On this page you can find all of the exemptions for New York. Exemptions are the property that you can keep when you file bankruptcy.
CATEGORY
PROPERTY
AMOUNT
STATUTE
Homestead
Property owned & occupied as principal residence (includes land + dwelling, shares in cooperative condominium units, and mobile homes), (homestead exemption)
$150,000 for property in counties of Kings, Nassau, Suffolk, Queens, Bronx, Richmond, Rockland, Westchester, and Putnam; $125,000 for property in counties of Albany, Dutchess, Columbia, Orange, Saratoga, and Ulster $75,000 for all other counties
CPLR § 5206(a)
Motor Vehicle
One motor vehicle (See CPLR § 5205(a)(8) for limits on exemption for support & alimony)
$4000 ($10,000 if equipped for disabled debtor)
Debtor ft Creditor Law § 282
Wild Card
Cash, U.S. savings bonds, and tax refunds of debtor not using homestead exemption under CPLR § 5206
$5,000 or $10,000 less amounts exempted under CPLR § 5205(a) and for certain annuities WHICHEVER IS LESS
Debtor & Creditor Law § 283
Wages / Wage Garnishment
Wages
varies
CPLR § 5241(b)
Insurance
Cash surrender value and accelerated death benefits of life insurance policies
100%
CPLR § 5205(i)
Insurance
Unemployment insurance
100%
Lab. law § 595
Insurance
Claim for loss or destruction of exempt property & proceeds of claim for one year
Amount of exemption for lost or destroyed property
CPLR § 5205(b)
Insurance
Volunteer firefighters' insurance benefits
100%
Gen. Mun. § 206-b and Vol. Fire. Ben. FBL §23
Insurance
Compensation for loss of future earnings of debtor or person of whom debtor is or was a dependent
Amount reasonably necessary to support debtor & dependents
Debtor & Creditor Law § 282
Insurance
Payments on account of bodily injury of debtor or person of whom debtor was a dependent
$7500
(does not include damages for pain & suffering or actual pecuniary loss)
Debtor & Creditor Law § 282
Insurance
Annuity contract benefits
Amount reasonably required by debtor & dependents (See Note 1 below)
Insurance Law § 3212
Insurance
Disability insurance benefits
100% of lump sum payments
$400 per month of periodic payments
Insurance Law § 3212
Insurance
Proceeds & avails of life insurance policies not payable to insured, including right to accelerated benefits
100%
Insurance Law § 3212
CPLR § 5205(i)
Personal Property
All stoves & home heating equipment & 120 days’ fuel; 1 sewing machine & appurtenances, seat in place of worship; 120 days’ food; 1 refrigerator; 1 radio; 1 television set; 1 TV ; 1 cellphone, 1 computer & associated equipment; prescribed health aids
all wearing apparel, household furniture, crockery, tableware, and cooking utensils of debtor & family, 1 wedding ring
100%
(See Note 1 below)
* CPLR § 5205(a)(1) et seq.
Personal Property
Payments on account of wrongful death of person of whom debtor was a dependent
Amount reasonably necessary to support debtor & dependents
Debtor & Creditor Law § 282
Personal Property
Burial grounds
100% (cannot exceed 1/4 acre)
CPLR § 5206(f)
Personal Property
One watch, jewelry, and art
$1,000
CPLR § 5205(a)(6)
Personal Property
Domestic animals + 120 days' feed
$1,000
CPLR § 5205(a)(4)
Personal Property
Religious text, family pictures & portraits & books in family library
$500
(See Note 1 below)
CPLR § 5205(a)(2)
Pensions / Retirement Accounts
Payments under stock-bonus, pension, profit-sharing or similar plan, or IRA, unless payments are for age or length of service and plan was created by insider and does not qualify under 26 USC §§ 401(a), 403(a), or (b), 408, 408A, 409, or 457.
Amount reasonably necessary to support debtor & dependents
Debtor & Creditor Law § 282
Pensions / Retirement Accounts
Military pay of enlisted men; military rewards, pensions, medals, arms & equipment of state or federal armed forces
100% (support claims excepted)
CPLR § 5205(e)
Pensions / Retirement Accounts
Property held under a trust created or deemed to be created by another for benefit of debtor, including assets of tax-qualified IRAs, Keogh Plans and corporate retirement plans
100%
CPLR § 5205(c) & (d)
Debtor & Creditor Law § 282(2)(e)
Pensions / Retirement Accounts
Pensions-village police
100%
Uncosol. Law § 5711-o
Pensions / Retirement Accounts
Pensions-NY State Employees
100%
Ret. & SS Law § 110
Pensions / Retirement Accounts
Pensions-public retirement systems
100%
Ins. Law § 4607
Pensions / Retirement Accounts
Teachers’ retirement plan
100%
Edu. Law § 524
Tools of the Trade
Necessary tools of trade & professional instruments, furniture & library
$3,000
(See Note 1 below)
CPLR § 5205(a)(7)
Public Benefits
Workers' compensation benefits
100% (support claims excepted)
Workers' Compensation Law §§ 33 & 218
Public Benefits
Crime victim’s reparation awards
100%
Debtor & Creditor Law § 282
Public Benefits
Social Security benefits, unemployment compensation, public assistance benefits, veterans benefits, and disability, illness or unemployment benefits
100%
Debtor & Creditor Law § 282
Public Benefits
Veterans' benefits
100%
Debtor & Creditor Law § 282(2)(b)
Miscellaneous
Partner’s right in partnership property
100%
Partnership law § 51(c)
Miscellaneous
Alimony, support or separate maintenance
Amount reasonably necessary to support debtor & dependents
Debtor & Creditor Law § 282
CPLR § 5205(d)(3)
Miscellaneous
Funds of convicted person
various amounts (see statute)
CPLR § 5205(k)
Miscellaneous
Necessary medical & dental accessions to human body, equipment used to provide mobility for disabled person, and guide, service, or hearing dog or similar animals and food therefor
Amount reasonably required by debtor & dependents
CPLR § 5205(h)
Miscellaneous
Residential rental, utility, telephone & telegraph money security deposits of debtor & family
100%
CPLR § 5205(g)
Miscellaneous
Milk sales proceeds of farmer
90%
CPLR § 5205(f)
Miscellaneous
Statutorily exempt payments made electronically or by direct deposit
$2,500
CPLR §5205(l)
Miscellaneous
Exhibits at international exhibition
100%
PPL §250
Miscellaneous
90% of income from trust exempt under CPLR § 5205(c), 90% of last 60-days' earnings, and 100% of matrimonial payments for support of wife or child
Amount reasonably required by debtor & dependents
CPLR § 5205(d)
Miscellaneous
Shares held by member of savings and loan association and dues and dividends created thereon
$600
Banking Law § 407
Tuition Savings Account
Monies in NYS college choice tuition savings program trust fund
100 % of Scholarship funds
100% if debtor is owner & beneficiary
$10,000 if debtor is owner only
CPLR § 5205(j)
If you want to learn more about filing bankruptcy in New York please visit our FAQ Page or for more information about New York you can visit the New York section.