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New Amendments Following Reform of New Bankruptcy Laws

New York Bankruptcy Laws Regarding Homestead Exemptions

Civil Practice Law & Rules Section 5206 provides certain real property is exempt from application to the satisfaction of money judgments. Property of one of the following types, not exceeding ten thousand dollars in value above liens and encumbrances, owned and occupied as a principal residence, is exempt from application to the satisfaction of a money judgment, unless the judgment was recovered wholly for the purchase price in connection with 1) a lot of land with a dwelling, 2) shares of stock in a cooperative apartment corporation, 3) units of a condominium apartment, or 4) a mobile home. No exempt homestead shall be exempt from taxation or from sale for non-payment of taxes or assessments. If value exceeds ten thousand dollars, the lien of a judgment attaches to the surplus. Compare New York bankruptcy laws to the federal statute provided by 11 U.S.C. 522 which allows $16,500 for home values.

Operation of New York Bankruptcy Laws

Value 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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Should you need answers to legal questions, contact a local attorney. All information herein is general, and must not be considered as legal advice. The included directory of New York bankruptcy lawyers is intended to assist debtors finding lawyers, local contact information, and help answering attorney fee questions. To find a lawyer, search law firms, and qualify attorneys, the New York State Bar and City Bar Associations and County Bar Associations provide general public assistance. These associations include: Albany, Poughkeepsie, Buffalo, Manhattan, Mount Vernon, Queens, New Rochelle, New York City, Brooklyn, Islip, Rochester, Syracuse, Utica, White Plains, Schenectady, and Yonkers. All content copyright protected - New York Bankruptcy Law Summaries 123, Inc. - ©Copyright 1998 through 2005, all rights reserved.

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