NEW YORK BANKRUPTCY EXEMPTION LIST - CODE

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The following is a summary of the New York exemptions that can be claimed (used) to exempt both your real and personal property in a bankruptcy petition. However, if your residence has not been continuously in the state of New York for the two years prior to filing a bankruptcy petition, there are laws that apply as to which state or federal exemptions may be used.

Exempt property of a debtor is property of the debtor that is not available to be used (sold) to pay his/her unsecured creditors and is not subject to the claims of unsecured creditors, but may be subject to the rights of secured creditors and lien holders. When reviewing the list for exemptions for your own property you should be aware that there may not be a "matching" exemption. Some state exemptions contain a "wildcard" which can be used if a matching exemption cannot be found in the list of exemptions. Also, an individual must own an interest in the property to claim the property as exempt.

The debtor may exempt the equity (value of property less the total amount owed against it) however; any equity value in the property above the exemption amount may be subject to the claims of unsecured creditors.

By way of example, if you own a home worth $250,000 and owe a total of $200,000 against it (combining all mortgage/home equity lines of credit and/or liens against the property) the amount of equity you would need to protect is $50,000. So long as the homestead exemption is more than $50,000 the full amount of the equity is exempt and not subject to the claims of your unsecured creditors. In the alternative, say the home is worth $250,000 and you only owe $100,000 against it, anything over the exemption amount is subject to the claims of the unsecured creditors.

The same type example would apply to a motor vehicle, though the exemption for a motor vehicle is less than the amount of the exemption for a home.

Please note that all of the exemptions may be doubled if a married couple is filing, with the exception of the homestead exemption.

Justia US Laws - New York Code
New York Western Bankruptcy Court
New York Southern Bankruptcy Court
New York Northern Bankruptcy Court
New York Eastern Bankruptcy Court
Description LAW Max
Individual
Amount
Max
Joint Amount
Accident Insurance Benefits-Volunteer Firemen Gen. Mun. Law § 206-b UNLIMITED
Alimony, Support, Maintenance .- Debtor And Dependents Debt. & Cred. Law § 282, CPLR 5205(d)(3) UNLIMITED
Annuity Contract Benefits Ins. Law § 3212, Debt. & Cred. L. §283 $10,000.00 $20,000.00
Any Property if Homestead Exemption Not CPLR § 5206(a)(9) $1,000.00 $2,000.00
Books in Family Library CPLR § 5205(a)(2) $500.00 $1,000.00
Burial Grounds CPLR § 5206(f) UNLIMITED
Cash, Savings Bond, Tax Refunds (subject to use of other ex) Debt. & Cred. Law § 283 $10,000.00 $20,000.00
Certificate Of Title On Vehicle Veh. & Tr. Law § 2108 UNLIMITED
Child Support Payments Where Debtor Is Child CPLR §5205(d)(3) UNLIMITED
College Choice Tuition Trust Fund Payments CPLR §5205(j) UNLIMITED
Compensation - Workmen§s Comp. - Civil Defense Volunteers Work Comp Law § 313 UNLIMITED
Compensation For Loss Of Future Earnings Debt. & Cred. Law § 282(iii)(3)(iv) UNLIMITED
Cooperative Life And Accident Ins. Policies/Contracts Ins. Law §3212(f) UNLIMITED
Crime Victims Reparation Awards Debt. & Cred. Law § 282, NY Exec. Law §632, CPLR §5205(k) UNLIMITED
Death & Disability (Volunteer Ambulance) Vol. Amb. Work. Ben Law §23 UNLIMITED
Death & Disability Benefits-Volunteer Firemen Vol. Fire. Ben. Law § 23 UNLIMITED
Disability Benefits (Workers§ Comp) Work Comp Law § 218 UNLIMITED
Disability Insurance Benefits Ins. Law § 3212(c) UNLIMITED
Domestic Animals and Feed CPLR § 5205(a)(4) $1,000.00 $2,000.00
Food (60 Days) CPLR §5205(a)(4) UNLIMITED
Fraternal Benefit Society Contract/Certificate Benefits Ins. Law §3212(f) UNLIMITED
Fuel, Stove, Sewing Machine CPLR §5205(a)(1) UNLIMITED
Group Ins./Annuity Contracts Ins. Law §3212(f) UNLIMITED
Guide Dog And Provisions (Disabled Debtor) CPLR §5205(h)(2) UNLIMITED
Health Aids CPLR § 5205(h)(1) UNLIMITED
Homestead CPLR § 5206(a) $75,000.00 $150,000.00
Homestead: Dutchess Albany Columbia O CPLR § 5206 $125,000.00 $250,000.00
Homestead: NYC & LI Counties, Rockland, CPLR § 5206 $150,000.00 $300,000.00
Household Furnishings CPLR § 5205(a)(5) UNLIMITED
Income CPLR § 5205(d), CPLR §5231 UNLIMITED
Life Insurance Proceeds Ins. Law § 3212, CPLR § 5205(i) UNLIMITED
Life Insurance-Cash Surrender CPLR § 5205(i) UNLIMITED
Loss Or Destruction Of Exempt Property CPLR § 5205(b) UNLIMITED
Military Pay, Equipment, Arms, Etc. CPLR § 5205(e) UNLIMITED
Milk Sales Proceeds Of Farmer CPLR § 5205(f) UNLIMITED
Motor Vehicle Debt. & Cred. Law § 282 $4,000.00 $8,000.00
Payments On Account Of Bodily Injury Debt. & Cred. Law § 282 $7,500.00 $15,000.00
Payments On Account Of Wrongful Death Debt. & Cred. Law § 282 UNLIMITED
Pension - State Employees Retirement System Retire. & Soc. Sec. Law § 110 UNLIMITED
Pension - Village Police Unconsol. Law § 16 UNLIMITED
Pension & Profit Sharing Payments Debt. & Cred. Law § 282, Ins. Law §4607, CPLR §5205(c) UNLIMITED
Personal Injury Recoveries Debt. & Cred. § 282(3)(iii) $7,500.00 $15,000.00
Pew/Place Of Worship CPLR §5205(a)(3) UNLIMITED
Police & Fire Retirement Systems Retire. & Soc. Sec. Law §410 UNLIMITED
Property Held Under Trust CPLR § 5205(c), Debt. & Cred. Law § 282(2)(e) UNLIMITED
Public Assistance Soc. Sec. Law §§ 137, 137-a UNLIMITED
Rental, Utility, Phone Deposits CPLR § 5205(g) UNLIMITED
Soc. Sec., Veteran's, Etc. Benefits Debt. & Cred. Law § 282 UNLIMITED
Specific Partnership Property Partnership Law § 51 UNLIMITED
Teachers§ Retirement Benefits Educ. Law §524 UNLIMITED
Tools Of Trade - Books, Equipment CPLR § 5205(a)(7) $3,000.00 $6,000.00
Unemployment Lab. Law §595, Deb. & Cred. Law §282 UNLIMITED
Watch, Jewelry, Art CPLR § 5205(a)(6) $1,000.00 $2,000.00
Wedding Ring CPLR §5205(a)(6) UNLIMITED
Workers' Compensation Work. Comp. Law § 33 UNLIMITED

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Full Document Preparation Service ranging from $75.00 - $199.00

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Disclaimer

Citations and links to primary law and secondary sources are provided for those who wish to do further research. Every effort has been made to make this information up to date and accurate, but laws can and do change without notice. Persons relying on this information are responsible for confirming its timeliness and accuracy before relying on it. Also, bear in mind, that these brief summaries do not list every detail or exception to these exemptions. For example, there are often exceptions for collection of child support debt and/or taxes. These listings are designed to inform you of laws that exist for your benefit, so that you may exercise what rights you may have. Finally, this website is intended to provide information only. It cannot answer whether your property does or does not qualify for a specific exemption.