Paterson Signs Law To Raise NY Debtor Exemptions

ALBANY, N.Y. (AP) — Gov. David Paterson has signed a law raising the value of home equity, household goods and vehicles debtors can shield against court judgments and in bankruptcy proceedings.

The law raises from $2,400 to $4,000 the exemption protecting one vehicle owned by an individual from claims in bankruptcy court. It establishes that protection for the first time against creditor claims in other court judgments.

It raises the $50,000 limit on protected home equity to between $75,000 and $150,000 depending on where the debtor lives.

New York City officials opposed the measure, saying it impairs their ability to tow and auction cars for outstanding parking violations.

Paterson vetoed legislation broadening prevailing wage requirements for contract service workers at public agencies.

(Copyright 2010 by The Associated Press.  All Rights Reserved.)

  • Bily Thompson

    I dont feel like i should be forced to have health insurance, I think everyone would like to have health insurance if they could afford it. If you need affordable health insurance search online “Wise Health Insurance” you dont want to be with out insurance any time.

  • The Truth

    Its fine since all those idiot Ivy Leaguers at Goldman Sachs, Morgan Stanley and so on have done the same thing. Whats the big deal if they a small slice. Unions rob the taxpayers all the time as well.

  • grant

    oh, david. such a disappointment. i knew you were trouble when you spoke out against saturday night live because of the piece they did on you. you should have just laughed it off. no one trusted you after that.

  • JGNY

    Save the deadbeats. That is exactly what this does, protect the deabeats from paying and running up bills without a care in the world. What a joy.

    • BK Attorney

      Yes, we’ll save the deadbeats just like we saved the banks. This country as a whole suffers from an addiction to credit…the government, corporations and individuals. The government borrows or prints money, corporations get bailed out from the people (tax dollars) and individuals file for bankruptcy. For those less educated or not as informed, the Constitution specifically calls for the creation of “Laws on the subject of Bankruptcies”.

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