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New York does not follow the Federal Exemptions provided in the Bankruptcy Code but allow exemptions based on State law. Exemptions in each state may vary and a clearer understanding of the exemptions can be provided for at your free consultation with an attorney.
Real property: Debtor’s Residence such as their home, Condo, Co-Operative or mobile home up to $50,000.
Personal property: Pursuant to CPLR 5205 (a)(1)(6) and NY Debtor and Creditor Law Sections 282 and 283:
- a. Stove with fuel for 60 days; 1 sewing machine, family bible, family pictures, School books used by family, books up to $50, seat or pew in place of worship; domestic animals with food for 60 days ($450 total for food and animal) food for the family for 60 days, clothing, household furnishings; 1 refrigerator, 1 radio, 1 television, dishes and utensils for cooking and eating; 1 wedding ring /bands ( engagement ring is not exempt), 1 watch up to $35. All o these personal property exemptions plus tools of your trade, and some annuities up to $5,000 total
- Specific to CPLR 5205 (b)-(j) b. Payment for damage to exempt property: all for up to one year after receipt
- c. Spendthrift trust principal 90% of income if the trust was not created by debtor.
- d. Burial plot without a structure : up to ¼ acre.
- e. All of the debtor’s security deposit ( residential and utility) health aids, including servicing animals and their food.
- College tuition trust fund (all)
Specific to Debtor and Creditor law 282(2)-(3)
Motor Vehicle: one automobile up to $2,400 in value; (Does not include motorcycles, boats or all terrain vehicles)
Recovery for wrongful death for person debtor depended on (all), Recovery for personal injury $7,500, recoveries for lost future earning (Sec 282(3)(iv.)
Cash defined to include bonds, deposits, and tax refunds up to $2,500 or the unused portion of the $5,000 allowed for personal property and tools of your trade, which ever is less.
Local public assistance and home relief (all); social security benefits (all), unemployment compensation benefits (all), Veteran’s benefits (all) Aid for blind, disabled, or aged persons (all); worker’s compensation benefits (all), Crime victims compensation (all).
Tools of your trade: Farm machinery, team and food for team for 60 days, and furniture, books, tools and implements need for profession up to $600.00 total; for members of military, uniforms, medal, emblem, equipment, horse, arms and sword (all)
Wages earned but unpaid and received 60 days before filing for bankruptcy or any time after 90%; Wages of noncommissioned officer, officer, private or musician in U.S or NY state armed forces 100%, earnings of dairy farmer from sale of milk 90%.
Insurance: Estate Powers and Trust 7-1.5 and NY Insurance Law 3212(b)-(d)
Life insurance proceeds left at death in trust with the insurance company: all if the policy has a clause forbidding the procees to be used to pay creditors of the beneficiary; life insurance proceeds/avails: all if the debtor is not the beneficiary or if the policy was taken out by the debtor’s spouse; illness or death benefits up to $400 a month, annuity contract benefits from a contract purchased by the debtor: up to $5,000 if the contract was purchased within 6 months of filing bankruptcy and if the annuity is not tax deferred.
Child Support and alimony (all); property owned by business partnership.
Federal pension exemption; IRA, Roths IRA, ERISA-qualfied benefits (all) Teacher’s pension (all) NY Education Law Sec. 524; Public retirement benefits (all-100%)