Avoid Mistakes When Planning and Filing Virginia Bankruptcy Cases

The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.

Free - 2010 Bankruptcy Strategies Explained

Ask a Bankruptcy Lawyer for Help – Expand Your Options Quickly

If you are thinking about filing Chapter 7 or Chapter 13 bankruptcy, you are not alone. Complete the form below to contact a sponsoring bankruptcy lawyer. Ask all questions you deem important without cost or obligation of any kind. Free help is only a few minutes away.

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Bankruptcy Exemptions in New York State - Personal Property Laws

Civil Practice Law & Rules Section 5205 (a) sets forth personal property exempt from forfeiture in New York bankruptcy cases. The following personal property when owned by any person is exempt from application to the estate except where liability is for the purchase price of the exempt property or was recovered by a domestic, laboring person or mechanic for work performed by that person in such capacity: 1) all stoves kept for use in the debtor's dwelling house and necessary fuel therefore for sixty days; one sewing machine with its appurtenances; 2) the family bible, family pictures, and school books used by the debtor or in the family; and other books, not exceeding fifty dollars in value, kept and used as part of the family or debtor's library; 3) a seat or pew occupied by the debtor or the family in a place of public worship; 4) domestic animals with the necessary food for those animals for sixty days, provided that the total value of such animals and food does not exceed four hundred fifty dollars; all necessary food actually provided for the use of the debtor or his family for sixty days; 5) all wearing apparel, household furniture, one mechanical, gas or electric refrigerator, one radio receiver, one television set, crockery, tableware and cooking utensils necessary for the debtor and the family; 6) a wedding ring; a watch not exceeding thirty-five dollars in value; and 7) necessary working tools and implements, including those of a mechanic, farm machinery, team, professional instruments, furniture and library, not exceeding six hundred dollars in value, together with the necessary food for the team for sixty days, provided, however, that the articles specified in this paragraph are necessary for a debtor filing New York bankruptcy to carry on with a profession or calling.

Operation of bankruptcy exemptions provided by New York State laws

Value in New York bankruptcy cases is determined based upon the fair market price, less amounts owed. "Fair market" is not a retail value expected by professional sellers or advertisers. Likewise, forced liquidation values are not representative of a fair market. The value of property in New York bankruptcy proceedings is an estimate of an agreement reached between a willing buyer and a willing seller under current market conditions. Creditors may file objections to the calculation of equity which may be subject to disbursement.

In recent years, it seems many New York bankruptcy laws and traditions have been under strict scrutiny. In general, the trend is to limit individual rights while expanding the rights of corporations who file Ch. 11. In NY State, approximately 98% of all cases are filed for individuals under Chapter 7 & 13, while Ch. 11 cases account for approximately 2% of all cases.

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