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New York State Exemption

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.

    Public Benefit:
    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:
    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.

    Miscellaneous:
    Child Support and alimony (all); property owned by business partnership.

    Pensions
    Federal pension exemption; IRA, Roths IRA, ERISA-qualfied benefits (all) Teacher’s pension (all) NY Education Law Sec. 524; Public retirement benefits (all-100%)