Can a person file bankruptcy against a judgement lien?
When you file Bankruptcy you create a financial estate. That estate is “administered” by a Trustee. There are very different paths to the same outcome if you file a Chapter “7” or a Chapter “13” Bankruptcy, but the result is the same: you get rid of “unsecured” and maybe other kinds of debt. Bankruptcy is filed by creating and filing a Petition. In the Petition you list all of your assets and income for the household; and all of the debts and obligations for that property or person who is filing. After everything is listed your attorney applies “exemptions” to the property. Exemptions are creatures of State law in New York. Quite simply, they are the “things you get to keep” as defined by specific statues and laws. EXEMPTIONS There are many exemptions. It does not matter if a person files a Chapter 7 or a Chapter 13 Bankruptcy. These exemptions apply to all cases: Homestead exemption: This is where the homeowner who is on the Deed and living in the property gets to protect $50,000.00 (
