Brooklyn, NY asked in Bankruptcy for New York

Q: Give example of: Homestead exemption, Catch-all Exemption, Equity, Conversion, Dismissal, Bankruptcy petition preparer.

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3 Lawyer Answers
Karra Kingston
Karra Kingston
Answered
  • Bankruptcy Lawyer
  • Staten Island , NY

A: I’m not sure I understand this question aside from needing definitions to such. You may want to speak with a Bankruptcy lawyer who can help you. A homestead exemption allows you to file bankruptcy and keep your home. Equity is the difference between the value of your home and how much you owe. A bankruptcy petition preparer is someone who prepares a bankruptcy petition on behalf of the debtor. Anyone who is not a lawyer and providing legal advice to do this can get in trouble. Conversion is converting a case from one chapter to another and dismissal is having your cases dismissed for example, failing to do something that the court asks etc. you definitely should speak with a lawyer if you are confused about these definitions and how it applies to your case.

Derek John Soltis agrees with this answer

Derek John Soltis
Derek John Soltis
Answered
  • Bankruptcy Lawyer
  • Jersey City, NJ
  • Licensed in New York

A: Ny homestead exemption varies by county. A catch-all would be a wildcard that exempts any type of property. The federal exemptions tend to be better than NY State exemption for wild card.

Equity is the difference between what is owed and the value of the item secured by a loan like a house or car. If you own a home worth $250,000 and owe $275,000 there is no equity. If you owe $240,000 you have $10,000 in equity and you would want to declare an exemption of $10,000 to keep that out of the trustees hands.

Conversation is when a bankruptcy switches chapters such as from a 7 to 13. For instance some one declares a chapter 7 bankruptcy, and the trustee thinks the value of a property has 100,000 in equity above exemptions and moves to sell the property. A debtor would want to convert his chapter 7 to a chapter 13.

Any one who prepares a bankruptcy petition is a bankruptcy petition preparer. If you do it for your self it is called filing pro se. If a non-attorney does it for you they need to file a form for you to submit to the court.

If you have questions, talk to a bankruptcy attorney. Most will not charge for a consultation.

Leonard R. Boyer
Leonard R. Boyer
Answered
  • Bankruptcy Lawyer
  • Clifton, NJ

A: It sounds more like a legal research project than anything else. If, this is not legal research, then consult an experienced bankruptcy attorney.

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