Bankruptcy and good news often do not go hand in hand but I am glad to say they belong in same sentence this time. As of January 21, 2011, the bankruptcy exemptions in New York State have increased as follows:
Homestead Exemption: from $50,000 to $150,000 (in the following counties: Bronx, Queens, Kings, Richmond, New York, Nassau, Putnam, Rockland, Suffolk, and Westchester). In the counties of of Albany, Columbia, Dutchess, Orange, Saratoga and Ulster, the exemption went up to $125,000. For all other N.Y. State Counties the exemption is now $75,000.
Vehicle Exemption: from $2,400 to $4,000 (for one motor vehicle (in the case of a vehicle equipped for a disbled person the exemption if $10,000).
There are other beneficial changes to the New York State Bankruptcy Exemptions, however, this blog cannot list them all. I just wanted to give you the information on two of the most sought after exemptions and put a smile on your face.
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