New York Bankruptcy Exemption List

You may only use the State Exemption

New York has developed their own list of bankruptcy exemptions. In the state of New York, you must use the state bankruptcy list. There may be additional supplemental federal exemptions which can also be used in conjunction with the New York exemption list. It is important to discuss all of your exemptions with a New York Bankruptcy Attorney. Exemption Amount

The goal of the New York bankruptcy exemption list is to allow you to keep enough assets and personal property to start over after bankruptcy, There may not be a corresponding exemption listing for all of your assets. Certain states may also have a residency requirement to use the state exemption list.

Exemptions	Exemption Amount	Statutes
Homestead	Real property including co-op, condo or mobile home, to $10,000 Husband & wife may double	5206(a) In re Pearl, 723 F.2d 193 (2nd Cir. 1983)
Miscellaneous	Alimony, child support needed for support Property of business partnership	Debtor & Creditor 282(2)(d) Partnership 51
	Property of business partnership	Partnership 51
Tools of the Trade	Farm machinery, team, food for 60 days, professional furniture, books & instruments to $600 total	5205(b)
	Uniforms, medal, equipments,. Emblem, horse, arms and sword of military member	5205(e
Wages	90% of earnings from milk sales to milk dealers	5205(f)
	90% of earned but unpaid wages received within 60 days prior (100% for a few militia members)	5205(d), (e)
Insurance	Annuity contract benefits due or prospectively due the debtor, who paid for the contract; if purchased within 6 months prior & not tax-deferred, only $5000	Insurance 3212(d), Debtor & Creditor 283(1) Insurance 3212(c) Estates, Powers & Trusts7-1.5(a)(2) Insurance 321(b)(2)
	Life insurance proceeds left at death with the insurance company pursuant to agreement, if clause prohibits proceeds from being used to pay beneficiarys’ creditors
	Disability or illness benefits to $400 per month
	Life insurance proceeds and avails if the person effecting the policy is the spouse of the insured	Insurance 321(b)(2)
Pensions	ERISA-qualified benefits needed for support, includes IRAs	Debtor & Creditor 282(2)(e), 5205(c)
	IRAs needed for support	Debtor & Creditor 282(2)(e), 5205(c)
	Keoghs needed for support	Debtor & Creditor 282(2)(e), 5205(c)
	Public retirement benefits	Insurance 4607
	State employees	Retirement & Social Security 110
	Village police officers	Unconsolidated 5711-o
Public Benefits	Aid to blind, aged, disabled, AFDC	Debtor &Creditor 282(2)(c), Debtor & Creditor 282(3)(i), Debtor & Creditor 282(2)(a)
	Crime victims’ compensation
	Home relief, local public assistance
	Social security
	Workers’ compensation
	Unemployment compensation
	Veterans’ benefits
Personal Property	Bible; schoolbooks; books to $50; pictures; clothing; church pew or seat; stoves with fuel to last 60 days; sewing machine; domestic animal with food to last 60 days, to $450; food to last 60 days; furniture; refrigerator; TV; radio; wedding ring; watch to $35; crockery, cooking utensils and tableware needed, to $5000 total (with farm machinery, etc.) Burial plot, without structure to ¼ acre Cash, the lesser of either $2500, or an amount that, with annuity, totals $5000; in lieu of homestead Health aids, including animals with food Lost earnings recoveries needed for support Motor vehicle to $2400 Personal injury recoveries to $7500 (not to include pain and suffering) Security deposits to landlord, utility company Trust fund principal, to 90% of income Wrongful death recoveries for person you depended on, needed for support	5205(1)-(6), Debtor & Creditor 283(1) 5206(f) Debtor & Creditor 283(2) 5205(h) Debtor & Creditor 282(3)(iv) Debtor & Creditor 282(1) Debtor & Creditor 282(3)(iii) 5205(g) 5205(c), (d) Debtor & Creditor 282(3)(ii)