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Paterson Signs Law To Raise NY Debtor Exemptions

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Governor David Paterson (Michael Loccisano/Getty Images)

Governor David Paterson (Michael Loccisano/Getty Images)

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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.)

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