FYI...For NY Filers...

[hhou812hh]

Just read that the NYS Homestead exemption will be raised to $50,000 from 10k. It's about time! I wish it was at least 100k since most homes are so expensive here, but 50k is at least better then 10k.

More existing ch13 debtors maybe able to convert to ch7. Call your lawyer about this if it applys to you.


I will bet that most other states will follow as they should, especially NJ.

[StaciMM]

That's a lot of equity to allow in a home... Its not the value of the home but how much you 'own' of it. I'm surprised its that high-but good for NY. When you consider that in some areas the cost of moving is extreme, it makes sense.

Just read that the NYS Homestead exemption will be raised to $50,000 from 10k. It's about time! I wish it was at least 100k since most homes are so expensive here, but 50k is at least better then 10k.

More existing ch13 debtors maybe able to convert to ch7. Call your lawyer about this if it applys to you.


I will bet that most other states will follow as they should, especially NJ.

[hhou812hh]

Compared to some states it's a lot. Compared to others it's nothing. Fla is popular for it's unlimited exemption. If you own a 2 million dollar home paid in full and filed for bk for 100,000 cc debt the trustee can't touch your home. In states like NJ you have no exemption (as far as I know,but could be wrong).

That's why low lifes like OJ kept his home after a wrongfull death judgement. If he stayed in Calf he would only be able to keep around 100k as opposed to moving it to Fla. where he purchased the home and legally kept it all.

The new bk laws will prevent this "OJ move" (Good!) by only allowing 125k exemption if you file for bk within 3 years of moving.

I think more states should raise the homestead exemptions to be in line with inflation and with the new laws.

[legal artist]

Where did you read this? I'm curious because we just had our 341 meeting and I overheard someone talking about it. Can you point me to an article or ammedment?

Thanks!

[StaciMM]

GA's is only $5k w/ no option to use the federal exemptions. (X2 for joint filers)

Since the reform is putting everyone on the same terms regarding expenses & what is reasonable, it should put everyone on the same terms for exemptions. The #'s (for expenses, etc.) vary based on cost of living, so is it going to adjust for the fact that some states are much better than others on exemptions? (Other than making you live somewhere longer so you can't set up a new address for 6 months and hide your wealth.)

I think more states should raise the homestead exemptions to be in line with inflation and with the new laws.

[hhou812hh]

Where did you read this? I'm curious because we just had our 341 meeting and I overheard someone talking about it. Can you point me to an article or ammedment?

Thanks!

It's actually 100k if you have a joint owner filing.

http://www.newsday.com/business/ny-bzhome4417342sep09,0,3221472.story