Long Island Bankruptcy Lawyers Office Helps NYC Residents Benefit from Chapter 7 Law Changes

Nov. 25, 2011 - PRLog -- Adam Gomerman - a bankruptcy and foreclosure lawyer available online at http://www.LIBankruptcyLawyer.com - is encouraging New Yorkers in need of financial relief to reconsider their options in light of recent changes to the state Chapter 7 law. Offering bankruptcy, foreclosure, and loan modification help, the Law Offices of Adam C. Gomerman have been in business for over 20 years.

"It's not every day the Chapter 7 law changes in favor of the people. As of January 22, the allowable exemptions have increased so that residents with higher valued assets can still file. More people are now able to keep their homes, cars, and other valuables while still benefitting from debt relief," said Gomerman, an NY bankruptcy lawyer who has filed thousands of cases throughout his career.

As a result of the updated Chapter 7 law, New York residents can how claim exemptions on up to $150,000 of home equity. For married couples, this adds up to a maximum of $300,000 claimable equity. The automobile equity exemption limit has also been raised to $4,000 per vehicle. Additional exemptions include jewelry and art pieces (up to $1,000), professional and trade items (up to $3,000), and household goods (up to $10,000).

"Even if you have ruled out filing for bankruptcy in the past, these significant Chapter 7 law changes make filing a smart option for a wider range of people. Our team of bankruptcy, foreclosure, and mortgage lawyers is encouraging New Yorkers to reconsider their options,"  Gomerman.

For even greater flexibility, New Yorkers who file under the New York State Chapter 7 law are now able to opt out and instead select Federal Chapter 7 exemptions. In some cases, this can be a more financially savvy move; residents unsure whether or not to opt out can contact the Law Offices of Adam C. Gomerman for a free consultation with an NY bankruptcy lawyer.

The Chapter 7 law is a United States program designed to offer individuals and families suffering from debt a "fresh start," Gomerman noted. The relief covers the majority of unsecured debt categories, including medical bills, credit cards, automobile accident judgments, vehicle repossession debts, and many kinds of personal loans. The NY bankruptcy lawyer may also be able to help clients keep one or more credit or debit cards after filing under Chapter 7 law by claiming "reaffirmation," which excludes these debts from the bankruptcy relief coverage.

Gomerman's team of Long Island bankruptcy lawyers typically prepare Chapter 7 law cases in a matter of days, and the firm offers a "credit repair" department to assist clients in rebuilding good credit.

To learn more about the Law Offices of Adam C. Gomerman and Chapter 7 law, visit http://www.LIBankruptcyLawyer.com or call 631-BANKRUPT. The firm is also active on Facebook and Twitter at http://www.facebook.com/LIBankruptcyLawyer and http://twitter.com/LIBankruptcyLaw, with a bankruptcy lawyers Long Island blog at http://www.LIBankruptcyLawInfo.com.