, then you can claim an additional $1,000 in cash or personal property
  • Your clothes
  • Your furniture
  • Your television
  • Your computer
  • Your pictures
  • Any books up to $500 in value

These are just a few of the many bankruptcy exemptions that you can exploit. By utilizing them, you can be sure to find the debt relief you need while retaining a semblance of your normal life. If you’d like to know more about what bankruptcy can do for you, then it might be time for you to speak with an attorney who is experienced in this area of the law.