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Despite record real estate appreciation, the value provided by the New York Homestead Exemption Act
remains at $10,000, based on fair market equity above all applicable
liens. The New York homestead exemption law also allows proceeds
generated from the sale of exempt real estate to remain exempt for a
period of one year, or repurchase of an alternate homestead, whichever
period is less. Filing a New York homestead exemption form affects the
election of homestead property in Chapter 7 bankruptcy cases.
Upon filing within the deed and real estate records, a formal
declaration of primary residence may be used to defend against creditor
objections during the administration of the estate. Both declarations
(county deed records & federal bankruptcy forms) adds a layer of
protection when retaining assets during the discharge of general,
unsecured debts.
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