With the new exemption update law set to go into effect tomorrow (January 21), the state legislature has passed the 'chapter amendment' bill A851, which excepts the State and its municipalities from the judgment debtor motor vehicle exemption. As reported in previous...
If you would like to discuss publically the new exemption update law in New York State, going into effect January 21, leave a comment below. I will answer the comments to the best of my knowledge, and other readers may leave answering comments as well.
A strict reading of the exemptions allowed debtors under the new exemption update law in New York reveals an interesting analysis: a bankruptcy debtor could claim two separate car exemptions. Whether a court will allow this interpretation is another matter. Debtor and...
Chapter amendment A851 was reported out of the Judicial Committee of the New York State Assembly this morning, without opposition or even discussion. Both Democratic and Republican members of the Committee voted in favor of the bill, which excludes New York State and...
As has been extensively reported in previous blogs, Governor Patterson signed the Exemption Update law despite the misgivings of New York City, which was concerned that the new motor vehicle exemption for non-bankruptcy debtors would impact their collections of...
The new exemption update law will allow New York bankruptcy debtors the option of using the federal exemptions rather than just the state exemptions. New York 'opted out' of allowing bankruptcy debtors to use federal exemptions in 1982. By no longer opting out of the...
As previously reported, Bankruptcy Committee Chair Bill Neild and I will be doing a two hour CLE on the new Bankruptcy Exemption Update Law on January 18 at 2:30. You can now register for that CLE online at the Monroe County Bar Association website, at this link.
The new Exemption Update Law goes into effect 30 days after passage. There has been some question as to when that date is, but the official answer is January 21. The official legislature information service of the State of New York confirms the amendments are...
Governor Patterson signed the bankruptcy and judgment debtor exemption update bill, A7034, on December 22 (Note: the press release for the signing was issued the next day, Dec. 23.) The law is now known as Chapter 568 of the 2010 session Laws of New York State. Below...
After Governor Patterson signed the new bankruptcy exemption law yesterday, news outlets from buffalo to New York City noted the impact of the statute. Jonathan Epstein, Business reporter at The Buffalo News, quoted Jeffrey Freedman, Judge Bucki and me in an article...