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.
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Exemptions
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Exemption Amount
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Statutes
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| 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 |
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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) |
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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) |
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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
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Insurance 3212(d), Debtor & Creditor 283(1)
Insurance 3212(c)
Estates, Powers & Trusts7-1.5(a)(2)
Insurance 321(b)(2) |
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Life insurance proceeds left at death with the insurance company pursuant to agreement, if clause prohibits proceeds from being used to pay beneficiarys’ creditors |
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Disability or illness benefits to $400 per month |
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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) |
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IRAs needed for support |
Debtor & Creditor 282(2)(e), 5205(c) |
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Keoghs needed for support |
Debtor & Creditor 282(2)(e), 5205(c) |
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Public retirement benefits |
Insurance 4607 |
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State employees |
Retirement & Social Security 110 |
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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) |
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Crime victims’ compensation |
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Home relief, local public assistance |
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Social security |
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Workers’ compensation |
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Unemployment compensation |
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Veterans’ benefits |
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| 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) |