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Home > Consumer Laws > Bankruptcy > New York Bankruptcy

New York Bankruptcy

New York Bankruptcy Exemption
Homestead:
Property owned and occupied as principle residence which includes the land, shares in cooperative condominium units are exempted up to the extent of $ 10,000.

Household goods:
All stoves and & 60-days’ fuel, sewing machine & appurtenances, family bible and pictures; school books, church pew, crockery, pets, food to last 60 days, furniture, refrigerator, TV, radio, wedding ring, tableware, crockery, cooking utensils of debtor and family.

Books:
Books in family library are exempted up to the extent of $50.

Automobile:
One motor vehicle worth up to the extent of $ 2400.

Pets:
Domestic animals plus 60 days feed.

Watch:
One watch worth up to $ 450.

Professional tools and books:
Necessary tools of trade & professional instruments, furniture and books are exempted up to the extent of $ 600.

Injury:
Payments on account of bodily injury of debtor or person of whom debtor was a dependent are exempted up to the extent of $ 7,500.

Tax Refunds:
Cash, US savings bonds and tax refunds of debtor’s not using homestead exemption under CPLR are exempted up to the extent of $ 2,500 or $ 5,000 less amounts exempted under CPLR and for certain annuities. WHICH EVER IS LESS

Disability Insurance Benefit:
Absolute exemption for lump sum payments and absolute exemption and $ 400 per month of periodic payments.

Alimony & Maintenance:
Alimony, support or separate maintenance exempted up to the reasonable extent which is required.

Annuity contract benefits:
Annuity contract benefits are exempted up to a reasonable extent.

Total or Absolute Exemptions for:
  • Crime victim’s reparation awards.
  • Cash surrender value and accelerated death benefits of life insurance.
  • Residential rental, utility, telephone & telegraph money security deposits of debtor and family.
  • Proceeds and avails of life insurance policies not payable to the insured, including right to accelerate benefits.
  • Burial plot.
  • Social security benefits.
  • Unemployment compensation.
  • Public assistance benefits.
  • Veteran’s benefits
  • Disability benefits.
  • Illness benefits.
 
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