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Original page: New York Bankruptcy Exemptions- Two Choices Available for New Yorkers
New York Bankrutpcy Exemptions
Although a person files for bankruptcy and is able to wipe out most of his debts, the Code does not intend to leave a
consumer with absolutely no assets. This is were an experienced bankruptcy attorney comes it to get you the most
yur legally entitled to, during the bankruptcy procedure.
In New York, there are two bankruptcy exemptions schemes, a federal bankruptcy exemption and a New York state
exemption that can be used by a debtor. If the net value of your property is less than the amount of your permitted
exemptions, your property will not be affected and all of your creditors will be wiped out. Many people are surprised
to find out that they can keep all of their property and still wipe out or discharge all of their debt.
REMEMBER: YOU HAVE TO CHOSE ONLY ONE!
CHOICE 1
A listing of the Federal Exemptions used in the State of New York is as follows:
Property
Allowable Exemption Amount under 11 U.S.C. Section 522
Section of § 522
Allowing
Exemption
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Value in Real property, home, mobile home, co-op, or burial plot: up to $20,200.
Up to $10,125 of this amount may be used as a wildcard and applied to any kind
of property. Thus if you do not use the $20,200 for Real Estate you can use the
wildcard of $10,125 to protect any asset.
Insurance Life insurance policy (not yet matured)
Child
Support
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(d)(1); (d)(5)
(d)(7)
Life insurance policy accrued dividends: up to $10, 755. You can have cash
surrender value in Life Insurance policy up to this amount.
(d)(8)
Any and all Unemployment, disability, and illness benefits.
(d)(10)(C)
On a policy taken out from someone that the debtor depended upon, the entire
amount that is necessary for support is exempt.
(d)(11)C)
Any child support and alimony that is necessary for support.
(d)(10)(D)
All amounts in retirement accounts that are tax exempt. Accounts such as
Pensions 401(k)s, 403(b)s, SEP, SIMPLE IRAs, Erisa qualified pension plans are completely (b)(3)(C)
exempt.
IRAs and Roth IRAs: up to $1,095,000 per person.
(b)(3)(C)
Car or automobile up to $3,225 is exempt.
(d)(2)
Household goods, furnishings, clothing, etc. up to $525 per item and up to
$10,775 total.
(d)(3)
Jewelry: up to $1,350.
(d)(4)
Health aids: all.
(d)(9)
Recovery for the wrongful death of a person on whom the debtor depended: all.
(d)(11)(8)
Recoveries for personal injury (excluding amounts for pain and suffering and
pecuniary loss): up to $20,200.
(d)(11)(D)
Payments for lost earnings: all.
(d)(11)(E)
Public assistance benefits: all.
(d)(10)(A)
Social Security benefits: all.
(d)(10)(A)
Unemployment compensation benefits: all.
(d)(10)(A)
Veterans' benefits: all.
(d)(10)(A)
Crime victim compensation: all.
(d)(11)(A)
Tools of
Your
Trade
Implements, tools, and books: up to $2,025.
(d)(6)
Wages
No exemption.
Car
Public
Benefits
Wildcards Any property: up to $1,075.
(d)(5)
Any property: up to $10,125 of the unused homestead exemption.
(d)(5)
The federal exemptions have some generous provisions not otherwise available in New York statutes. They provide
many additional protections that would be most useful to those consumers who do not have a house or do not need
to take advantage of their homestead exemption, in which case the New York State bankruptcy Exemptions are
superior.
The federal exemptions contain a “wild card” exemption that enables consumers to protect a generous amount of
cash.
CHOICE 2
A listing of the State Bankruptcy Exemptions used in the State of New York is as follows:
http://www.apsanlaw.com/law-200.New-York-Bankruptcy-Exemptions--Two-Choices-Available-for-New-Yorkers.html
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• Homestead: Nassau, Suffolk, Kings, Queens, Bronx,
Richmond, Rockland, and Putnam counties.
• Homestead: Dutchess, Albany, Columbia, Orange, Saratoga
and Ulster counties
• Homestead: all other NY counties.)
• Motor Vehicle:
• Motor Vehicle: if equipped for use by disabled person
• Cash:
• Tools of trade:
• Aggregate personal property exemption:
• Wildcard (personal property, bank account or cash):
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$150,000
$125,00
$100,000
$4,000
$10,000
$5,000
$3,000
$10,000
$1,000
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