Looking For Others From NY - EXEMPTIONS

[danaf]

I don't really like lawyers.com because it is mainly advertisements for attorneys but once in a while I use their message boards.

I posted about NY state exemptions just to be sure I had it right. I got my information off of legalconsumer.com which I thought was pretty good. It says NY state allows for $2500 in personal property ie clothing ect., and then $2500 in cash assuming one doesn't take the residence exemption - or up to 5k combined personal property & cash.

So one of the lawyers got back to me and says this

"I do not know what list you are using, but it is wrong. There is no limit on clothing and household furnishing. Cash, assuming you do not take the residence exemption, is $2500 for an individual."

Anyone have any idea where I can go to be sure I have the correct exemptions for NY state? The attorney who replied to my post is probably right because even if I had over $2500 worth of clothing & household items & furniture, their resale value is not a real source of value & is insignificant when it comes to paying creditors. BUT then why do people go nuts trying to list everything & making it fall within a certain dollar guideline???

I tried researching this on NY state bankrupcty site & Federal trustee site & came up with zilch. Utterly frustrating!

Maybe a good idea for this site - to create links to each states exemptions?

[lrprn]

Maybe a good idea for this site - to create links to each states exemptions?

I wish this was possible, Dana. The reason we don't do this is because the state exemptions often change without notice. There's no way to keep up with all the changes for each state and ensure what we have posted is accurate all the time.

It's better to do a fresh Google search for your state's exemptions. Check ALL the top hits, including the blogs and legal newsletters that come up. That's where I usually find the latest changes in state exemptions when I'm trying to help a member sort things out.

Here's the best information I found online about New York's exemptions -

http://www.bankruptcyaction.com/nyexemptions.htm

http://www.bankruptcyinformation.com/NY_exemp.htm

http://www.newyorkbankruptcylaw.com/exemptions.html

http://www.totalbankruptcy.com/state_exemptions_new_york_summary.htm

http://www.bcsalliance.com/debt1_newyork.html

Your frustration about the inconsistency of information about states' exemptions is understandable - it is like hitting a moving target. This is one of the main reasons to consult with a bk lawyer who is up to date on your state's current exemptions to make sure you have the most reliable information if you file pro se. Hope this helps a bit.

[ssdsco]

I don't really like lawyers.com because it is mainly advertisements for attorneys but once in a while I use their message boards.

I posted about NY state exemptions just to be sure I had it right. I got my information off of legalconsumer.com which I thought was pretty good. It says NY state allows for $2500 in personal property ie clothing ect., and then $2500 in cash assuming one doesn't take the residence exemption - or up to 5k combined personal property & cash.

So one of the lawyers got back to me and says this

"I do not know what list you are using, but it is wrong. There is no limit on clothing and household furnishing. Cash, assuming you do not take the residence exemption, is $2500 for an individual."

Anyone have any idea where I can go to be sure I have the correct exemptions for NY state? The attorney who replied to my post is probably right because even if I had over $2500 worth of clothing & household items & furniture, their resale value is not a real source of value & is insignificant when it comes to paying creditors. BUT then why do people go nuts trying to list everything & making it fall within a certain dollar guideline???

I tried researching this on NY state bankrupcty site & Federal trustee site & came up with zilch. Utterly frustrating!

Maybe a good idea for this site - to create links to each states exemptions?

I beleive this is an accurate summary. In addition if you don't use the homestead exemption you can exempt $2500. There's also exemptions for retirement plans. There's a link to the detailed exemptions for your reading pleasure.

http://www.totalbankruptcy.com/state_exemptions_new_york_summary.htm

[samantha625]

In NY household goods- furniture and so on- are exempt as long as their garage sale value is less than $5,000

[ssdsco]

In NY household goods- furniture and so on- are exempt as long as their garage sale value is less than $5,000

Do you have a source for this info ?

Thanks

[samantha625]

Yes, the documents that our attorney gave us state that!

[ssdsco]

Yes, the documents that our attorney gave us state that!

Are you using the homestead exemption ? Exempting any cash ?

Thanks again !