New York Bankruptcy State Exemptions

New York bankruptcy exemptions table below provides details pertaining to the property that is exempt from being sold off to pay creditors by the Trustee. You may exempt any property up to the dollar amount listed  that falls into one of the exemptions categories below. You will be permitted to kept this exempted property even after you file bankruptcy. There are some debt that may not be eliminated by filing bankruptcy. See (Non-dischargeable debt.)

New York bankruptcy exemption limit is applicable to any equity you may still have in the property. The equity value of property is determined by the difference between the value of the property and what you actually owe on the property. For example, a car valued at $6,000 with a loan of $4,500 has an equity value of only $1,500.

If the property on which you owe debt is secured by a loan, such as a home or car, and provided that you either current or caught up on the payments and the equity is covered by your exemptions, you may opt to continue making payments on the loan and retain this property through the bankruptcy. The trustee may decide to liquidate this asset and distribute the proceeds of all the equity if not covered by your exemptions. Usually, in such a case, you would be entitled to receive the value of your New York bankruptcy exemption in the asset as a cash payment.

Unless otherwise states, bankruptcy law permits couples filing jointly to each claim a full set of exemptions. In order not to lose non-exempt property, a debtor is required to pay the trustee the entire value of the non-exempt property. Certain federal exemptions may also be used in addition to your New York exemptions. Exemptions vary from state to state, however federal exemptions are standard throughout the United States. Please see below links of exemptions for each state.

Exemption Categories Exemption AmountStatutes/Sources
Homestead Exemption-Real property including co-op, condo or mobile home, to $10,000

-Married Spouses may double the Homestead Exemption

-Up to $150,000 in Kings, Queens, New York, Bronx, Richmond, Nassau Suffolk, Rockland, Westchester and, Putnam counties

-Up to $125,000 in Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster counties

-Up to $75,000 in all other remaining counties of the state
CPLR 5206(a)

In re Pearl, 723 F.2d 193 (2nd Cir. 1983)
Wildcard Homestead Exemption-If no homestead exemption is claimed, then $1,000 in personal property, bank account or cash.CPLR 5205(a)(9)
Motor Vehicles-One Motor vehicle up to $4,000 above all liens or encumbrances on the motor vehicle.

-If the motor vehicle has been equipped for use by a disabled debtor, then $10,000 in value above all liens and encumbrances of the debtor

-This exemption for 1 motor vehicle shall not apply if the debt enforced is for child support, spousal support, maintenance, alimony or equitable distribution, or if the state of New York or any of its agencies or any municipal corporation is the judgment creditor;
CPLR 5205(a)(8)
Wages-Exemption for unpaid milk proceeds.

-Income exemptions including Lost Earnings and Income needed for Support.

-90% of the income or other payments from a trust the principal of which is exempt under subdivision

-90%of the earnings of the judgment debtor for his personal services rendered within sixty days before, and at any time after, an income execution is delivered to the sheriff or a motion is made to secure the application of the judgment debtor's earnings to the satisfaction of the judgment;

-Payments pursuant to an award in a matrimonial action, for the support of a spouse where the spouse is the judgment debtor, or for the support of a child, where the child is the judgment debtor
CPLR 5205(f)

CPLR 5205(d)

CPLR 5205(d)(1)

CPLR 5205(d)(2)

CPLR 5205(d)(3)
Personal Property-All stoves and home heating equipment kept for use in the judgment debtor's dwelling house and necessary fuel therefor for 120 days;

-One Sewing machine with all its appurtenances;

-Religious texts, schoolbooks, other books, pictures $500;

-A seat or pew occupied by the judgment debtor or the family in a place of public worship;

-Domestic animals with the necessary food for those animals for 120 days, provided that the total value of such animals and food does not exceed $1000;

-All necessary food actually provided for the use of the judgment debtor or his family for one hundred twenty days;

-All wearing apparel, household furniture, one mechanical, gas or electric refrigerator, one radio receiver, 1 television set, 1 computer and associated equipment, 1 cellphone, crockery, tableware and cooking utensils necessary for the judgment debtor and the family; all prescribed health aids;

-Wedding ring, watch, jewelry and art up to $1,000;

-Tools of trade, necessary working tools and implements, including those of a mechanic, farm machinery, team, professional instruments, furniture and library, not exceeding $3,000 in value, together with the necessary food for the team for one hundred twenty days, provided, however, that the articles specified in this paragraph are necessary to the carrying on of the judgment debtor's profession or calling;
CPLR 5205(a)(1)

CPLR 5205(a)(1)

CPLR 5205(a)(2)

CPLR 5205(a)(3)

CPLR 5205(a)(4)

CPLR 5205(a)(4)

CPLR 5205(a)(5)

CPLR 5205(a)(6)

CPLR 5205(a)(7)
Pensions -All payments under a stock bonus, pension, profit sharing, or similar plan or contract on account of illness, disability, death, age, or length of service unless (i) such plan or contract,

-all property while held in trust for a judgment debtor, where the trust has been created by, or the fund so held in trust has proceeded from, a person other than the judgment debtor, is exempt from application to the satisfaction of a money judgment.

-ERISA-qualified benefits needed for support, includes IRAs

-IRAs needed for support

-Keoghs needed for support

-Public retirement benefits

-State employees

-Village police officers
Debtor & Creditor 282(2)(e)

CPLR 5205(c)

Debtor & Creditor 282(2)(e)

CPLR 5205(c)

Insurance 4607

Retirement & Social Security 110
Unconsolidated 5711-o
Exemptions for Public Benefits-A disability, illness, or unemployment benefit

-Crime victims compensation

-Local public assistance
Debtor &Creditor 282(2)(c)

Debtor & Creditor 282(3)(i)

Debtor & Creditor 282(2)(a)
Alimony and Child Support-Alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor

-Property of business partnership
Debtor & Creditor 282(2)(d)

Partnership 51
Insurance Policies and Annuities -The aggregate amount the debtor may exempt from the property of the estate shall not exceed $10,000.

-Annuity contracts that are subject to a $10,000 aggregate limitation include:
1. Those annuity contracts that are initially purchased by the debtor within six months of the debtor's filing a petition in bankruptcy

2. Those annuity contracts that are not purchased by application of proceeds under settlement options of annuity contracts purchased more than six months before the debtor's filing a petition in bankruptcy or under settlement options of life insurance policies.

-Contingent alternative bankruptcy exemption.

-Disability or illness benefits to $400 per month

-The proceeds of a life insurance policy which, under a trust or other agreement, are upon the death of the insured left with the insurance company may not be:
(a) transferred,
(b) subject to commutation or encumbrance
(c) subject to legal process except in an action for necessaries, if provisions to such effect were incorporated in such trust or other agreement.

-Life insurance proceeds and avails if the person effecting the policy is the spouse of the insured
Debtor & Creditor 283(2)

Insurance 3212(c)

Estates, Powers & Trusts7-1.5(a)(2)
Other Exemptions-Exemptions to members of armed forces.
The pay and bounty of a non-commissioned officer, musician or private in the armed forces of the United States or the state of New York; a land warrant, pension or other reward granted by the United States, or by a state, for services in the armed forces; a sword, horse, medal, emblem or device of any kind presented as a testimonial for services rendered in the armed forces of the United States or a state

-Security deposit exemption.
1. Money deposited as security for the rental of real property to be used as the residence of the judgment debtor or the judgment debtor's family;

2. Money deposited as security with a gas, electric, water, steam, telegraph or telephone corporation, or a municipality rendering equivalent utility services, for services to judgment debtor's residence or the residence of judgment debtor's family, are exempt from application to the satisfaction of a money judgment.

-Health aids
1. Any and all medical and dental accessions to the human body and all personal property or equipment that is necessary or proper to maintain or assist in sustaining or maintaining one or more major life activities or is utilized to provide mobility for a person with a permanent disability

2. Any guide dog, service dog or hearing dog, or any animal trained to aid or assist a person with a permanent disability and actually being so used by such person, together with any and all food or feed for any such dog or other animal.

-Exemption for New York state college choice tuition savings program trust fund payment monies.
Monies in an account created pursuant to article fourteen-A of the education law are exempt from application to the satisfaction of a money judgment as follows:

1. 100% of monies in an account established in connection with a scholarship program established pursuant to such article is exempt;

2. 100% of monies in an account is exempt where the judgment debtor is the account owner and designated beneficiary of such account and is a minor; and

3. Up to $10,000 in an account, or in the aggregate for more than one account, is exempt where the judgment debtor is the account owner of such account or accounts.

Burial plot, without structure to 1/4 acre
CPLR 5205(e)

CPLR 5205(g)

CPLR 5205(h)

CPLR 5205(j)