Want to learn more about bankruptcy exemptions? Watch this video. Then call an experienced Jamestown bankruptcy attorney like Scott Humble who serves all of WNY.
Exemption laws are the laws that protect the property that you want to keep, so they’re very important. There are federal exemptions, and there are New York state exemptions, and sometimes one is better than another. When I first started practicing nearly 30 years ago, we only had New York state exemptions, and they weren’t very good, which forced a lot of people into Chapter 13 bankruptcy.
Recently, the law has changed so that we can use federal exemptions, and people can keep their property and file a Chapter 7 with no payments to unsecured creditors, so it’s worked out really well. They additionally changed the New York state exemption where you can have a house that’s worth over 175,000 dollars in this county or Cattaraugus or Alleghany, and you can keep that house and not have to file Chapter 13 like the old days.