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 $50,000. | | 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 $2,400. | | 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. | | Life insurance proceeds/avails: all if the debtor is not the beneficiary or if the policy was taken out by the debtor’s spouse. | | Illness or disability benefits: not to exceed $400 per month. | | Annuity contract benefits from a contract purchased by the debtor: not to exceed $5000 if the contract was purchased within the 6 months before filing for bankruptcy and if the annuity is not tax-deferred. | | Earnings | Wages, earned but unpaid and received 60 days before filing for bankruptcy or any time after: 90 percent. | | Wages of noncommissioned officer, officer, private, or musician in U.S. or N.Y. state armed forces: 100 percent. | 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 Law Offices of N.M. Gehi is here to help you navigate through the complicated bankruptcy process.
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Member of The American Bankruptcy Institute
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NY Bankruptcy Exemptions
