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.
Showing posts with label New York State Bankruptcy Exemptions Have been Increased. Show all posts
Showing posts with label New York State Bankruptcy Exemptions Have been Increased. Show all posts
Wednesday, March 2, 2011
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