Source: http://exemptions.diydbankruptcy.com/Exemptions/newyork.aspx
Timestamp: 2014-10-31 14:41:50
Document Index: 386073201

Matched Legal Cases: ['§ 206', '§ 282', '§ 3212', '§283', '§ 5206', '§ 5206', '§ 283', '§ 2108', '§5205', '§5205', '§ 313', '§ 282', '§3212', '§ 282', '§632', '§5205', '§23', '§ 23', '§ 218', '§ 3212', '§ 5205', '§5205', '§5205', '§5205', '§ 5205', '§ 5206', '§ 5206', '§ 5205', '§ 5205', '§5231', '§ 3212', '§ 5205', '§ 5205', '§ 5205', '§ 5205', '§ 5205', '§ 282', '§ 110', '§ 16', '§ 282', '§4607', '§5205', '§ 282', '§5205', '§410', '§ 5205', '§ 282', '§ 137', '§ 5205', '§ 51', '§524', '§595', '§282', '§ 5205', '§5205', '§ 33']

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NEW YORK BANKRUPTCY EXEMPTION LIST - CODE
The following is a summary of the New York exemptions that can be claimed (used) to exempt both your real and personal property in a bankruptcy petition. However, if your residence has not been continuously in the state of New York for the two years prior to filing a bankruptcy petition, there are laws that apply as to which state or federal exemptions may be used. Exempt property of a debtor is property of the debtor that is not available to be used (sold) to pay his/her unsecured creditors and is not subject to the claims of unsecured creditors, but may be subject to the rights of secured creditors and lien holders. When reviewing the list for exemptions for your own property you should be aware that there may not be a "matching" exemption. Some state exemptions contain a "wildcard" which can be used if a matching exemption cannot be found in the list of exemptions. Also, an individual must own an interest in the property to claim the property as exempt. The debtor may exempt the equity (value of property less the total amount owed against it) however; any equity value in the property above the exemption amount may be subject to the claims of unsecured creditors.
By way of example, if you own a home worth $250,000 and owe a total of $200,000 against it (combining all mortgage/home equity lines of credit and/or liens against the property) the amount of equity you would need to protect is $50,000. So long as the homestead exemption is more than $50,000 the full amount of the equity is exempt and not subject to the claims of your unsecured creditors. In the alternative, say the home is worth $250,000 and you only owe $100,000 against it, anything over the exemption amount is subject to the claims of the unsecured creditors.
The same type example would apply to a motor vehicle, though the exemption for a motor vehicle is less than the amount of the exemption for a home.
Please note that all of the exemptions may be doubled if a married couple is filing, with the exception of the homestead exemption.
Justia US Laws - New York Code
Max Individual Amount
Accident Insurance Benefits-Volunteer Firemen
Gen. Mun. Law § 206-b
UNLIMITED Alimony, Support, Maintenance .- Debtor And Dependents
Debt. & Cred. Law § 282, CPLR 5205(d)(3)
UNLIMITED Annuity Contract Benefits
Ins. Law § 3212, Debt. & Cred. L. §283
$10,000.00 $20,000.00 Any Property if Homestead Exemption Not
CPLR § 5206(a)(9) $1,000.00
Books in Family Library
$500.00 $1,000.00 Burial Grounds
CPLR § 5206(f)
UNLIMITED Cash, Savings Bond, Tax Refunds (subject to use of other ex)
Debt. & Cred. Law § 283
$10,000.00 $20,000.00 Certificate Of Title On Vehicle
Veh. & Tr. Law § 2108
UNLIMITED Child Support Payments Where Debtor Is Child
CPLR §5205(d)(3)
UNLIMITED College Choice Tuition Trust Fund Payments
CPLR §5205(j)
UNLIMITED Compensation - Workmen§s Comp. - Civil Defense Volunteers
Work Comp Law § 313
UNLIMITED Compensation For Loss Of Future Earnings
Debt. & Cred. Law § 282(iii)(3)(iv)
UNLIMITED Cooperative Life And Accident Ins. Policies/Contracts
Ins. Law §3212(f)
UNLIMITED Crime Victims Reparation Awards
Debt. & Cred. Law § 282, NY Exec. Law §632, CPLR §5205(k)
UNLIMITED Death & Disability (Volunteer Ambulance)
Vol. Amb. Work. Ben Law §23
UNLIMITED Death & Disability Benefits-Volunteer Firemen
Vol. Fire. Ben. Law § 23
UNLIMITED Disability Benefits (Workers§ Comp)
Work Comp Law § 218
UNLIMITED Disability Insurance Benefits
Ins. Law § 3212(c)
UNLIMITED Domestic Animals and Feed
CPLR § 5205(a)(4)
$1,000.00 $2,000.00 Food (60 Days)
CPLR §5205(a)(4)
UNLIMITED Fraternal Benefit Society Contract/Certificate Benefits
UNLIMITED Fuel, Stove, Sewing Machine
CPLR §5205(a)(1)
UNLIMITED Group Ins./Annuity Contracts
UNLIMITED Guide Dog And Provisions (Disabled Debtor)
CPLR §5205(h)(2)
UNLIMITED Health Aids
CPLR § 5205(h)(1)
UNLIMITED Homestead
CPLR § 5206(a)
$75,000.00 $150,000.00 Homestead: Dutchess Albany Columbia O
CPLR § 5206
Homestead: NYC & LI Counties, Rockland,
CPLR § 5205(a)(5)
CPLR § 5205(d), CPLR §5231
UNLIMITED Life Insurance Proceeds
Ins. Law § 3212, CPLR § 5205(i)
UNLIMITED Life Insurance-Cash Surrender
CPLR § 5205(i)
UNLIMITED Loss Or Destruction Of Exempt Property
CPLR § 5205(b)
UNLIMITED Military Pay, Equipment, Arms, Etc.
CPLR § 5205(e)
UNLIMITED Milk Sales Proceeds Of Farmer
CPLR § 5205(f)
UNLIMITED Motor Vehicle
Debt. & Cred. Law § 282
$4,000.00 $8,000.00 Payments On Account Of Bodily Injury
$7,500.00 $15,000.00 Payments On Account Of Wrongful Death
UNLIMITED Pension - State Employees Retirement System
Retire. & Soc. Sec. Law § 110
UNLIMITED Pension - Village Police
Unconsol. Law § 16
UNLIMITED Pension & Profit Sharing Payments
Debt. & Cred. Law § 282, Ins. Law §4607, CPLR §5205(c)
UNLIMITED Personal Injury Recoveries
Debt. & Cred. § 282(3)(iii)
$7,500.00 $15,000.00 Pew/Place Of Worship
CPLR §5205(a)(3)
UNLIMITED Police & Fire Retirement Systems
Retire. & Soc. Sec. Law §410
UNLIMITED Property Held Under Trust
CPLR § 5205(c), Debt. & Cred. Law § 282(2)(e)
UNLIMITED Public Assistance
Soc. Sec. Law §§ 137, 137-a
UNLIMITED Rental, Utility, Phone Deposits
CPLR § 5205(g)
UNLIMITED Soc. Sec., Veteran's, Etc. Benefits
UNLIMITED Specific Partnership Property
Partnership Law § 51
UNLIMITED Teachers§ Retirement Benefits
Educ. Law §524
UNLIMITED Tools Of Trade - Books, Equipment
$3,000.00 $6,000.00 Unemployment
Lab. Law §595, Deb. & Cred. Law §282
UNLIMITED Watch, Jewelry, Art
CPLR § 5205(a)(6)
$1,000.00 $2,000.00 Wedding Ring
CPLR §5205(a)(6)
UNLIMITED Workers' Compensation
Work. Comp. Law § 33
UNLIMITED Full Document Preparation Service ranging from $75.00 - $199.00
Stop a Wage Garnishment or Repo - Emergency Chapter 7 $75.00
Prevent a Foreclosure Sale - Emergency Chapter 13 $75.00
Full Document Preparation Service ranging from $75.00 - $199.00
Chapter 7 Bankruptcy Service $199.00
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Citations and links to primary law and secondary sources are provided for those who wish to do further research. Every effort has been made to make this information up to date and accurate, but laws can and do change without notice. Persons relying on this information are responsible for confirming its timeliness and accuracy before relying on it. Also, bear in mind, that these brief summaries do not list every detail or exception to these exemptions. For example, there are often exceptions for collection of child support debt and/or taxes. These listings are designed to inform you of laws that exist for your benefit, so that you may exercise what rights you may have. Finally, this website is intended to provide information only. It cannot answer whether your property does or does not qualify for a specific exemption.