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 Homestead||Real property (including co-op, condo, or mobile home) to $50,000||C.P.L.R. 5206(a)|
|Wages||90% of earned but unpaid wages received within 60 days before and anytime after filing||C.P.L.R. 5205(d)|
|Automobile||Up to $2,400||Debt. & Cred. 282(1)|
|Other property||Disability or illness benefits||Ins. 3212(c)|
|Alimony and child support||C.P.L.R. 5205(d)(3); Debt. & Cred. 282(2)(d)|
|Furniture, cooking utensils and tableware, dishes||C.P.L.R. 5205(a)(1)-(6); Debt. & Cred. 283(1)|
|Clothing||C.P.L.R. 5205(a)(1)-(6); Debt. & Cred. 283(1)|
|Burial plot without structure to one-quarter acre||C.P.L.R. 5206(f)|
|Professional furniture, books, and instruments used as tools of trade to $600 total||C.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.
New York Bankruptcy Court links :
- United States Bankruptcy Court – Southern District of New York (NYSB)
- United States Bankruptcy Court – Northern District of New York (NYNB)
- United States Bankruptcy Court – Eastern District of New York (NYEB)
- United States Bankruptcy Court – Western District of New York (NYWB)