The New York state bankruptcy exemptions are found in several different statutes. New York Civil Practice Law and Rules is abbreviated CPLR in the chart below.
| New
York Bankruptcy Exemptions |
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|
| Assets |
Exemption |
State Statutes |
|
|
| Homestead |
Real property, condo, co-op, or
mobile home: up to $50,000. |
|
| Insurance |
Life insurance proceeds left at
death in trust (or some other agreement) with the insurance company: all if
the policy has a clause forbidding the proceeds to be used to pay creditors
of the beneficiary. |
Estates, Powers, and Trusts 7-1.5(a)(2) |
|
|
Life insurance proceeds/avails:
all if the debtor is not the beneficiary or if the policy was taken out by
the debtor’s spouse. |
Insurance 3212(b) |
|
|
Illness or disability benefits:
up to $400 a month. |
Insurance 3212(c) |
|
|
Annuity contract benefits from
a contract purchased by the debtor: up to $5000 if the contract was purchased
within the 6 months before filing for bankruptcy and if the annuity is not
tax-deferred. |
Insurance 3212(d); Debtor and Creditor 283(1) |
|
| Miscellaneous |
Child support and alimony: all. |
CPLR 5205(d)(3); Debtor and Creditor 282(2)(d) |
|
|
Property owned by business
partnership. |
Partnership 51 |
|
| Pensions |
Federal pension exemptions (see
federal exemptions). |
|
|
IRAs, Roth IRAs, and
ERISA-qualified benefits: all necessary for support. |
CPLR 5205(c); Debtor and Creditor 282(2)(e) |
|
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Teacher pensions: all. |
Education 524 |
|
|
Public retirement benefits:
all. |
Insurance 4607 |
|
|
State employee pensions: all. |
Retirement and Social Security 10 |
|
|
Village police officer
pensions: all. |
Unconsolidated 5711-o |
|
|
Volunteer ambulance worker
benefits: all. |
Volunteer Ambulance Worker Benefits 23 |
|
|
Volunteer firefighter benefits:
all. |
Volunteer Firefighter Benefits 23 |
|
| Personal Property |
Stoves with fuel for 60 days; 1
sewing machine; family bible, family pictures, school books used by family;
books up to $50; seat or pew in place of worship; domestic animals with food
for 60 days ($450 total for animals and food); food for family for 60 days;
clothing, household furnishings; 1 refrigerator; 1 radio; 1 television,
dishes and utensils for cooking and eating; 1 wedding ring, 1 watch up to
$35. All of these personal property exemptions plus tools of your trade, and
some annuities: up to $5,000 total. |
CPLR 5205(a)(1)-(6); Debtor and Creditor 283(1) |
|
|
Payment for damage to exempt
property: all for up to 1 year after receipt. |
CPLR 5205(b) |
|
|
Spendthrift trust principal:
90% of income if the trust was not created by the debtor. |
CPLR 5205(c), (d) |
|
|
Burial plot without a
structure: up to ¼ acre. |
CPLR 5206(f) |
|
|
Security deposits (residential
and utility): all. |
CPLR 5205(g) |
|
|
Health aids, including service
animals and their food: all. |
CPLR 5205(h) |
|
|
College tuition trust fund:
all. |
CPLR 5205(j) |
|
|
Motor vehicle: up to $2,400. |
Debtor and Creditor 282(1) |
|
|
Recovery for wrongful death for
person debtor depended on: all. |
Debtor and Creditor 282(3)(ii) |
|
|
Recovery for personal injury:
all for 1 year after it is received. |
Debtor and Creditor 282(3)(iii) |
|
|
Recoveries for lost future
earnings: all necessary for support. |
Debtor and Creditor 282(3)(iv) |
|
|
Cash,
defined to include bonds, deposits, and tax refunds: up to $2,500 or the
unused portion of the $5,000 allowed for personal property and tools of your
trade, whichever is less. |
Debtor and Creditor 283(2) |
|
| Public Benefits |
Local public assistance and
home relief: all. |
Debtor and Creditor 282(2)(a) |
|
|
Social Security benefits: all. |
Debtor and Creditor 282(2)(a) |
|
|
Unemployment compensation
benefits: all. |
Debtor and Creditor 282(2)(a) |
|
|
Veterans' benefits: all. |
Debtor and Creditor 282(2)(b) |
|
|
Aid for blind, disable, or aged
persons: all. |
Debtor and Creditor 282(2)(c) |
|
|
Workers’ compensation benefits:
all. |
Debtor and Creditor 282(2)(c); Workers' Comp. 33.218 |
|
|
Crime victim compensation: all. |
Debtor and Creditor 282(3)(i) |
|
| Tools of Your Trade |
Farm machinery, team, and food
for team for 60 days, and furniture, books, tools, and implements needed for
profession: up to $600 total. |
CPLR 5205(a)(7) |
|
|
For member of military,
uniforms, medal, emblem, equipment, horse, arms, and sword: all. |
CPLR 5205(e) |
|
| Wages |
Wages, earned but unpaid and
received 60 days before filing for bankruptcy or any time after: 90%. |
CPLR 5205(d) |
|
|
Wages of noncommissioned
officer, officer, private, or musician in U.S. or N.Y. state armed forces:
100%. |
CPLR 5205(e) |
|
|
Earnings of dairy farmer from
sale to milk dealers: 90%. |
CPLR 5205(f) |
|
| Wildcard |
No exemption. |
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