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.

ASSETEXEMPTIONLAW
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)
WildcardNone

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.

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