New York Bankruptcy Laws and New York Bankruptcy Attorney

What Can I Keep?

The homestead exemption in New York Attorney was increased last August to $50,00 per person. This means that you can keep $50,000 of your home's equity ($100,000 for joint filers) exclusive of the balance due on the mortgage. If you maintain you mortgage and tax payments, you can keep your home.

The New York bankruptcy Attorney doesn't wipe out voluntary liens, like mortgages and deeds of trust, or tax liens. So the lender still has the right to foreclose if you don't pay. If you pay, everyone is happy. Remember, the lender doesn't want the property; it wants you to pay regularly on the loan. Foreclosure is a last resort for the lender if it concludes it can't get the owed money any other way.

If there's more than $2,400 equity in your car, you may be able to pay the difference between the value of the car and $1,200 equity allowed to the Chapter 7 trustee and keep the car.

If you still owe money on the car, you can choose to reaffirm the debt to the secured lender. Under the new law, you have to reaffirm your car loan within 45 days after the "341 meeting." You no longer have the option of continuing your car payments without reaffirming the loan. Once the loan is reaffirmed, if you default on your payments and the car is repossessed, you are liable for the repossession deficiency.

You also have the option to redeem the car within 45 days of the "341 meeting" by buying it from the secured creditor in a single payment for its present value.

Under New York bankruptcy law, you can keep:

• Unemployment, disability, workers' compensation, veterans? and social security benefits
• Alimony, and child support up to $500 per month
• Retirement plan and life insurance proceeds
• Work uniforms, farm machinery and other business equipment
• Bible and schoolbooks
• Photos and clothing
• Burial plot up to ¼ acre
• Furniture, refrigerator, TV, radio sewing machine and cooking utensils and tableware
• Stoves with fuel to last 60 days
• Wedding ring, and watch up to $35 in value
• Any professionally prescribed health aids
• Crime victim and workers compensation
• Wrongful death recoveries for person that you depended on as needed for support
• Books up to $50
• Personal injury recoveries to $7,500
• Property of business partnership
• Tools of the trade up to $600

The personal property you keep can’t be worth more thn $5,000 total.

Money Matters:

It's fiat. Cash is printed at the mint. Money (on paper) is also created at the banks thanks to the reserve system in place. It has value because we accept it in exchange for our goods/services with the idea someone else will accept it in exchange later.

Edit: In theory, what backs US currency other than the US government's promise to make good all debts? We dropped the gold and silver standards years ago. That's fiat.

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