New York Bankruptcy Exemptions

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New York Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE NOT AVAILABLE.
All law references are to New York Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

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New York Bankruptcy Exemptions

All law references are to New York Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real property, including mobile home, condominium, or co-op, up to $50,000.	5206
INSURANCE	Annuity contract benefits due or prospectively due the debtor, who paid for the contract; if purchased within 6 months prior & not tax-deferred, only $5000	Debtor & Creditor 283(1)
	Disability or illness benefits to $400 per month	Insurance 3212(c)
	Life insurance proceeds left at death with the insurance company pursuant to agreement, if clause prohibits proceeds from being used to pay beneficiary’s creditors	Estates, Powers & Trusts7-1.5(a)(2)
	Life insurance proceeds and avails if the person effecting the policy is the spouse of the insured	Insurance 321(b)(2)
MISCELLANEOUS	Alimony, child support needed for support	C.P.L.R. 5205
MISCELLANEOUS	Property of business partnership	Partnership 51
PENSIONS	ERISA-qualified benefits needed for support, includes IRAs	Debtor & Creditor 282(2)(e), 5205(c)
	IRAs needed for support	Debtor & Creditor 282(2)(e), 5205(c)
	Keoghs needed for support	Debtor & Creditor 282(2)(e), 5205(c)
	Public retirement benefits	Insurance 4607
	State employees	Retirement & Social Security 10
	Village police officers	Unconsolidated 5711-o
	Benefits of volunteer ambulance workers.	Vol. Amb. Wkr. Ben. 23
	Benefits of volunteer firefighters.	Vol. Fire. Ben. 23
	Teachers.	Educ.524
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Bible; schoolbooks; books to $50; pictures; clothing; church pew or seat; stoves with fuel to last 60 days; sewing machine; domestic animal with food to last 60 days, to $450; furniture; refrigerator; TV; radio; wedding ring; watch to $35; crockery, cooking utensils and tableware needed, to $5000 total (with farm machinery, etc.)	5205
	Burial plot, without structure to ¼ acre	5206(f)
	Cash, the lesser of either $2500, or an amount that, with annuity, totals $5000; in lieu of homestead	Debtor & Creditor 283(2)
	Health aids, including animals with food	5205(h)
	Lost earnings recoveries needed for support	Debtor & Creditor 282(3)(iv)
	Motor vehicle to $2400	Debtor & Creditor 282(1)
	Personal injury recoveries up to 1 year after receipt	Debtor & Creditor 282
	Security deposits to landlord, utility company	5205(g)
	90% of trust fund income if not created by debtor	5205
	Wrongful death recoveries for person you depended on, needed for support	Debtor & Creditor 282(3)(ii)
	Savings and loan savings up to $600.	Banking 407
	Spendthrift trust fund principal; college tuition savings program trust fund; recovery for injury to exempt property up to 1 year after receiving	5205
PUBLIC BENEFITS	Aid to blind, aged, disabled, AFDC	Debtor &Creditor 282(2)(c)
	Crime victims’ compensation	Debtor & Creditor 282(3)(i)
	Home relief, local public assistance	Debtor & Creditor 282(2)(a)
	Social security	Debtor & Creditor 282(2)(a)
	Unemployment compensation	Debtor & Creditor 282(2)(a)
	Veterans’ benefits	Debtor & Creditor 282(2)(b)
	Workers’ compensation	Debtor & Creditor 282(2)(c)
TOOLS OF TRADE	Farm machinery, team, food for 60 days, professional furniture, books & instruments to $600 total	5205(b)
TOOLS OF TRADE	Uniforms, medal, equipments,. Emblem, horse, arms and sword of military member	5205(e)
WAGES	90% of earnings from milk sales to milk dealers	5205(f)
WAGES	90% of earned but unpaid wages received within 60 days prior (100% for a few militia members)	5205

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