No, New York Bankruptcy Law sets forth a list of assets that are exempt from the satisfaction of most creditor claims and which, in most cases, a debtor is allowed to keep even after filing bankruptcy. It is rarely a good policy to wait until all assets are absolved before filing for bankruptcy, as assets that normally would be exempt would now be lost. It would be beneficial to consult an attorney to determine which assets would fall under the exemptions allotted under the new bankruptcy laws.

(Courtesy of Association of the Bar of the City of New York)