There are both federal laws and state laws that apply to bankruptcy and each set of laws has its own bankruptcy exemptions. The federal government makes its federal bankruptcy exemptions available to anyone who files Chapter 7 bankruptcy regardless of what state they file in. But, each state has the right to restrict its residents to using the state exemptions, having “opted out” of the federal bankruptcy exemptions. New York State has “opted in” and now there is a choice if you file in New York.
Managing Partner Richard Jacoby gives a brief overview of Chapter 7 Bankruptcy and the importance of hiring a dedicated Long Island bankruptcy lawyer to assist with your case.
Our bankruptcy lawyers are always prepared to help you, so contact our firm today! Call (888) 452-2629.
The federal bankruptcy exemption amounts increased on April 1, 2019. Every three years, bankruptcy code figures are subject to change, including the federal bankruptcy exemption amounts. Here are the federal exemption limits for bankruptcy cases filed on or after April 1, 2019:
- Equity in residential property. $23,675 increases to $25,150. (11 U.S.C. § 522(d)(1).)
- Equity in one motor vehicle. $3,775 increases to $4,000, (11 U.S.C. § 522(d)(2).)
- Interest in household goods and furnishings. This exemption includes wearing apparel, appliances, books, animals, crops, and musical instruments. The $600 per item amount increases to $625 and $12,625 aggregate value increases to $13,400. (11 U.S.C. § 522(d)(3).)
- $1,600 increases to $1,700. (§ 522(d)(4))
- Wildcard exemption. The general wildcard amount of $1,250 increases to $1,325, and $11,850 of unused residential property exemption amount increases to $12,575. (11 U.S.C. § 522(d)(5).)
- Tools of the trade. $2,375 increases to $2,525 (11 U.S.C. § 522(d)(6).)
- Unmatured life insurance. $12,625 increases to $13,400. (11 U.S.C. § 522(d)(8).)
- Personal bodily injury award. $23,675 increases to $25,150. (11 U.S.C. § 522(d)(11)(D).)
- Lien avoidance limit. $6,425 increases to $6,825. (11 U.S.C. § 522(f)(3).)
- Maximum IRA limits. $1,283,025 increases to $1,362,800. (11 U.S.C. § 522(n).)
- Qualified homestead exemption. $160,375 increases to $170,350. (11 U.S.C, § 522(p).)
- State homestead exemption. $160,375 increases to $170,350. (11 U.S.C. § 522(q).)
- Education IRA funds. $6,425 increases to $6,825. (11 U.S.C. § 541(b)(5)(C).)
- Pre-purchased tuition credits. $6,425 increases to $6,825. (11 U.S.C. § 541(b)(6)(C).)
- Qualified ABLE program funds. $6,425 increases to $6,825. (11 U.S.C. § 541(b)(10)(C).)
FOR MORE INFORMATION CALL JACOBY & JACOBY AT (631) 289-4600.
#1 Bankruptcy Filer
in State of New York
Over 700 Google
5 Star Reviews
When you work with a New York bankruptcy lawyer at Jacoby & Jacoby, you have the benefit of our years of experience and our extensive resources, all at your disposal as you face these trying times. The stress and emotions associated with mounting debt may leave you feeling hopeless and lost. Thankfully, with the help of a lawyer at our firm, you can begin to take control of your finances and experience much needed relief.
By discussing your situation with an attorney at our firm, you can decide whether bankruptcy is right for you. You can learn what your options are. When you work with an experienced attorney at Jacoby & Jacoby, you will have the support and legal counsel of a professional who will know what to do to help. Finally, you can experience relief from creditors. You can stop worrying about losing your possessions or your home.
Contact our firm today, and learn more about the many ways that we can come to your aid. Call Jacoby & Jacoby at (888)452-2629.
Suffolk County Offices
Medford Main Office
1737 North Ocean Avenue
Medford, NY 11763
450 William Floyd Parkway, Suite B
Shirely, NY 11967
80 Orville Drive, Suite 100
Bohemia, NY 11716
150 Motor Parkway, Suite 401
Hauppauge, NY 11788
200 Broadhollow Road, Ste. 207
Melville, NY 11747
30 West Main Street
Riverhead, NY 11901
Nassau County Offices
East Meadow Main Office
2545 Hempstead Turnpike, Suite 304
East Meadow, NY 11554
626 Rexcorp. Plaza
Uniondale, NY 11553
Valley Stream Office
70 East Sunrise Highway, Suite 500
Valley Stream, NY 11581
9-10 Main Street, Suite 300
Flushing, NY 11354
Lake Success Office
1979 Marcus Avenue, Suite 210E, Lake Success, NY 11020
"We are a designated debt relief agency under Federal Law & we provide legal assistance to consumers seeking relief under the Bankruptcy Code".