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New York State Bankruptcy Exemptions |
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New York State Bankruptcy Exemptions |
| ASSET | EXEMPTION | LAW PROVISION |
| Homestead |
Real property including
co-op, condo or mobile home, to $10,000 Husband & wife may double |
5206(a) In re Pearl, 723 F.2d 193 (2nd Cir. 1983) |
| Personal Property |
Bible; schoolbooks; books
to $50; pictures; clothing; church pew or seat; stoves
with fuel to last 60 days; sewing machine; domestic
animal with food to last 60 days, to $450; food to last
60 days; furniture; refrigerator; TV; radio; wedding
ring; watch to $35; crockery, cooking utensils and
tableware needed, to $5000 total (with farm machinery,
etc.) Burial plot, without structure to ¼ acre Cash, the lesser of either $2500, or an amount that, with annuity, totals $5000; in lieu of homestead Health aids, including animals with food Lost earnings recoveries needed for support Motor vehicle to $2400 Personal injury recoveries to $7500 (not to include pain and suffering) Security deposits to landlord, utility company Trust fund principal, to 90% of income Wrongful death recoveries for person you depended on, needed for support |
5205(1)-(6), Debtor & Creditor 283(1) 5206(f) Debtor & Creditor 283(2) 5205(h) Debtor & Creditor 282(3)(iv) Debtor & Creditor 282(1) Debtor & Creditor 282(3)(iii) 5205(g) 5205(c), (d) Debtor & Creditor 282(3)(ii) |
| Insurance |
Annuity contract benefits
due or prospectively due the debtor, who paid for the
contract; if purchased within 6 months prior & not
tax-deferred, only $5000 Disability or illness benefits to $400 per month Life insurance proceeds left at death with the insurance company pursuant to agreement, if clause prohibits proceeds from being used to pay beneficiarys’ creditors Life insurance proceeds and avails if the person effecting the policy is the spouse of the insured |
Insurance 3212(d), Debtor
& Creditor 283(1) Insurance 3212(c) Estates, Powers & Trusts7-1.5(a)(2) Insurance 321(b)(2) |
| Miscellaneous |
Alimony, child support
needed for support Property of business partnership |
Debtor & Creditor
282(2)(d) Partnership 51 |
| Pensions |
ERISA-qualified benefits
needed for support, includes IRAs IRAs needed for support Keoghs needed for support Public retirement benefits State employees Village police officers |
Debtor & Creditor
282(2)(e), 5205(c) Debtor & Creditor 282(2)(e), 5205(c) Debtor & Creditor 282(2)(e), 5205(c) Insurance 4607 Retirement & Social Security 110 Unconsolidated 5711-o |
| Public Benefits |
Aid to blind, aged,
disabled, AFDC Crime victims’ compensation Home relief, local public assistance Social security Unemployment compensation Veterans’ benefits Workers’ compensation |
Debtor &Creditor
282(2)(c) Debtor & Creditor 282(3)(i) Debtor & Creditor 282(2)(a) Debtor & Creditor 282(2)(a) Debtor & Creditor 282(2)(a) Debtor & Creditor 282(2)(b) Debtor & Creditor 282(2)(c) |
| Tools of Trade |
Farm machinery, team,
food for 60 days, professional furniture, books &
instruments to $600 total Uniforms, medal, equipments,. Emblem, horse, arms and sword of military member |
5205(b) 5205(e) |
| Wages |
90% of earnings from milk
sales to milk dealers 90% of earned but unpaid wages received within 60 days prior (100% for a few militia members) |
5205(f) 5205(d), (e) |
Thursday January 12, 2006