Specific questions such as this are best handled by your own bankruptcy attorney who will have access to all of your information, including which exemptions are applicable in your situation. There is too much at risk for you to rely on advice obtained over the internet from attorneys who have no access to the information needed to do a complete analysis.
The information provided herein does not create an attorney client relationship and is not a substitute for having a consultation with a bankruptcy attorney. It is important to have a consultation with a bankruptcy attorney as the information provided in this forum is limited and cannot possibly cover all potential issues in a given situation.
Do yourself a favor and hire an attorney. That said, it depends on whether you take the Federal exemptions or the state exemptions.
Answers are provided for direction only; it is not a substitute for an office consultation.
Mike is correct. There is no cash exemption per e under NY Law but if your equity in the home is minimal then you can use the federal exemptions and perhaps the "wildcard" exemption to protect cash. Better to use the cash to pay down the mortgage IF there is more than 20k in equity.
Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship.
There is no specific exemption for cash in the bank, so you will need to discuss what to do with your attorney. You may be able to put the cash into things that are exempt in your state. As to the apartment, the specific exemption you can claim will depend on which exemptions apply in your state. You need to discuss these matters with your bankruptcy attorney. It may be that you could use the $3000 to pay your fees to get your case filed.
This is not legal advice and I am not your attorney until you retain my office. Always consult with an attorney in your area before acting on anything you read on the internet.
If you want an accurate answer you must provide more facts. So go back and add on more facts. Add on how much is your place actually worth, the amount of each secured debt including mortgages, liens, taxes, and any HOA Dues. But other vehicles owned free and clear fmv and all other debts must be known. Furthermore, if you are worried about simply $3000 why not pay car insurance for several months, and buy $1500 of food and put in cupboard and pay next months mortage payments, etc? These are issues you need to speak to an attorney with. An attorney in your state can answer generally about the homestead if they know the value of all...so do yourself a favor and add some missing facts and you will see some better answers too..but we are all going to say get any attorney ..iif you cannot afford one, look for pro se attorneys in your state location, if any! good luck and I hope I helped you in some small way.
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Disclaimer of California Attorney. Laws differ from state to state. Although the above response is believed to be accurate, it should not be relied upon as any type of legal advice because the information provided is incomplete. It is intended to educate the reader and a more definite answer should be based on a consultation with a lawyer. No attorney client relation is formed with me without a written contract. Good Luck starts with a strategy and a plan. Tax Relief Lawyer. Former financial auditor and controller. Admitted to US Tax Court, Income Tax, IRS representation, Fiduciary income tax returns, Estate and Gift tax returns, Homeowner Association Strategist.