Bronx, NY asked in Bankruptcy for New York

Q: What is the law number that allow exemption in households

I am filing for chapter 13 and asked me, after the amount I claimed, what is the specific law that allow exemption

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4 Lawyer Answers

Karra Kingston

Answered
  • Bankruptcy Lawyer
  • Staten Island, NY

A: I’m not really sure what you are asking. I advise that you sit and speak with an attorney.

John Martin Hilla

Answered
  • Bankruptcy Lawyer
  • Farmington Hills, MI

A: Your question seems truncated and incomplete, but the exemptions arise from the US Bankruptcy Code and, depending on your state laws, perhaps also a state statute.

Jonathan David Warner agrees with this answer

Timothy Denison

Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: 11 USC 522 contains the federal exemption.

Jonathan David Warner agrees with this answer

1 user found this answer helpful

Jonathan David Warner

Answered
  • Bankruptcy Lawyer
  • Albany, NY
  • Licensed in New York

A: Any New York State-licensed bankruptcy attorney should know the answer to this question - CPLR Sections 5205 and 5206. You also have the option of claiming Federal Exemptions, though New York’s are significantly more generous.

With this said, be forewarned about filing without an attorney... Bankruptcy is not just about filling out forms. Mistakes are not tolerated well by Judges and, as such, can prove very costly.

Thus, you should consider consulting with an attorney before committing to any particular game plan.

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