New York Bankrutpcy Exemptions

Property

Allowable Exemption Amount under 11 U.S.C. Section 522

Section of § 522 Allowing Exemption

Home

Value in Real property, home, mobile home, co-op, or burial plot: up to $20,200. Up to $10,125 of this amount may be used as a wildcard and applied to any kind of property. Thus if you do not use the $20,200 for Real Estate you can use the wildcard of $10,125 to protect any asset.

(d)(1); (d)(5)

Insurance

Life insurance policy (not yet matured)

(d)(7)

Life insurance policy accrued dividends: up to $10, 755. You can have cash surrender value in Life Insurance policy up to this amount.

(d)(8)

Any and all Unemployment, disability, and illness benefits.

(d)(10)(C)

On a policy taken out from someone that the debtor depended upon, the entire amount that is necessary for support is exempt.

(d)(11)C)

Child Support

Any child support and alimony that is necessary for support.

(d)(10)(D)

Pensions

All amounts in retirement accounts that are tax exempt. Accounts such as 401(k)s, 403(b)s, SEP, SIMPLE IRAs, Erisa qualified pension plans are completely exempt.

(b)(3)(C)

IRAs and Roth IRAs: up to $1,095,000 per person.

(b)(3)(C)

Car

Car or automobile up to $3,225 is exempt.

(d)(2)

Household goods, furnishings, clothing, etc. up to $525 per item and up to $10,775 total.

(d)(3)

Jewelry: up to $1,350.

(d)(4)

Health aids: all.

(d)(9)

Recovery for the wrongful death of a person on whom the debtor depended: all.

(d)(11)(8)

Recoveries for personal injury (excluding amounts for pain and suffering and pecuniary loss): up to $20,200.

(d)(11)(D)

Payments for lost earnings: all.

(d)(11)(E)

Public Benefits

Public assistance benefits: all.

(d)(10)(A)

Social Security benefits: all.

(d)(10)(A)

Unemployment compensation benefits: all.

(d)(10)(A)

Veterans' benefits: all.

(d)(10)(A)

Crime victim compensation: all.

(d)(11)(A)

Tools of Your Trade

Implements, tools, and books: up to $2,025.

(d)(6)

Wages

No exemption.

Wildcards

Any property: up to $1,075.

(d)(5)

Any property: up to $10,125 of the unused homestead exemption.

(d)(5)

•  Homestead: Nassau, Suffolk, Kings, Queens, Bronx, Richmond, Rockland, and Putnam counties.
  

$150,000

• Homestead: Dutchess, Albany, Columbia, Orange, Saratoga and Ulster counties
  

$125,00

• Homestead: all other NY counties.)      

$100,000

• Motor Vehicle:

$4,000

•  Motor Vehicle: if equipped for use by disabled person
  

$10,000

• Cash:

$5,000

• Tools of trade:

$3,000

• Aggregate personal property exemption:

$10,000

• Wildcard (personal property, bank account or cash):   

$1,000