NYS exemptions

[Amanda123]

I'm sorry if this is somewhere I haven't seen. I've googled and read on this board and can't find the answer(s). Our atty told us 1.) we couldn't have any cash exempt at filing? I am to be taken off the checking acct prior to filing, just temporarily, so I will not have an acct to go after. I am married and filing individually~ most of our credit has been in my name. All of it accumulated during marriage, for what it's worth.

2.) We were also told we could exempt either home equity OR the tax refund. Home equity may not be over the 50,000 (25,000 a piece). My name is not on the mtg., but on the deed. Last time we refinanced the cards in my name were too high and made loan process more difficult, this was several years ago. Atty isn't concerned about that. Our refund is usually the basis of our savings and about 5,000. Dh just changed the dependents.... he liked a higher refund at the end of the year.

Thank you so much.

[ccsjoe]

I think this may be a bit on the overly specific side that unless one has specific NYS experience, not many can answer. Let me ask you this, do you have a reason to doubt your attorney? Nothing stops you from scheduling a "free consult" with another attorney just to hash these questions out.

[tcreegan]

NY exemptions

Hello Amanda,

NY has an exemption for $600 in savings.

If you do not use the homestead exemption, you can exempt $2,500 cash

Tom in Colo

[Amanda123]

csjoe, it in't that I don't trust the atty (tho I like the paralegal better), I was just confused about the options. I kind of wish I had tried some other firms, but this is a well known one and like I said, I like the paralegal I've been talking to.

tcreegan. thank you. That's helpful, I can ask more specifically about the cash vs. the tax refund. Sounds like I better give them a call.

Thank you bth for your responses.

[tcreegan]

tax refund = cash asset

Hi Amanda,

cash vs. the tax refund. Your tax refund is a cash asset. Be sure to talk to your attorney about the house, you on deed but hubby on mortgage, how is that going to work in the BK?

Tom in Colo

[Amanda123]

Tom, the atty said if we had 'just' refinanced this way, it could raise an eyebrow. Seeing as it had been 5 years ago (I think 6 is the magic #), it should be ok. I didn't like it when we did it, but it was beneficial for the mtg rate. Dh has changed the deductions and the stty said the refund is divided in half and then prorated? At least that isn't the whole thing. Our equity is very close to the 50,000.