Re: personal bus.judgments

Generally not. New York State does not have a homestead exemption as does Florida and Texas. Without knowing more facts, you should know that the law generally provides for a limited amount of protection, not total.

Re: personal bus.judgments

The law in NY will protect 20,000 dollars of equity in your home as 'homestead exemption'.

an alternative is to have a friend or relative bid at the foreclosure sale for you. In addition, you may sell the house for something approaching 'value' (70% is the old rule) and allocate the proceeds to the bankruptcy estate.

a trust is also possible. living trust, giving you a life estate is the likely format. but this is not as strong as the pre-emptive sale.

You are welcome to a consultation for no fee at my offices at 42 west 44th street, NY,NY. Please call for an appointment first (646) 591-5786.

Re: personal bus.judgments

New York state will only protect $20,000 of equity in your home (for a married couple) if you file a chapter 7 bankruptcy in New York. A possible solution is to file a chapter 13 bankruptcy. This may allow you to keep your home but you would also need to develop a repayment program in which you would repay some of the 3-5 million over the next 5 years. You would present your monthly budget and pay essentially what is left over after paying bills and monthly expenses to the repayment plan. Obviously you would only be able to repay a small fraction of what you owe but that would likely be approved if these are unsecured debts. You would need to have enough current income to meet a repayment plan that is rational and feasable. Call my office at (212) 745-1373 if you need help.