New York State Bankruptcy Exemptions

The chart below contains a summary of New York state bankruptcy exemptions and other relevant statutory laws.
Click here for complete State of New York bankruptcy exemptions laws.

Note: Federal bankruptcy exemptions are not available.

Personal exemptions allowed by New York Bankruptcy Laws

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.

New York HomesteadReal property (including co-op, condo, or mobile home) to $50,000C.P.L.R. 5206(a)
Wages90% of earned but unpaid wages received within 60 days before and anytime after filingC.P.L.R. 5205(d)
AutomobileUp to $2,400Debt. & Cred. 282(1)
Other propertyDisability or illness benefitsIns. 3212(c)
Alimony and child supportC.P.L.R. 5205(d)(3); Debt. & Cred. 282(2)(d)
Furniture, cooking utensils and tableware, dishesC.P.L.R. 5205(a)(1)-(6); Debt. & Cred. 283(1)
ClothingC.P.L.R. 5205(a)(1)-(6); Debt. & Cred. 283(1)
Burial plot without structure to one-quarter acreC.P.L.R. 5206(f)
Professional furniture, books, and instruments used as tools of trade to $600 totalC.P.L.R. 5205(a),(b)

Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of New York bankruptcy court statutes.

Back to all State Bankruptcy Exemptions
Go to Complete State of New York bankruptcy exemptions laws.

New York Bankruptcy Court links :

*The use of partners trademarks are not intended to imply endorsement of these products.




Ready to Start? Call us at 1(888)214-7773