How much property does the debtor have to give up in a bankruptcy proceeding?
Items that the debtor usually has to give up include: Expensive musical instruments, unless the debtor is a professional musician; Collections of stamps, coins, and other valuable items; Family heirlooms; Cash, bank accounts, stocks, bonds, and other investments; A second car or truck; and A second or vacation home. Certain types of property are exempt, however, which means that the debtor can keep them. Exempt property can include: Motor vehicles, up to a certain value; Reasonably necessary clothing; Reasonably necessary household goods and furnishings; Household appliances; Jewelry, up to a certain value; Pensions; A portion of the equity in the debtor’s home; Tools of the debtor’s trade or profession, up to a certain value; A portion of unpaid but earned wages; Public benefits, including public assistance (welfare), Social Security, and unemployment compensation, accumulated in a bank account; and Damages awarded for personal injury.
Items that the debtor usually has to give up include: • Expensive musical instruments, unless the debtor is a professional musician; • Collections of stamps, coins, and other valuable items; • Family heirlooms; • Cash, bank accounts, stocks, bonds, and other investments; • A second car or truck; and • A second or vacation home. Certain types of property are exempt, however, which means that the debtor can keep them. Exempt property can include: • Motor vehicles, up to a certain value; • Reasonably necessary clothing; • Reasonably necessary household goods and furnishings; • Household appliances; • Jewelry, up to a certain value; • Pensions; • A portion of the equity in the debtor’s home; • Tools of the debtor’s trade or profession, up to a certain value; • A portion of unpaid but earned wages; • Public benefits, including public assistance (welfare), Social Security, and unemployment compensation, accumulated in a bank account; and • Damages awarded for personal injury.
Items that the debtor usually has to give up include: • Expensive musical instruments, unless the debtor is a professional musician • Collections of stamps, coins, and other valuable items • Family heirlooms • Cash, bank accounts, stocks, bonds, and other investments • A second car or truck • A second or vacation home Certain types of property are exempt, however, which means that the debtor can keep them.
A. Items that the debtor usually has to give up include: • Expensive musical instruments, unless the debtor is a professional musician; • Collections of stamps, coins, and other valuable items; • Family heirlooms; • Cash, bank accounts, stocks, bonds, and other investments; • A second car or truck; and • A vacation home. Certain types of property are exempt, however, which means that the debtor can keep them. Please look at the New York Bankruptcy Exemptions for more information.
