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PROVIDING SUPERIOR BANKRUPTCY, DEBT
NEGOTIATION AND LEGAL SERVICES FOR OVER
FIFTEEN YEARS
Bankruptcy law provides an individual consumer debtor with a group of exemptions designed to give the
debtor a fresh and meaningful start after the Bankruptcy case closes. In most but not all
chapter 7 consumer bankruptcy cases a bankruptcy filer
in New York keeps everything because of the liberal set of allowed exemptions
Chapter 7
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Chapter 11>> |
Chapter 13>> |
Chapter 7 eliminates bills and is an elimination process
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Chapter 11 reorganizes obligations in order to pay debts over time
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Chapter 13 consolidates debt and is a court reorganization process
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What can I do if I have non exempt property? |
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Is
my home exempt property? |
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Is
my pension exempt property? |
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Is
my income exempt property? |
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Which states exemptions apply to me? |
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Is
my car exempt property? |
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Can
I keep my boat and my motorcycle? |
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How
do the creditors get paid? |
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Will bankruptcy stop a foreclosure? |
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Bankruptcy is a Federal Debt
elimination process. Our web site is designed to give you
all of the basic information you need to become
knowledgeable in bankruptcy law prior to your consultation
with our office.
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Q. What can I do if I have non-exempt
property? One option is file your bankruptcy case under Chapter 13 which effectually
allows you increase the amount of your exemptions by making deferred cash payments to a Chapter 13
Trustee that at least equals the non-exempt value of your property.
Q. Is my home exempt property?
Most states have homestead laws that allow you to take an exemption in your home.
The value of the homestead exemption varies from state to state. Some states such
as Texas and Florida have unlimited homestead exemptions. New York has a large
homestead exemption that will exempt most homes.
Q. Is my pension exempt property?
Yes. All employer created pension plans and most IRA's are exempt from
reach of your creditors in bankruptcy. This means that the bankruptcy court
will always allow you to keep the full amount of your pension or your
retirement account that acrues because of age or length of service.
Q. Is my income exempt property?
Yes! A chapter 7 trustee cannot take or levy on your income to satisfy your debts.
This is true in all cases and when you receive your discharge under chapter 7 the debt is
gone for good and cannot be enforced or renewed by creditors.
Q. Which states exemptions apply to me?
Usually the Federal Bankruptcy exemptions apply to your case. Bankruptcy law
gives states the right to opt out of the Federal Bankruptcy exemptions and use
their own State Law exemptions. In that case the exemptions of the state where
you resided for the two years immediately preceding the filing apply
Q. Can I keep my car if I file for
bankruptcy?
Yes! The laws regarding motor vehicles vary from state to state, but all states
have exemptions in motor vehicles. Most states have additional exemptions called
"wildcard" exemptions which can be applied to any property including cars if you happen
to own a car that's worth more than the standard exemption amount.
Q. Can I keep my boat and my
motorcycle?
States that have "wildcard exemptions" usually have enough exemption room
to keep items such as boats and motorcycles however this is not always the case. Consult
with us about your options.
Q. How do the creditors get paid?
In most bankruptcies the creditors will not get paid. They will get
discharged by the routine administration of your case and the debts
owed to them will be eliminated for good. This is part of the risk of
doing business and the public policy of the Federal Government to
allow people to opt out of their debts through bankruptcy.
Q. Will bankruptcy stop a foreclosure?
Chapter 7 or Chapter 13 will halt a foreclosure. Chapter 13 is the
appropriate Chapter for someone who is seeking the help of the bankruptcy court
in curing the underlying problem of arrears or lien stripping multiple mortgages.
Anyone facing foreclosure is well advised to talk to a bankruptcy attorney now
as recent changes in the bankruptcy laws make eave of foreclosure filings problematical.
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Chapter 7 & 13
If you qualify
STOP
- Creditor
Harassment
- Stop utility
shutoffs
-
Foreclosure
- Car repossession
ELIMINATE
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Credit Card debt
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Medical bills
**For
cases with a wage order,
and the balance paid through a trustee as part of the payment plan
and not paid directly to the attorney. Court filing fee is
extra.
- Emergency Petitions
filed
- Ask to see a statement
of clients rights and responsibilities
Free Consultation
Reasonable rates
(New York)
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Serving Upstate New York including Elmira, Horseheads, Watkins Glen, Corning, Ithaca, Waverly, New York, NY, Big Flats, Candor, Chemung County, Dundee, Elmira Heights, Erwin, Gang Mills, Montour Falls, Nichols, Pine Valley, Savona, Schuyler County, Southport, Spencer, Steuben County, Tioga County, Tompkins County, Van Etten, West Elmira, Woodhull.
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OFFICE LOCATION: 200 William St. STE 202
Elmira, NY 14901
607-738-6294
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