NY Exemptions

What are the New York Bankruptcy Exemptions?

Homestead

CPLR 5206 - Real property, including mobile home, condominium, or co-op, up to $50,000 (Joint Debtors $100,000, if property jointly owned).

Personal Property

CPLR 5205 - Clothing, furniture, refrigerator, TV, radio, sewing machine, security deposits with landlord or utility company, tableware, cooking utensils and crockery, stoves with fuel to last 60 days, health aids (including service animals with food), church pew or seat, wedding ring, bible, schoolbooks, pictures; books up to $50; domestic animals with food to last 60 days and up to $450; watch to $35; tools of trade $600; spendthrift trust fund principal; 90% of trust fund income if not created by debtor; college tuition savings program trust fund; recovery for injury to exempt property up to 1 year after receiving. Exemptions cannot exceed a total of $5,000 including tools of trade and limited annuity.

CPLR 5206 - Burial plot up to 1/4 acre without a structure on it.

Debtor & Creditor 282 - Motor vehicle up to $2,400; lost future earnings recoveries needed for support; personal injury recoveries ($7500) up to 1 year after receipt; wrongful death recoveries for a person you depended upon for support.

Debtor & Creditor 283 - IN LIEU OF Homestead the lesser of the following: up to $2,500 cash or up to $5,000 after deducting exemptions for personal property.

Wages

5205 - 90% of earned but unpaid wages received within 60 days of filing for bankruptcy; 90% of earnings from milk sales to milk dealers; 100% for a noncommissioned private, officer or musician in the U.S. or N.Y. state armed forces.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.

5205 & Debtor & Creditor 282 - ERISA-qualified plans, Keoghs and IRAs needed for support.

Educ.524 - Teachers.

Ins. 4607 - Public retirement benefits.

Ret. and Soc. Sec. 10 - State employees.

Unconsolidated 5711-o - Village police officers.

Vol. Amb. Wkr. Ben. 23 - Benefits of volunteer ambulance workers.

Vol. Fire. Ben. 23 - Benefits of volunteer firefighters.

Public Benefits

Debtor & Creditor 282 - Unemployment benefits; veterans' benefits; Social Security; aid to blind, aged, and disabled; crime victims' compensation; home relief, local public assistance; public assistance; worker's compensation.

Tools of Trade

5205 - Professional furniture, books, instruments, farm machinery, team and food for 60 days, up to $600 total; arms, swords, uniforms, equipment, horse, emblem and medal of a military member.

Alimony and Child Support

C.P.L.R. 5205 - Alimony and child support.

Insurance

Debtor & Creditor 283 - Annuity contract benefits due to the debtor if he or she paid for the contract up to $5,000, if purchased within 6 months of filing for bankruptcy and not tax-deferred.

Estates Powers & Trusts 7-1.5 - Life insurance proceeds left at death if policy prohibits use to pay creditors.

Insurance 3212 - Disability or illness benefits up to $400 per month; life insurance proceeds, dividends, interest, loan, cash, or surrender value if beneficiary is not the debtor or if the debtor's spouse has taken out the policy.

Miscellaneous

Partnership 51 - Business partnership property.

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