Key Points
New York allows a debtor filing for bankruptcy to choose between federal and state exemptions.
If the state bankruptcy exemptions are chosen, the debtor is allowed to use the federal non-bankruptcy exemptions to save federal and military retirement accounts, veteran’s benefits etc.
Couples filing joint bankruptcy are allowed to double the exemption limits in the state.
Before going into New York bankruptcy exemptions in details, let us have a look at the steps you need to take during the bankruptcy process:
- Go through credit counseling
- Pass the means test
- Gather paperwork
- File bankruptcy
New York Bankruptcy Exemptions
Homestead
Homestead exemptions are allowed on the basis of the area or county where the residential house, condominium, co-op or mobile homes are located. The allowed exemptions can be up to:
- $150,000 in Counties of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam
- $125,000 in Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster counties
- $75,000 in all other remaining counties in the state
Automobile
Up to $4,000 for one motor vehicle, which can expand to $10,000 if it’s equipped for use by a disabled person.
Wages
90% of income received within 60 days before and anytime after the bankruptcy filing.
100% pay of a noncommissioned officer, private, or musician in the U.S. (federal) or N.Y. (state) armed forces.
Jewelry and Art
Wedding rings are exempt assets. Watch, jewelry and arts are exempted up to a maximum of $1,000.
Tools of Trade
Tools and implements used for working and necessary for business are exempted up to $3,000.
Wildcard
$1,000 on any property or cash, if the debtor doesn’t use the allowed homestead exemption.
Personal Property
Most of the personal property exemptions allowed under NY CPLR §5205 may not exceed $10,000 in total
- $600 for deposits with savings and loan associations
- Stoves and home heating equipment with fuel to last 120 days
- $500 for religious texts, schoolbooks, other books
- Domestic animals and their foods to last for 120 days, up to a maximum value of $1,000
Total or Absolute Exemptions
- Cash surrender value and accelerated death benefits of life insurance
- Court-ordered alimony, maintenance or child support
- Burial plot
- Necessary medical and dental accessories
- Social security benefits
- Unemployment compensation
- Public assistance benefits
- Workers’ compensation benefits
- Veteran’s benefits
- Disability benefits
- Illness benefits
Additional legal resources
New York Bankruptcy Courts Northern District
Albany (Main office)
Street Address
US Bankruptcy Court
James T. Foley Courthouse
445 Broadway, Suite 330
Albany, NY 12207
Contact Number:
518-257-1661
Working Hours:
Monday-Friday
9:00 a.m. to 4:00 p.m. (excluding Federal Holidays)
Utica
Street Address
US Bankruptcy Court
Alexander Pirnie Federal Building
10 Broad Street, Room 230
Utica, NY 13501
Contact Number:
315-793-8101
Working Hours:
Monday-Friday
9:00 a.m. to 4:00 p.m. (excluding Federal Holidays)
Syracuse
Street Address
US Bankruptcy Court
James M. Hanley Federal Building
100 South Clinton Street, Suite 315
Syracuse, NY 13261-6100
Contact Number:
315-295-1600
Working Hours:
Monday-Friday
9:00 a.m. to 4:00 p.m. (excluding Federal Holidays)
Northern District of New York Bankruptcy Cases - Get detailed information here
Northern District of New York Bankruptcies (filing statistics) - Detailed report
New York Bankruptcy Courts Eastern District
Brooklyn (Main office)
Street Address
Conrad B. Duberstein United States Bankruptcy Courthouse
271-C Cadman Plaza East, Suite 1595
Brooklyn, NY 11201-1800
Contact Number:
347-394-1700
Working Hours:
Monday-Friday
9:00 a.m. To 4:30 p.m. (excluding Federal Holidays)
Central Islip
Street Address
Alfonse M. D'Amato United States Courthouse
290 Federal Plaza
Central Islip, NY 11722
Contact Number:
631-712-6200
Working Hours:
Monday-Friday
9:00 a.m. to 4:30 p.m. (excluding Federal Holidays)
Eastern District of New York Bankruptcy Cases - Get an overview
Eastern District of New York Bankruptcies - Detailed report
New York Bankruptcy Courts Southern District
Manhattan (Main office)
Street Address
Alexander Hamilton Custom House
One Bowling Green, Room 615-3
New York, NY 10004-1408
Contact Number:
212-668-2870
Working Hours:
Monday-Friday
8:30 a.m. to 5:00 p.m. (excluding Federal Holidays)
Poughkeepsie
Street Address
United States Courthouse
355 Main Street, 1st Floor
Poughkeepsie, NY 12601
Contact Number:
845-452-4200
Working Hours:
Monday-Friday
8:30 a.m. to 5:00 p.m. (except Federal Holidays)
White Plains
Street Address
Charles L. Brieant, Jr. United States Courthouse
300 Quarropas Street, 2nd Floor, Room 248
White Plains, NY 10601-4150
Contact Number:
914-390-4060
Working Hours:
Monday-Friday
8:30 a.m. to 5:00 p.m. (excluding Federal Holidays)
Southern District of New York Bankruptcy Cases - List of recent cases
Southern District of New York Bankruptcies - Detailed report
New York Bankruptcy Courts Western District
Buffalo (Main office)
Street Address
Olympic Towers
300 Pearl Street, Suite 250
Buffalo, NY 14202
Contact Number:
716-362-3200
Rochester
Street Address
U.S. Courthouse
Kenneth B. Keating Federal Building
100 State Street
Rochester. NY 14614
Contact Number:
585-613-4200
Batavia
Street Address
Genesee County Courthouse
7 Main Street
3rd Floor Courtroom
Batavia, NY 14020
Niagara Falls
Street Address
Niagara Falls Municipal Complex
1925 Main Street
2nd Floor Hearing Room
Niagara Falls, NY 14305
Olean
Street Address
Cattaraugus County Courthouse
1 Leo Moss Drive
Olean, NY 14760
Mayville
Street Address
Gerace Office Building
Legislative Chambers
3rd Floor Courtroom
North Erie Street
Mayville, NY 14757
Watkins Glen
Street Address
Schuyler County Courthouse
105 9th Street
Watkins Glen, NY 14891
Western District of New York Bankruptcy Cases - List of cases
