posted on December 24, 2010 03:50
Consumer advocates and bankruptcy attorneys are praising Gov. David A. Paterson for giving debtors in the state a big Christmas present Thursday, but lenders say he’s been a Scrooge to them.
The outgoing governor signed legislation to expand how much of their homes, cars and other assets debtors can keep in bankruptcy or when legal judgments are made against them. The law takes effect in 30 days.
“Gov. Paterson has given a tremendous Christmas gift to tens of thousands of New Yorkers hard hit by the recession,” said Russ Haven, legislative counsel for New York Public Interest Research Group. “He has provided a little breathing room and hope for New Yorkers who are desperate for help.”
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