Posted: April 14, 2020
Chapter 7 bankruptcy is a liquidation process. Upon the filing, a Chapter 7 Trustee immediately gets assigned to your case. It is the Trustee’s duty to investigate and liquidate all of your non-exempt assets. When you file for bankruptcy you are entitled to claim certain exemptions for your personal property. This enables debtors to have a “fresh start” after their bankruptcy proceeding is complete. In New York, you have the option to use the Federal exemptions or the New York State exemptions, but you must keep this consistent for all of your property. In other words, you cannot use the Federal exemptions for some of your property, and the New York State exemptions for other property. So you must decide which exemptions you will avail yourself to at the time of filing. In New York you may exempt a wedding ring and other jewelry up to $1,150.00 in value. However, if you choose the Federal exemptions, there is something called a wild card exemption, which you can use for any property to the extent that you do not use a homestead exemption. The maximum wildcard exemption is $13,900.00.
It is important to consult with and seek help from a seasoned bankruptcy attorney to review your particular circumstances, to explain your options, and to vigorously represent your legal interests should be at the top of your list. Kirschenbaum & Kirschenbaum, P.C. has an expert bankruptcy team with over 40 years of experience representing parties in the bankruptcy court. Not only do we have the knowledge, competence, ability and drive necessary to obtain the relief you need, but we also care, and will take those extra steps necessary to bring stability back to your life.
For assistance with all Bankruptcy matters, please contact us:
Ken Kirschenbaum, Esq. (516)-747-6700 Ext. 301 or ken@kirschenbaumesq.com
Stacy Spector, Esq. (516)-747-6700 Ext. 304 or sspector@kirschenbaumesq.com