About Me
“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”
Written by Craig D. Robins, Esq.Exemption statutes are the laws that enable debtors to keep and protect certain assets. There are set values for most exemptions.
Some of the most important exemption categories can be doubled if a husband and wife file a joint bankruptcy petition in the state of New York.
For example, the homestead exemption in New York is $50,000. If a husband and wife file a joint bankruptcy petition, and they own the house together, they can pool their homestead exemptions for a total of $100,000 of bankruptcy protection.
With jointly-held bank accounts, married debtors filing a joint bankruptcy petition can exempt a total of $5,000, rather than the exemption amount of $2,500 per person.
The exemption for cars, however, cannot be doubled, as the exemption amount is per car, and not per person.
More from Long Island Bankruptcy Law Firm Blog
- Bankruptcy Exemptions in New York
- Can Federal Bankruptcy Exemptions be Used in New York Bankruptcy Filings?
- Bankruptcy Exemptions in New York State
![Recommend [158]](http://s3.amazonaws.com/arkayne-media/img/logo-recommend-me.png "Sometimes Bankruptcy Exemptions Can Be Doubled"){kind=logo}
Related posts:
- Bankruptcy Exemptions in New York Written by Craig D. Robins, Esq. Consumer debtors who file...
- Can Federal Exemptions be Used in New York Bankruptcy Filings? Written by Craig D. Robins, Esq. When a consumer...
- Sometimes Debtors Can Keep Non-Exempt Assets in Chapter 7 Bankruptcy Cases Written by Craig D. Robins, Esq. The bankruptcy laws...
- The Issues to Consider in Determining If a Tax Refund is Protected in Bankruptcy Written by Craig D. Robins, Esq. This...
- Going to Your Bankruptcy Court Hearing — The Meeting of Creditors Written by Craig D. Robins, Esq. In every...
