What are New York Bankruptcy Exemptions?
Exemptions in New York
Major exemptions available when filing for bankruptcy in New York are listed below. New York has opted not to allow its residents to utilize the federal exemptions, so only New York statutes that define and list the exemptions can be used. A lawyer should be consulted to determine the particulars of each exemption and to determine all available exemptions that may be filed.- Homestead (equity in dwelling used as residence)
- Up to $10,000 in value (Double if married)
- Equity in automobile
- Up to $2,400 in value in one motor vehicle
- Personal property
- Household items (Family pictures, school supplies, clothes, etc.) - Bible, schoolbooks, pictures, church seat, stoves with fuel for 60 days and sewing machine up to $5,000 in value
- Furniture, cooking utensils, clothes, TV, and refrigerator up to $5,000 in value
- An animal with food for 60 days up to $450 in value
- 60 days of food
- Jewelry and heirlooms
Wedding ring up to $5,000 in value and a watch up to $35 in value
- Tools of the trade
- Up to $600 in value - Insurance
- Disability benefits up to $400 per month in value
- Annuity contract benefits up to $5,000 in value
- Unmatured life insurance is also usually exempt, but exceptions apply - Pensions
- ERISA qualified benefits needed for support
- State employees
- Public retirement benefits
- IRA's needed for support
- Village police officers - Public benefits
- Unemployment
- Workers compensation
- Public assistance
- Social security
- Veteran's benefits - Alimony and child support
- Amount reasonably necessary for support of debtor and dependants
Do I Need a Bankruptcy Lawyer?
Bankruptcy is a very complicated process and filing an exemption incorrectly can lead to that property being seized, even if the property would have been exempt had the exemption been filed correctly. The New York bankruptcy exemption statute must be used when filing for exemptions. A bankruptcy lawyer knows the particulars of filing for bankruptcy and can recommend what chapter of bankruptcy is right for you, and also ensure that your exemptions are filed correctly. |
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