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Can I sell my exempt property prior to bankruptcy?

Individuals facing bankruptcy and other financial challenges may be curious about whether or not they are entitled to sell particular assets. This boils down to a basic question of whether or not the property is exempt. Before disposing of any assets if you are considering bankruptcy, set up a meeting with an attorney so that you can avoid common mistakes made by others in this situation.

As you might assume from the name, exempt property is something that cannot be attached or accessed by creditors who otherwise have a judgment against you. Even if you file for bankruptcy, you would still be eligible to keep the exempt property. As long as you receive fair value for any exempt property that you sell prior to filing for bankruptcy, there should be no issue with this as any bankruptcy trustee would not have been able to sell this property anyway.

Before you move forward with attempting to sell any property prior to a bankruptcy petition filing, you should consult with a New York bankruptcy attorney. Doing so can help you avoid some of the common mistakes associated with filing for bankruptcy and give you a clear picture of what is required for you to move forward. The bankruptcy court in New York has specific rules that you must follow, so make sure that you are well aware of your responsibilities.

Getting all of your questions answered now can be very beneficial so that you can avoid mistakes and challenges that can prove problematic in the filing of your bankruptcy petition. It is always good to be well-informed and educated before moving forward with your bankruptcy petition. An attorney is the only one who should advise you on these matters as it can be quite complex and dependent upon New York law.

Jayson Lutzky is a New York lawyer handling personal bankruptcy cases. If you are struggling with your finances and are looking to get a fresh start, then contact Mr. Lutzky at 718-329-9500. Mr. Lutzky offers free in-office consultations. Visit www.MyNewYorkCityLawyer.com to learn about Mr. Lutzky’s 33 years of experience.          

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