Updated: 2021-03-09 by
$1,175 if no homestead claimed
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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Wages are protected by federal non bankruptcy law, and by state wage garnishment laws, which are generally more generous than the Federal wage garnishment protection. There are typically exceptions to this exemption for things like child support, and other priority debts.
How much of your home equity is protected if you file for bankruptcy in New York?
The Federal Government adjusts Federal exemption amounts every three years. Does New York adjust exemption amounts?