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Oddly, even though costs of housing and living expenses are
relatively high compared to national averages, the New York bankruptcy
exemptions provided by the state statute are among the lowest in the
nation. As an added insult, the federal option for exempt property
provided by the Code may not be used according to the decision of that
state legislature. New York bankruptcy legal requirements are rather
sever compared to more favorable jurisdictions. In the past, a change of
residency could be validated in as little as 6 months. After new laws
became effective in late 2005, new state residency requires over two
years local residency under federal limitations, and additionally
requires legal compliance with state laws of the new state.
New York bankruptcy lawyers and attorney fee restrictions are
regulated by local rules throughout the state, so that attorney fees
charged in New York City, Buffalo and Albany are basically the same, yet
the quality of legal representation varies greatly. Any New York
bankruptcy attorney or law firm you consider should present an
impressive record of prior experience. Because of new laws, amendments
and rule changes following comprehensive reform, reaping the rewards of
filing Chapter 7 has become exceedingly more difficult.
See also: New York Homestead Exemption.
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