New York State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain
types of your property from your creditors when you file bankruptcy-such as
your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other
important property. New York law provides a number of exemptions that protect
your property, and your attorney will be able to advise you on which exemptions
are best for you.
Homestead
Property owned and occupied as a principal residence not to exceed $50,000
per person.
Wages
No specific earnings exemption. Compensation for loss of future earnings
to the extent necessary to support debtor and dependents.
Automobiles
One motor vehicle in the amount of $2,400.
Other Property
All stoves, food, and necessary fuel for 60 days; one sewing machine; family
Bible, family pictures, and school books; other books not exceeding $50 in
value; church pew; certain domestic animals not to exceed $450;
clothing; household furniture; one refrigerator; one radio receiver; one
television set; crockery, tableware and cooking utensils; a wedding ring; a
watch not exceeding $35 in value; necessary tools, furniture, and
equipment for a trade or business not exceeding $600 in value.
Note: Exemptions may have changed since our last update. For the latest updates on these property exemptions, speak to a local bankruptcy lawyer.
» Read the complete New York bankruptcy
exemptions here
» Back to Bankruptcy Laws In Your State