Mortgage Market and Housing Market Meltdown Update

New NY Exemptions as of 1/22/11

1. Homestead - $150,000 per debtor in Nassau, Suffolk and Queens.

2. Motor Vehicle - $4,000 per auto per debtor($10,000 if handicapped equipt)

3. Personal Injury - $7,500

4. Annuity - All amounts are exempt if they are reasonably necessary for the support of the debtor and his/her dependants except as limited by sec. 283.

5. Cash - if the debtor does not use the homestead $5,000

6. Wedding ring - all

7. Watch - $1000.

8. Tools of the trade - $3,000

9. Wild Card - $1,000 of additional personal property or cash if the debtor does not use the homestead exemption.

Please note: the above is a quick abbreviated synopsis.  Please make an appointment for more in depth information.  631-451-7834...