Exempt property

[noonoo79]

What is the name of your state? NY

Is any amount of your vehicle exempt from an execution enforced money judgment? I was under the impression that the laws are similar to bankruptcy laws, regarding execution of personal property. Thank you.

 

[Ladynred]

NY Exemptions for BK and judgments:

http://www.bankruptcyaction.com/nyexemptions.htm

 

[noonoo79]

Thank You Lady

 

[noonoo79]

Another question on Exemption

NY State According to NY bankruptcy laws, it seems that $2,400 of a vehicle is exempt. Is it safe to assume that if you have a vehicle worth approx. $3,000, a judgment creditor probably won't force an execution? I know that they have to pay the fees up front to cover costs of towing and things, which are around what $300-$500 or more? If they sold the vehicle for $3,000, and $2,400 of it is exempt, plus upfront costs, it would be pointless to force sale, correct? I will be paying this judgment off ASAP, but I am worried they will try to take anything I own before I can pay in full, which is only my vehicle. I know it is a possibility, but would it even be worth it? Any info. out there is appreciated!

 

[Ladynred]

Most creditors aren't going to bother with a vehicle because they lose their value so quickly and because they can only get a fraction of the re-sale value at auction.

 

[JETX]

NY Exemptions for BK and judgments:

http://www.bankruptcyaction.com/nyexemptions.htm

Though POSSIBLY similar, the assumption that bankruptcy and judgment exemptions are the same.... is NOT valid.

New York Post-Judgment Asset Exemptions
Homestead: Real property, including co-op, condo or mobile home, up to $50,000. Husband and wife may double the exemption.

Pensions and Retirement Benefits: ERISA-qualified benefits needed for support. Funds exempt for public retirement benefits of state employees and village police officers. IRA exemptions for conventional, Roth and SIMPLE plans, limited to contributions that are made more than 90 days before court action.

Insurance: Annuity contract benefits due or prospectively due the debtor, who paid for the contract; if purchased within 6 months of filing for bankruptcy and not tax-deferred, only $5,000. Disability or illness benefits to $400 per month. Life insurance proceeds and avails if the person effecting the policy is the spouse of the insured. Life insurance proceeds left at death with the insurance company pursuant to agreement, if clause prohibits proceeds from being used to pay beneficiary's creditors.

Personal Property: Bible. Schoolbooks. Books up to $50. Pictures. Clothing. Church pew or seat. Stoves with fuel to last 60 days. Sewing machine. Domestic animal with food to last 60 days up to $450. Food to last 60 days. Furniture. Refrigerator. TV. Radio. Wedding ring. Watch to $35. Crockery. Cooking utensils and tableware needed. Burial plot without structure to 1/4-acre. Cash, the lesser of either $2,500 or an amount, that, with annuity, totals $5,000 in lieu of homestead. Health aids including animals with food. Lost earnings recoveries needed for support. Motor vehicle up to $2,400. Personal injury recoveries up to $7,500 (not to include pain and suffering). Security deposits to landlord. Utility company trust fund principal and 90% of income. Wrongful death recoveries for death of person who supported you, to the extent needed for support.

Tools of Trade: Farm machinery, team, food for 60 days, professional furniture, books and instruments to $600 total. Uniforms, medal, equipment, emblem, horse, arms and sword of military member.

Miscellaneous: Business partnership property. Alimony. Child support necessary for support.

Wages: 90% of earnings from milk sales to milk dealers. 90% of earned but unpaid wages received within 60 days of filing for bankruptcy (100% for a few militia members).

Public Benefits: Unemployment compensation. Workers compensation. Social Security. Home relief. Local public assistance. Aid to blind, aged and disabled. AFDC. Veteran's benefits. Crime victim's compensation.

Wild Card: None

 

[noonoo79]

Thank you guys for the helpful information! Much appreciated, keep up the good work!