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Homestead Protection

New York Homestead Exemption

How much of your home equity is protected if you file for bankruptcy in New York?
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New York WildCard Exemption
 
Does New York Recognize Tenancy by the Entirety?

Updated: 2021-01-03 by

Real property including co-op, condo, or mobile home, to $150,000 for the counties of Kings, New York, Queens, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam; $125,000 for the counties of Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster; $75,000 for the remaining counties in the state. (husband & wife may double)

Amount Joint amount

75,000 to 150,000 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.

 

New York WildCard Exemption
 
Does New York Recognize Tenancy by the Entirety?

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