New York Bankruptcy Exemptions

Federal bankruptcy exemptions are not available in the State of New York.

There is property that you can exempt or protect from creditors when you file bankruptcy. You have the option of utilizing the state exemptions. After filing for bankruptcy, this property is safe. Be aware that there are certain debts which you will not be able to erase in bankruptcy. These are non-dischargeable debts.

There are some limits on certain exemptions such as equity that you have in a home or in a vehicle. The difference between the cost of the item and the amount owed on the item is the definition of equity. If the item, such as home or vehicle, secured by a loan and payments made on time, the equity is protected by your exemptions. A debtor must generally pay the trustee the value of the non-exempt property to keep the property. If you choose to keep the property, continual timely payments ensure protection of the property through bankruptcy.

This is a list of some of the available exemption in the State of New York. You can obtain and more detailed list of exemptions by contacting a qualified New York bankruptcy attorney in your area. They will be able to list and explain all of the state exemptions. There is certain property, which is excluded or exempt that the debtor can keep based on their specific situation and personal income.

The best way to determine which exemptions to utilize is to meet with a qualified and proven bankruptcy lawyer who can evaluate your individual case and guide you through the process. Contact an attorney today.


Homestead: Real property, including condos, co-ops or mobile home up to $50,000

Pensions: Tax-exempt retirement accounts, including 401(k)s, 403(b)s, profit-sharing, and money-purchase plans, SEP and SIMPLE IRAs and defined-benefit plans. Traditional and Roth IRAs to $1,095,000, ERISA-qualified benefits, IRAs, Roth IRAs, Keoghs and income needed for support State employees, Teachers, Public retirement benefits, Village police officers, Volunteer ambulance workers’ benefits, Volunteer firefighters’ benefits

Miscellaneous: Property of business partnership, Alimony and/or child support needed for support

Personal Property: Bible, schoolbooks and other books to $50, Pictures, clothing, church pew or seat, Sewing machine, Refrigerator, TV and radio, Furniture, cooking utensils, tableware and dishes, Food to last 60 days, Stoves with fuel to last 60 days, Domestic animals with food to last 60 days, Wedding ring, Watch up to 435, Above exemptions may not exceed $5,000, Burial plot without structure to 1/4 mile, College tuition savings program trust fund, Health aids, including service animals with food, Motor vehicle up to $2,400, Cash to $2,500, or to $5,000 after exemptions for personal property taken, whichever amount is less (for debtors who do not claim homestead), Lost future earnings recoveries needed for support, Savings and loan savings to $600, Personal injury recoveries up to 1 year after receiving, Recovery for injury to exempt property up to 1 year after receiving, Security deposit to landlord, utility company, Wrongful death recoveries for person you needed for support, Spendthrift trust fund principal, 90% of income if not created by debtor

Public Benefits: Crime victims’ compensation, Unemployment compensation, Workers’ compensation, Veterans’ benefits, Social Security, Public assistance, Home relief, local public assistance

Tools of Trade: Uniforms, medal, emblem, equipment, horse, arms and sword of member of military, Farm machinery, team and food for 60 days; professional furniture, books and instruments to $600 total

Wages: 90% of earned but unpaid wages received within 60 days before and anytime after filing, 90% of earnings from dairy farmer’s sales to milk dealers, 100% of pay of noncommissioned officer, private, or musician in U.S. or N.Y. state armed forces

Wildcard: None

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