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Bankruptcy protection for your home and car


YES and read the following paragraph to understand how.

Filing for Bankruptcy protection usually helps you retain your home ownership.   The following are the usual things that you must do in order to protect your home. If after you read this you still have a question just call or email. One of us will get back to you soon.

You must be capable to continue making payments for your home and car to retain them.  In New York State, an individual can exempt up to $50,000 equity in their home.  The equity is the difference between the value of the home and the mortgage against it.  For example, if your house was worth $150,000 and you owed a $100,000 mortgage, your equity would be $50,000 ($150,000-$100,000) and so your house would be protected in the bankruptcy.  If a husband and wife own a house together, we can add the exemptions to $100,000.  The exemption for a vehicle is $2,400 for each individual which admittedly is not a lot.  However, most clients find they owe more than their car is worth.  New York State also allows exemptions on household goods, tools of the trade and retirement which allows us to protect all or part of these assets.  As you might suspect the bankruptcy laws provide a limited ability to protect luxury items.