New York consumers may acquire exempted allowances when they file bankruptcy for select properties and assets. For married claimants, these valuations are doubled. This implies that they will receive larger deductions for the accumulated equity. This benefits them greatly by allowing them to retain more of their assets and acquire protection from foreclosure and repossession. If you need to hire a Bankruptcy Lawyer in Suffolk County NY today, you should contact Jeff H. Morgenstern without delay.
Identifying Your Exemptions
When you file for bankruptcy in New York you’ll discover that you receive an exemption for items such as your home, cars, and personal belongings. Each of these properties is classified under various categories and allows you to claim a higher exemption if your equity is lower than average. Your attorney determines these valuations for you to arrive at a more accurate exemption value. In chapter 13, these values are deducted from the overall value of the debt. In chapter 7, this is the value you receive when the property or asset sells.
What Debts Aren’t Eligible for Discharge
New York State Statutes, that regulate bankruptcy identify debts in which you may not acquire a discharge. This begins with any overdue child or spousal support payments. Next, the court refuses to eliminate debts associated with a DUI charge. This includes payment for personal injury or a settlement you owe as the result of a wrongful-death lawsuit. Any debts connected to a criminal act or tax implications cannot be included in any chapter of bankruptcy.
The only exception to these rules is student loans, which could present a financial hardship on the borrower. For example, if the individual becomes permanently disabled and cannot afford to pay the loans back due to an enable to work, he or she would qualify for a discharge of these debts. However, the consumer must identify them in their bankruptcy claim for consideration.
Exploring your options when filing a bankruptcy claim prepares you for what to expect along the way. The opportunity to settle your debts does come with restrictions such as an inability to open new lines of credit. The bankruptcy is also listed on your credit report for up to seven years. However, it can eliminate a majority if not all your debts. If you need assistance with a claim, you should contact Bankruptcy Lawyer in Suffolk County NY today.