Updated: 2020-12-30 by
New York Motor Vehicle Exemption
Motor vehicle to $4,000. $10,000 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
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How much of your home equity is protected if you file for bankruptcy in New York?
Most states allow an exemption for "tools of trade or profession"... this can include tools, books, even vehicles. Sometimes can be an alternative to the motor vehicle exemption.
Almost every state has an exemption for "any property" which is sometimes called the "wildcard" or "grubsteak" exemption. Generally this exemption is useful because it can be combined with other exemptions to fully protect equity that might otherwise go unprotected.