Exempt SS income in NY bankruptcy
Question Details: Your site says $2,500 in a bank account is protected in bankrutpcy. Another legal site in NY says thst under the Exempt Income Protection Act, $1,716 is protected. Which is correct? Or is all SS income in an automatic deposit exempt, regardless of the amount?
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Different answer to same question. I was referring to the state exemption which also pertains to bankruptcy. The other attorney was referring to the amount protected in your bank account in the event of a bank restraint.
Both are correct. The total cash/bank account dollars protected in bankruptcy in NYS is $2,500 per person.
David B. Shaev
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