Legal Question in Bankruptcy in New York

exempt assets in bankruptcy

What happens to my house and business assets in bankruptcy Chapter 7 Vs Chapter 13

My house is valued at $500,000 and has loans of 400,00 and is in arrears but I also owe Property taxes. I am also going into divorce and have to pay my wife $100,000 for the house.

I own a business with ownership of a building worth $600,00 and loans of $500,000 loan and $33,000 propety tax and no income from the business at the present time but am in negotiation to sell.


Asked on 6/21/03, 8:23 pm

2 Answers from Attorneys
Andrew Nitzberg Andrew Nitzberg & Associates

Re: exempt assets in bankruptcy

Chapter 13 gives you the opportunity to repay your debts at your own pace whereas Chapter 7 surrenders your property, with exceptions, to the creditors and they recover what they can from selling the property.

I do a lot of work in Bankruptcy and would be happy to sit down with you and go over the issues. You are welcome to a consultation with me for no fee at my offices at 42 West 44th Street, NY,NY. Please call for an appointment first - (646) 591-5786

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Answered on 6/21/03, 9:01 pm
Neil Colmenares The Law Office of Neil E. Colmenares, P.C.

Re: exempt assets in bankruptcy

You have alot to consider before deciding if Bankruptcy is reight for you. In order to adeqately advise you, I would need to ask you several more questions. Please call my office at 718-888-3108 to schedule a consultation.

Very truly yours,

Neil E. Colmenares, Esq.

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Answered on 6/23/03, 8:43 am


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