Opinion ID: 146451
Heading Depth: 2
Heading Rank: 2

Heading: Exemptions from a Bankruptcy Estate

Text: A Chapter 13 bankruptcy estate comprises, inter alia, all legal or equitable interests of the debtor in property as of the commencement of the case. 11 U.S.C. § 541(a)(1); see id. § 1306 (defining property of estate for Chapter 13 bankruptcy). Under 11 U.S.C. § 522(b), debtors may exempt certain property from their bankruptcy estate. See generally Rousey v. Jacoway, 544 U.S. 320, 322, 125 S.Ct. 1561, 161 L.Ed.2d 563 (2005) (noting that Bankruptcy Code permits debtors to retain [certain] assets rather than divide them among their creditors). In this case, we focus on an exemption provided by New York law. See 11 U.S.C. § 522(b)(3)(A) (allowing debtor to exempt any property that is exempt under . . . State or local law); CFCU Cmty. Credit Union v. Hayward, 552 F.3d 253, 258 (2d Cir.2009) (observing that New York has opted out of federal exemption scheme, choosing instead to provide its own exclusive set of exemptions for debtors domiciled in state). New York allows an individual debtor to exempt annuity contracts and the proceeds and avails thereof as provided in section three thousand two hundred twelve of the insurance law. N.Y. Debt. & Cred. Law § 282. The cited section of the Insurance Law provides, in turn, that [t]he benefits, rights, privileges and options which, under any annuity contract are due or prospectively due the annuitant, who paid the consideration for the annuity contract, shall not be subject to execution. N.Y. Ins. Law § 3212(d)(1).