NY State Assembly Considers Increases to Exemptions for Real and Personal Property


The New York State Assembly has approved legislation (S7034) which increases the amounts of certain real and personal property that are exempt from money judgments and bankruptcy; provides a choice between claiming the state or federal exemptions in such instances; provides for cost of living

adjustments in such amounts every three years. If signed into law, effective 30 days after signing, the homestead exemption would be raised from $50,000 to $150,000 and other changes favorable to debtors would result.

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