Bankruptcy Exemptions

Exemptions in Bankruptcy

One of the factors that keeps individuals from filing bankruptcy is the fear that they will eliminate their debts, and, in the process, lose all of their assets. This is not true. An experienced Rochester bankruptcy exemption attorney can explain the process in greater detail.

I am George Mitris, and I have a great deal of experience guiding clients through bankruptcy filings. People don’t always realize that most of their property and possessions are exempt from the bankruptcy proceedings — meaning that they cannot be taken or liquidated to pay debts. However, it is wise to have a skilled lawyer work with you on your exemptions to ensure that nothing is missed or overlooked.

What Are Bankruptcy Exemptions?

There are several different categories of exemptions in New York, including:

  • Homestead: These exemptions protect real property, condos or mobile homes up to a certain value.
  • Personal property: Property such as vehicles, clothing, jewelry, books, electronics and tools of the trade can be made exempt up to a certain total value and can be given a property exemption.
  • Insurance: Things such as life insurance policies with cash values or disability benefits can also be made exempt in certain situations.
  • Pensions: Many retirement accounts such as 401(k)s, IRAs and pensions can be made exempt from the entire bankruptcy process.

Many of these exemptions can become complicated, and, if a client is not careful, there are often unintended consequences. My level of experience gives me an in-depth knowledge of exemptions. I have often been able to help develop substantially beneficial strategies for my clients to keep most, if not all, of their assets throughout their bankruptcies. Contact my office to schedule a free consultation to learn more about your options.

Contact the Firm

If you have questions regarding bankruptcy exemptions in Victor, contact the Law Offices of George Mitris by calling 585-225-7830, or by completing the contact form on this website. I offer a free initial consultation, and I maintain office hours that are convenient to my clients’ needs, including weekends and evenings.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

The Law Offices of George Mitris
2080 Ridge Road W Greece, NY 14626
Phone: 585-471-8606
Fax 585-471-8605
George Mitris