Bankruptcy Property Exemption Attorneys in White Plains, New York

Bankruptcy can mean a fresh start. If you are considering filing bankruptcy, be sure to have proper legal assistance when doing so. Do NOT go it alone. Call New York Bankruptcy Attorney Michael H. Schwartz, P.C. for a consultation. There have been some changes you should know about as to New York Property exemptions, and how those exemptions pertain to bankruptcy filings.

As of January 23, 2011, for the first time ever, New York residents have a choice when filing for bankruptcy, between New York State Exemptions and the Federal Exemptions.

In addition, the New York Exemptions have been greatly increased.

Both the New York and the Federal Exemption schedules adjust for the Cost of Living. New York State Exemptions adjust every 3 years beginning on April 1, 2012.

The Federal Exemptions have been adjusted every 3 years beginning back on April 1, 1998.

Special Exemptions ONLY available under the New York Exemption Schedules:

New York State College Choice Tuition Savings Plans:

• One hundred percent of monies in an account established in connection with a scholarship program established pursuant to such article is exempt;
• One hundred percent of monies in an account is exempt where you are the account owner and designated beneficiary of such account and is a minor; and
• An amount not exceeding ten thousand dollars in an account, or in the aggregate for more than one account, is exempt where you are the account owner of such account or accounts.

Life Insurance Policies (Insurance Law § 3212):

• If a policy of insurance has been or shall be effected by any person on his own life in favor of a third person beneficiary, or made payable otherwise to a third person, such third person shall be entitled to the proceeds and avails of such policy as against the creditors, personal representatives, trustees in bankruptcy and receivers in state and federal courts of the person affecting the insurance.
• If a policy of insurance has been or shall be effected upon the life of another person in favor of the person effecting the same or made payable otherwise to such person, the latter shall be entitled to the proceeds and avails of such policy as against the creditors, personal representatives, trustees in bankruptcy and receivers in state and federal courts of the person insured. If the person affecting such insurance shall be the spouse of the insured, he or she shall be entitled to the proceeds and avails of such policy as against his or her own creditors, trustees in bankruptcy, and receivers in state and federal courts.
• If a policy of insurance has been or shall be effected by any person on the life of another person in favor of a third person beneficiary, or made payable otherwise to a third person, such third person shall be entitled to the proceeds and avails of such policy as against the creditors, personal representatives, trustees in bankruptcy and receivers in state and federal courts of the person insured and of the person affecting the insurance.
• The person insured pursuant to paragraph one of this subsection or the person effecting the insurance other than the spouse of the insured pursuant to paragraph two hereof, and the person affecting the insurance pursuant to paragraph three hereof, or the executor or administrator of any such persons, or a person entitled to the proceeds or avails of such policy in trust for such persons shall not be deemed a third person beneficiary, assignee or payee.

What are Annuity contracts?

The benefits, rights, privileges, and options which, under an annuity contract are due or prospectively due you if you paid for the annuity contract and it is reasonably required for you and your dependents and purchased more than six months prior to the bankruptcy.

Contact Our Experienced New York Property Exemption Lawyers Today

If you are considering filing for bankruptcy, do not hesitate. Call New York Bankruptcy Attorney Michael H. Schwartz, P.C. for a consultation. Our experienced White Plains NY bankruptcy lawyers have helped many with their bankruptcy problems. We understand bankruptcy law and tax law in NY, and we can help you get your life back on track. Don’t wait, call us now.