One of the biggest reasons many don't file for bankruptcy is concern over losing their home or car. Your car is one of your most important assets. It gets you to and from work, directly assisting you in earning a living. To lose it would mean to lose the main tool toward your financial solvency.
Personal property exemption rules in New York changed earlier this year. The biggest change was applied toward real estate, but rules for properties like automobiles also changed, including how much equity in a car a person can keep, as well as whether the item is applicable in bankruptcy court.
Previously, if your automobile had no debt on it and you filed for bankruptcy, it could be liquidated. Now, the state offers more flexibility when it comes this asset and bankruptcy. In most cases, you will not lose your car when you file. Bankruptcy serves to help individuals recover from debt, while not losing the items for which they worked hard.
Every situation, however, is different. Bankruptcy attorney Michael F. Kanzer of Brooklyn NY will help you to keep your assets, while eliminating the debt weighing you down. Contact him today by visiting www.KanzerLaw.com and requesting a free bankruptcy consultation.
Friday, April 22, 2011
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