^ Top - New York Bankruptcy Exemptions
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New York Homestead Exemption
Almost every state provides protection for equity in the family home, and many states have increased the amount of protection in recent years. Seven states offer unlimited protection. Most states are not as generous.
Federal Law Residency Requirement
Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (three years and four 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.) .
New York Exemptions
- NY Exemptions
- Real property including co-op, condo, or mobile home, to $170,825 for the counties of Kings, New York, Queens, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam; $142.350 for the counties of Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster; $85,400 for the remaining counties in the state. (husband & wife may double)
In re Pearl, 723 F.2d 193 (2nd Cir. 1983)
N.Y. CPLR § 5206 (a)
Federal Exemptions
- Indian lands or homestead sales or lease proceeds
25 U.S.C. § 410 - Real property, including co-op or mobile home, or burial plot to $25,150; unused portion of homestead to $12,575 may be applied to any property
11 U.S.C. § 522 (d)(1), (d)(5)
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.)
^ Top - New York Bankruptcy Exemptions
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Tenancy by Entirety Exemption
Tenancy by the Entirety (TBE) is a form of property ownership, based on traditional English common law, that is still recognized in about 1/2 of states and the most common form of martial property ownership in many of them.
It protects property that is jointly owned by a married couple as an "entirety" -- which is to say, as a single marital entity, not as individuals.
Tenancy by the Entirety (TBE) was originally conceived as a debt shield -- a way of protecting wives and children from being left homeless and penniless as a result of the debts of a husband. Under the English common law TBE doctrine, a husband could not sell property owned by "the entirety", or give it away, or pledge it as security for a loan without the consent of his wife.
Today, 25 states still recognize some form of tenancy by the entirety, but they differ on the extent to which the property is exempt.
New York Exemptions
- Recognized, but not exempt
N.Y. Est. Powers & Trusts Law § 6-2.2 (Default form of ownership for marital property.)
Federal Exemptions
^ Top - New York Bankruptcy Exemptions
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New York Insurance exemptions
Virtually all states protect life insurance proceeds in some manner or another. Some restrict it to proceeds paid to a dependent. Many states also protect the cash-value or loan-value of insurance policies.
If a substantial amount of your assets are in life insurance, you may want to consult a professional to determine the extent to which those policies are exempt.
New York Exemptions
- Annuity contract benefits due the debtor, if
debtor paid for the contract; $5,000 limit
if purchased within 6 mos. prior to filing &
not tax-deferred
N.Y. Ins. Law § 3212 (d)
N.Y. Debt. & Cred. Law § 283 (1)
- Cash surrender value of life insurance
N.Y. CPLR § 5205 (i)
- Disability or illness benefits to $400/month
N.Y. Ins. Law § 3212 (c)
- Life insurance proceeds and avails if the
beneficiary is not the debtor, or if debtor's
spouse has taken out policy
N.Y. Ins. Law § 3212 (b)
- Life insurance proceeds left at death
with the insurance company, if clause
prohibits proceeds from being used to pay
beneficiary's creditors
N.Y. Est. Powers & Trusts Law § 7-1.5 (a)(2)
Federal Exemptions
- Disability, illness, or unemployment benefits
11 U.S.C. § 522 (d)(10)(C)
- Federal government employee death & disability benefits
5 U.S.C. § 8130
- Federal judges, U.S. court & judicial center directors, administrative assistants to U.S. Supreme Court Chief Justice
28 U.S.C. § 376
- Federal war risk, hazard, death, or injury compensation, death & disability benefits
42 U.S.C. § 916
- Life insurance payments from policy for person you depended on, needed for support
11 U.S.C. § 522 (d)(11)(C)
- Life insurance policy loan value, in accured dividends or interest, to $13,400
11 U.S.C. § 522 (d)(8)
- Lighthouse workers survivors' benefits
33 U.S.C. § 775
- Longshoremen & harbor workers death & disability benefits
33 U.S.C. § 916
- Military group life insurance
38 U.S.C. § 1970 (g)
- U.S. Military service survivors' benefits
10 U.S.C. § 1450
- Unamtured life insurance contract, except credit insurance policy
11 U.S.C. § 522 (d)(7)
^ Top - New York Bankruptcy Exemptions
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Miscellaneous other exemptions for New York
New York Exemptions
- Alimony, child support
N.Y. CPLR § 5205 (d)(3)
N.Y. Debt. & Cred. Law § 282 (2)(d)
- Property of business partnership
N.Y. Partnership Law § 51
Federal Exemptions
- Alimony, child support needed for support
11 U.S.C. § 522 (d)(10)(D)
^ Top - New York Bankruptcy Exemptions
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New York Pensions & Retirement Savings Exemptions
The new federal bankruptcy law now automatically exempts a virtually all tax-exempt pensions and retirement savings accounts from bankruptcy, even if you are using state law exemptions. 11 U.S.C. § 522(b)(3)(C). (See Help Topic: Special Rules For Retirement Accounts.)
The law protects up to $1,283,025 of any pension or retirement fund that qualifies forspecial tax treatment under Internal Revenue Code sections 401,402, 403, 408, 408A, 414, 457, or 501(a).
Federal Exemptions
- All types of retirement funds and accounts that tax-exempt under IRC section 401, 403, 408, 408A, 414, 457, or 501(a) ; IRAs & Roth IRAs limited to $1,362,800 (excluding rollover contributions); limitation can be overidden by judge.
11 U.S.C. § 522 (d)(12)
11 U.S.C. § 522 (n)
- Federal civil service employees
5 U.S.C. § 8346
- Foreign Service Employees
22 U.S.C. § 4060
- Military Medal of Honor roll pensions
38 U.S.C. § 1562 (c)
- Military service employees
10 U.S.C. § 1440
- Railroad workers
45 U.S.C. § 231m
- Social Security
42 U.S.C. § 407
- U.S. veterans' benefits
38 U.S.C. § 3501
New York Exemptions
- ERISA-qualified benefits, IRAs, & Keoghs & income needed for support
N.Y. CPLR § 5205 (c)
N.Y. Debt. & Cred. Law § 282 (2)(e)
- Public retirement benefits
N.Y. Ins. Law § 4607
- State employees
N.Y. Retire. & Soc. Sec. Law § 10
- Teachers
N.Y. Educ. Law § 524
- Village police officers Unconsolidated
N.Y. Unconsol. Law § 5711-o
- Volunteer ambulance workers' benefits
N.Y. Vol. Amb. Ben. Law § 23
- Volunteer firefighters' benefits
N.Y. Vol. Fire. Ben. Law § 23
N.Y. Gen. Mun. Law § 206-b
^ Top - New York Bankruptcy Exemptions
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New York Personal Property Exemptions
This category covers your car, your non-retirement bank accounts, and most of your other personal possessions, other than your house.
States vary widely on how generous they are in this area. Some exemptions may be for any combination of property up to an aggregate amount. Other exemptions apply only to specific items, such as jewelry.
Remember that an exemption will not protect your car from being repossessed by the holder of the car loan you used to purchase the vehicle if you pledged the vehicle as security for the loan. To keep the car, you will have to pursue other options such as 'redemption' or 'reaffirmation.' See the help topics and How to File for Chapter 7 Bankruptcy for more on this.
New York Exemptions
- (Contingent Alternative Exemption for debtors who do not claim homestead): Cash (including savings bonds, tax refunds, bank & credit union deposits) to $5,700, or to $11,375 minus the aggregate total exemptions taken for personal property, whichever amount is less
N.Y. Debt. & Cred. Law § 283 (2)
- Burial plot without structure to 1/4 acre
N.Y. CPLR § 5206 (f)
- 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 $1,150;
Religious texts, schoolbooks, other books to $575;
Church pew or seat;
Domestic animal with food to last 120 days, to $1,150;
(NY CPLR § 5205)
In bankruptcy, these personal property exemptions claimed under NY CPLR § 5205 may not exceed $11,375 total (including tools of trade & limited annuity) (NY DEBT & CRED § 283)
N.Y. CPLR § 5205
N.Y. Debt. & Cred. Law § 283
- College tuition savings program trust fund
N.Y. CPLR § 5205 (j)
- Health aids, including service animals with food
N.Y. CPLR § 5205 (h)
- Lost future earnings recoveries needed for support
N.Y. Debt. & Cred. Law § 282 (3)(iv)
- Motor vehicle to $4,550. $11,375 if vehicle equipped for a disabled person (husband & wife may double)
In re Miller, 167 B.R. 782 (S.D. N.Y. 1994)
N.Y. Debt. & Cred. Law § 282 (1)
N.Y. CPLR § 5205 (a)(8)
- Personal injury recoveries up to 1 year after receiving
N.Y. Debt. & Cred. Law § 282 (3)(iii)
- Recovery for injury to exempt property up to 1 year after receiving
N.Y. CPLR § 5205 (b)
- Savings & loan savings to $600
N.Y. Banking Law § 407
- Security deposit to landlord, utility company
N.Y. CPLR § 5205 (g)
- Spendthrift trust fund principal, 90% of income if not created by debtor
N.Y. CPLR § 5205 (c),(d)
- Up to $2,850 of electronic deposits of exempt payments into bank account within last 45 days
N.Y. CPLR § 5205 (1)(l)
- Wrongful death recoveries for person you depended on
N.Y. Debt. & Cred. Law § 282 (3)(ii)
Federal Exemptions
- Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $625 per item, $13,400 total
11 U.S.C. § 522 (d)(3)
- Health aids
11 U.S.C. § 522 (d)(9)
- Jewelry to $1,700
11 U.S.C. § 522 (d)(4)
- Lost earnings payments
11 U.S.C. § 522 (d)(11)(E)
- Military deposits in savings accounts while on permanent duty outside the U.S.
10 U.S.C. § 1035
- Motor vehicle to $4,000
11 U.S.C. § 522 (d)(2)
- Personal injury recoveries to $25,150 (not to include pain & suffering or pecuniary loss)
11 U.S.C. § 522 (d)(11)(D)
- Wrongful death recoveries for person you depended on
11 U.S.C. § 522 (d)(11)(B)
Auto Valuation Tools:
Both of these websites offer interactive tools to determine the current value of your used car.
^ Top - New York Bankruptcy Exemptions
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Insurance | Misc |
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New York Public Benefits Exemptions
Most states exempt public benefits, consistent with the notion that such benefits are intended as a safety net for the recipient.
New York Exemptions
- Aid to blind, aged, disabled
N.Y. Debt. & Cred. Law § 282 (2)(c)
- Crime victims' compensation
N.Y. Debt. & Cred. Law § 282 (3)(i)
- Home relief, local public assistance
N.Y. Debt. & Cred. Law § 282 (2)(a)
- Local public assistance benefits
N.Y. Soc. Serv. Law § 137
In re Fasarakis, 423 B.R. 34 (E.D.N.Y 2010) (earned income tax credit and child tax credit ARE NOT EXEMPT as public assistance)
N.Y. Debt. & Cred. Law § 282 (2)(a)
In re Santiago-Monteverde, 2014 N.Y. Slip Op. 08051 (Ct. App. N.Y. 2014) (rent stabilized lease is a "local public assistance benefit")
- Social Security
N.Y. Debt. & Cred. Law § 282 (2)(a)
- Unemployment compensation
N.Y. Debt. & Cred. Law § 282 (2)(a)
- Veterans' benefits
N.Y. Debt. & Cred. Law § 282 (2)(b)
- Work. Comp.
N.Y. Workers Comp. Law § 33
N.Y. Workers Comp. Law § 218
- Workers' compensation
N.Y. Debt. & Cred. Law § 282 (2)(c)
Federal Exemptions
- Crime victims' compensation
11 U.S.C. § 522 (d)(11)(A)
- Local public assistance
11 U.S.C. § 522 (d)(10)(A)
In re Goertz, 202 B.R. 614 (Bankr.S.D.Mo. 1996)
- Social Security
11 U.S.C. § 522 (d)(10)(A)
- Unemployment compensation
11 U.S.C. § 522 (d)(10)(A)
- Veteran's benefits
11 U.S.C. § 522 (d)(10)(A)
^ Top - New York Bankruptcy Exemptions
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Insurance | Misc |
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Wages |
Wild Card |
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New York Tools of Trade Exemptions
These are the things you use to make a living. An automobile or truck can be a tool of trade if you use it as such. Commuting to work doesn't count, but if driving is a necessary component of transacting your business, you can claim your vehicle is a tool of trade.
New York Exemptions
- Farm machinery, team & food for 60 days; professional furniture, books, & instruments to $3,400 total
N.Y. CPLR § 5205 (a),(b)
- Uniforms, medal, emblem, equipment, horse, arms, & sword of member of military
N.Y. CPLR § 5205 (e)
Federal Exemptions
- Implements, books, & tools of trade to $2,525
11 U.S.C. § 522 (d)(6)
^ Top - New York Bankruptcy Exemptions
Homestead |
Insurance | Misc |
Pensions |
Personal Property |
Public Benefits |
Tools of Trade |
Wages |
Wild Card |
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New York Wage Garnishment Laws
Most states have a wage garnishment law. In some states, wage garnishment laws can be used in bankruptcy as an exemption to protect income that you had coming due, but not yet received, as of the day you filed, for work you had already done -- so called "earned but unpaid wages".
In some states, the wage garnishment law protects not only wages owed to you, but also wages already in your possession and saved over time preferably holding it in a separate bank account. In other states wage garnishment laws do not protect wages once they are they are in your possession.
New York Exemptions
- 100% of pay of noncommissioned officer, private, or musician in U.S. or N.Y. state armed forces
N.Y. CPLR § 5205 (e)
- 90% of earned wages within 60 days before filing
N.Y. CPLR § 5205 (d)
In re Wiltsie, 463 B.R. 223 (Bankr.N.D.N.Y. 2011)
N.Y. CPLR § 5231 (b)
- 90% of earnings from dairy farmer's sales to milk dealers
N.Y. CPLR § 5205 (f)
- wages exempt from installment payments while on public assistance
N.Y. Soc. Serv. Law § 137-a
Federal Exemptions
- Minimum 75% of disposable weekly earnings or 30 times the federal hourly wage, whichever is more; bankruptcy judge may authorize more for low-income debtors. NOTE: Declared not a bankruptcy exemption by numerous Federal courts
15 U.S.C. § 1673
- None
11 U.S.C. § 522 (d)
^ Top - New York Bankruptcy Exemptions
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New York Wild Card Exemption
Most, but not all, states allow a so-called "wild-card" exemption that can apply to any property. The wild card exemption can be of particular help if one or more of your other exemptions falls short of protecting your equity. You may split your wild card exemption amount over multiple items and stack it atop other exemptions as needed to protect exposed equity.
New York Exemptions
- $1,150 if no homestead claimed.
N.Y. CPLR § 5205 (a)(9)
Federal Exemptions
- $1,325 of any property
11 U.S.C. § 522 (d)(5)
- Up to $12,575 of unused homestead exemption amount, for any property.
11 U.S.C. § 522 (d)(5)
^ Top - New York Bankruptcy Exemptions
Links About New York Bankruptcy Exemptions
- Message Board Bankruptcy/Debt - New York - Discussion board on New York bankruptcy. Good information