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New York Bankruptcy Exemptions


New York Bankrupcty Exemptions Summary

(details below...)

Homestead

Real property including co-op, condo, or mobile home, to $179,975 for the counties of Kings, New York, Queens, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam; $149,975 for the counties of Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster; $89,975 for the remaining counties in the state. (husband & wife may double)

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Personal Property

Clothing, furniture, refrigerator, TV, radio, computer and cell phone, crockery, cooking utensils & tableware, dishes necessary for family;
Stoves and home heating equipment with fuel to last 120 days;
Wedding ring, jewelry and art to $1,175;
Religious texts, schoolbooks, other books to $600;
Church pew or seat;
Domestic animal with food to last 120 days, to $1,175;
(NY CPLR § 5205)

In bankruptcy, these personal property exemptions claimed under NY CPLR § 5205 may not exceed $11,975 total (including tools of trade & limited annuity) (NY DEBT & CRED § 282)

   (more...)

Auto/Truck (aka Motor Vehicle)

Motor vehicle to $4,825. $11,975 if vehicle equipped for a disabled person (husband & wife may double)

  (more...)

Wild Card

$1,175 if no homestead claimed

  (more...)

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New York Bankruptcy Exemptions

Does New York Adjust Exemptions for Inflation?

New York adjusts its exemption amounts for inflation every three years, starting in 2009, then 2012, 2015, 2018 and most recently on April 1, 2021. Click here for updated 2021 New York bankruptcy exemption amounts. The next change will be April 1, 2024

Can I Use the Federal Bankruptcy Exemptions in New York?

Federal Bankruptcy Exemptions Available?

Yes. N.Y. Debt. & Cred. Law § 285

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Background of state "opt out" laws

Every state has a list of exemptions that protect specific types and amounts of property from collections on judgements within that state.

When bankruptcy law was first modernized 50 years ago, the proposal was to have a federal list of bankruptcy exemptions apply uniformly across all 50 states. Many states objected to this idea, because state collection law had traditionally ruled that issues of collections and "asset protection" were matters of state, not federal law. So a compromise was struck, that allows states to "opt out" of the federal bankruptcy exemptions. 

Federal Non-Bankruptcy Exemptions

Federal "non-bankruptcy" exemptions are available in every state

You are entitled to use so-called federal "non-bankruptcy" exemptions in addition to your state law exemptions.

Non-bankruptcy exemptions are those exemption provisions of U.S. law that are NOT part of the bankruptcy code section section 522(d).

The four most significant non-bankruptcy exemptions are for

  • Wages (a general cap on what percentage of your wages can be garnished),
  • Social Security benefits,
  • Civil Service benefits,
  • Veterans Benefits

Other so called "non-bankruptcy" exemptions mostly deal with various benefits to government and military personnel, with a few odd laws regarding specially-regulated labor markets such as railroad workers, seamen, and longshoremen.

 

Disclaimer

Disclaimer

Citations and links to primary law and secondary sources are provided for those who wish to do further research. Every effort has been made to make this information up to date and accurate, but laws can and do change without notice. Persons relying on this information are responsible for confirming its timeliness and accuracy before relying on it. (This information was updated for April 2019.)

Also bear in mind that these brief summaries do not list every detail or exception to these exemptions. For example, there are often exceptions for collection of child support debt and/or taxes. These listings are designed to inform you of laws that exist for your benefit, so that you may exercise what rights you may have.

Finally, this website is intended to provide information only. It cannot answer whether your property does or does not qualify for a specific exemption.

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Homestead

New York Homestead Exemption

New York Homestead Exemption 

Real property including co-op, condo, or mobile home, to $179,975 for the counties of Kings, New York, Queens, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam; $149,975 for the counties of Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster; $89,975 for the remaining counties in the state. (husband & wife may double)

Amount Joint amount

$89,795 to $179,975 depending on county

$150,000 to $300,000 depending on county

NOTE: Residency Requirement Caps Maximum Homestead at $160,375 if you've recently moved to a State that allows more than that

Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (3 years + 4 months) before you can claim any homestead protection greater than $160,375. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .

IF you are moving to another state, OR you moved to New York within in the last two years, click here.

Federal Non-Bankruptcy Homestead Exemptions (available in every State)

These are exemptions under federal law, and not part of the bankruptcy code, so states cannot "opt out" from these exemptions.

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US Bankruptcy Code § 522(d) Homestead Exemption

Can a New York debtor use the Federal Bankruptcy exemptions instead of New York exemptions?

Yes. N.Y. Debt. & Cred. Law § 285

The Federal Bankruptcy Exemptions under 11 U.S.C. § 522(d) are available to you if

  • you haven't lived in any state longer than 180 days for a while,
  • or
  • if your state allows the Federal exemptions as a choice.

Home Valuation tool

Just add your street address to get an estimate of the value of your house, and all others in your neighborhood. (Note: Does not serve all areas, and valuations are imperfect estimates only.)

Homestead Exemptions in Other States

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TBE

Does New York Recognize Tenancy by the Entirety?

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Tenancy By The Entirety in Other States

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Insurance

New York Insurance Exemptions

Federal Non-Bankruptcy Insurance Exemptions (available in all states)

US Bankruptcy Code § 522 Insurance Exemptions

The Federal Bankruptcy Code Exemptions under section 522 are available to you if

  • you haven't lived in any state longer than 180 days for a while, or
  • if your state allows the Federal exemptions as a choice.

Does New York allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?

Yes. N.Y. Debt. & Cred. Law § 285

Insurance Exemptions in Other States

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Misc

New York Miscellaneous Exemptions

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US Bankruptcy Code § 522 Miscellaneous Exemptions

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Does New York allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?

Yes. N.Y. Debt. & Cred. Law § 285

The Federal Bankruptcy Exemptions are available to you if
  • you haven't lived in any state longer than 180 days for a while, or
  • if your state allows the Federal exemptions as a choice.

 

Miscellaneous Exemptions in Other States

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Pensions

New York Pension Exemptions

Federal Non-Bankruptcy Pension & Retirement Exemptions (available in every state)

Federal Bankruptcy Code § 522(d) Pension & Retirement Exemptions

The Federal Bankruptcy Exemptions under 11 U.S.C are available to you if

  • you haven't lived in any state longer than 180 days for a while, or
  • if your state allows the Federal exemptions as a choice.

Does New York allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?

Yes. N.Y. Debt. & Cred. Law § 285

Pension & Retirement Exemptions in Other States

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Personal Property

New York Motor Vehicle Exemption & Other Personal Property Exemptions

New York Motor Vehicle Exemption

Motor vehicle to $4,825. $11,975 if vehicle equipped for a disabled person (husband & wife may double)

New York Personal Property Exemptions

Federal Non-Bankruptcy Personal Property Exemptions (available in every state)

Federal Bankruptcy Code § 522(d) Personal Property Exemptions

The Federal Bankruptcy Exemptions are available to you if

  • you haven't lived in any state longer than 180 days for a while, or
  • if your state allows the Federal exemptions as a choice.

Does New York allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?

Yes. N.Y. Debt. & Cred. Law § 285

Personal Property Exemptions in Other States

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Public Benefits

Public Benefits Exemptions for New York

Federal "non-bankruptcy" Public Benefits exemptions (available in all states)

Federal Bankruptcy Code §522(d) Public Benefits Exemptions

The Federal Bankruptcy Exemptions are available to you if

  • you haven't lived in any state longer than 180 days for a while, or
  • if your state allows the Federal exemptions as a choice.

Does New York allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?

Yes. N.Y. Debt. & Cred. Law § 285

Public Benefits Exemptions in Other States

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Tools of Trade

New York Tools of Trade Exemptions

New York Tools of Trade Exemptions

Federal non-bankrupcty Tools of Trade Exemptions

US Bankruptcy Code § 522 (d) Tools of Trade Exemptions

The Federal Bankruptcy Exemptions are available to you if

  • you haven't lived in any state longer than 180 days for a while, or
  • if your state allows the Federal exemptions as a choice.

Does New York allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?

Yes. N.Y. Debt. & Cred. Law § 285

Tools of Trade Exemptions in Other States

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Wages

New York Wage Garnishment

Federal Non-Bankruptcy Law (available in all states)

Federal "non-bankruptcy" law also offers exemption protection for wages.

US Bankruptcy Code § 522 Wage Garnishment Exemptions

The Federal Bankruptcy Exemptions are available to you if

  • you haven't lived in any state longer than 180 days for a while, or
  • if your state allows the Federal exemptions as a choice.

Does New York allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?

Yes. N.Y. Debt. & Cred. Law § 285

Wage Garnishment in Other States

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WildCard

New York WildCard Exemption

$1,175 if no homestead claimed

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Federal Bankruptcy Wildcard Exemptions

The Federal Bankruptcy Exemptions are available to you if

  • you haven't lived in any state longer than 180 days for a while, or
  • if your state allows the Federal exemptions as a choice.

Does New York allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?

Yes. N.Y. Debt. & Cred. Law § 285

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WildCard Exemptions in Other States

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