New York Bankruptcy Exemptions
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NEW YORK BANKRUPTCY EXEMPTIONS | ASSETS | EXEMPTIONS | | Homestead | Real Property, condo, co-op, or mobile home: not to exceed $150,000.00. | | 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; household pets with food for 60 days ($450 in total); 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 not exceeding $35. All of these personal property exemptions plus tools of your trade, and some annuities: not to exceed $5,000 in total. | | Motor Vehicle: not to exceed $4,000. | | Insurance | The NY exemption for life insurance contracts is for an unlimited amount under NY CPLR 5205 (i). Debtor is entitled to 100% of the income from the insurance contract | | Life insurance proceeds/avails: all if the debtor is not the beneficiary or if the policy was taken out by the debtor’s spouse. | | Earnings | Wages, earned but unpaid and received 90 days before filing for bankruptcy or any time after: 100%. | | Wages of non commissioned officer, officer, private, or musician in U.S. or N.Y. state armed forces: 100 %. | Note: These are the major bankruptcy exemptions. The full list of exemptions is extensive and can be complicated. This is just one of the many reasons why the Gehi & Attorney is here to help you navigate through the complicated bankruptcy process.
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118–21 Queens Blvd., Suite 411
Forest Hills, NY11375
Phone : 718-263-5999
Email : AnthonyTse@bankruptcyboss.com | Richmond Hill Office
101-17 Lefferts Blvd.
Richmond Hill, NY 11419
Phone : 718- 577-0711
Email : Nashwati@gehilaw.com |
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NY Bankruptcy Exemptions
