Some Quick Facts About Bankruptcy in Buffalo, NY (New York)

The Buffalo, New York bankruptcy exemptions below details the assets and properties you can exempt or protect from creditors when you file bankruptcy. You may exempt any asset or property that falls into one of the exemptions listed below. New York is one of the states that allow you to file the bankruptcy court petition online. You can have complete privacy right from the comfort of your home. There’s no need to visit the court, purchase the various forms and submit the same manually.

New York law protects all or a portion of your assets or properties from being seized by creditors or the bankruptcy trustee in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you are generally allowed to keep all of your assets and property. Certain exceptions may apply, so it’s wise to consult with a qualified New York bankruptcy attorney to find out which of your assets will be protected in a bankruptcy filed in the State of New York. In general, the major New York bankruptcy exemptions include:

Real Estate (the Homestead Exemption)
Up to $50,000 of equity in property owned and occupied as a principal residence can be protected.

Automobiles
One motor vehicle valuing up to $2,400 can be protected.

Other Property
The vast majority of Chapter 7 bankruptcies are “No-Asset” cases where the court does not liquidate any assets.

The New York bankruptcy exemptions above are intended for educational purposes only. The quick facts presented here are not intended as legal advice. The U.S. State law also provides a number of exemptions that protect your property. A qualified New York bankruptcy lawyer may be able to advise you on which exemptions are best for you.

New York Western Bankruptcy Court
Buffalo Divisional Office

Phone: 716-362-3200

Website: http://www.nywb.uscourts.gov
ECF Link: https://ecf.nywb.uscourts.gov

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Ferlix Grant | Bankruptcy Basics, Bankruptcy Exemptions |

Tags: Bankruptcy Exemptions, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy

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