Exemptions provide stability after bankruptcy

Exemptions provide stability after bankruptcy

On Behalf of | Mar 21, 2022 | Uncategorized

A lot of people who struggle with debt fight tooth and nail to try to claw their way back to financial stability. Unfortunately, though, these efforts are oftentimes unsuccessful and instead lead to years of insecurity, stress, and fear of the future.

Even though personal bankruptcy may be able to help these individuals, those facing debt woes oftentimes erroneously think that the bankruptcy process is going to leave them with nothing. The truth of the matter, though, is that there are numerous bankruptcy exemptions that seek to ensure that there’s some financial stability post-bankruptcy. These exemptions ensure that those who pursue bankruptcy really do get a fresh start and a second chance.

What bankruptcy exemptions are available to you?

There are a lot of New York exemptions that you can take advantage of. Here are some of them:

  • A homestead exemption that could be allow you to keep anywhere between about $90,000 and $180,000 in equity depending on where you live
  • Up to nearly $5,000 worth of value in a motor vehicle
  • Tools for your profession up to a little more than $3, 500
  • Cash and bank balances up to $6,000
  • Photographs
  • Books up to $600 in value
  • Jewelry up to a little more than $1,000 in value

Remember, too, that these are just some of the exemptions and their amounts are on an individual basis. So, if you’re married and your spouse has an ownership interest in these assets, then some of the exemptions may be doubled. Also, you can opt for federal bankruptcy exemptions if you feel like they would better position you post-bankruptcy.

Secure the fresh financial start you deserve

If you’re struggling with overwhelming debt, then know that relief is within reach. You just need to educate yourself about the bankruptcy process and how to navigate it to your advantage. If you’d like to learn more about how an attorney can help you do just that, then please think about reaching out to a legal professional that you can trust.