New York Bankruptcy Exemption Information
Bankruptcy trustees must determine which of their debtors' assets can be liquidated in order to help pay back creditors. Our quick reference guide can make this process easier, since it lists some of the most frequently claimed New York bankruptcy exemptions.
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.
» Read the complete New York bankruptcy
exemptions here
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