Bankruptcy Exemptions in Western New York
Here is some information on bankruptcy exemptions in Western New York. If you would like certain assets to be protected during bankruptcy, contact the Law Offices of Randy H. Gugino to schedule a free consultation with our experienced Buffalo bankruptcy attorneys.
Bankruptcy Exemptions in Western New York | What is an Exemption?
Some of your most valuable assets are protected as a qualifying bankruptcy exemption. This means that these assets are not in jeopardy when filing for bankruptcy. The Law Offices of Randy H. Gugino understands that you may be concerned about protecting your property during a bankruptcy. With over 30 years of knowledge and experience, we thoroughly review your unique situation, and your assets to determine what property is protected under various exemptions in New York State.
Bankruptcy Exemptions in Western New York | Conditions
These are some of the bankruptcy exemptions available in the Western District of New York:
- Homestead: In order to claim your homestead as exempt in Erie County, the property must be valued at $75,000 or less. If you and your spouse file for joint bankruptcy, this amount is doubled to $150,000.
- Motor Vehicles: One car per debtor valued at $4,000 may be added to an exemption list. If you are disabled, you can claim a vehicle up to $10,000 as exempt.
- Tools of the Trade: If you rely on certain tools and/or equipment valued at up to $3,000 to make a living, you may add them to your list of exemptions.
- Personal Property: The total value of personal property allowed to be exempt cannot exceed $10,000. Under New York State law, many items fall under this category, including stoves, heating appliances, refrigerators, phones and clothing. This option is only available if you do not use the homestead exemption. For a comprehensive list of personal property that is exempt, contact dedicated Buffalo bankruptcy attorney Randy H. Gugino for a free confidential consultation.
Schedule a free, no obligation, initial consultation with Buffalo bankruptcy lawyer Randy H. Gugino at (716) 800-4652. We have helped countless Western New York residents on their path to financial independence. Let our 30+ years of experience work for you.