New York State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain types of your property from your creditors when you file bankruptcy-such as your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other important property. New York law provides a number of exemptions that protect your property, and your New York TotalBankruptcy.com attorney will be able to advise you on which exemptions are best for you.
Homestead
Property owned and occupied as a principal residence not to exceed $50,000 per person.
Wages
No specific earnings exemption. Compensation for loss of future earnings to the extent necessary to support debtor and dependents.
Automobiles
One motor vehicle in the amount of $2,400.
Other Property
All stoves, food, and necessary fuel for 60 days; one sewing machine; family Bible, family pictures, and school books; other books not exceeding $50 in value; church pew; certain domestic animals not to exceed $450; clothing; household furniture; one refrigerator; one radio receiver; one television set; crockery, tableware and cooking utensils; a wedding ring; a watch not exceeding $35 in value; necessary tools, furniture, and equipment for a trade or business not exceeding $600 in value.
» Read the complete New York bankruptcy exemptions here.
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Please understand that this information is provided for illustration purposes only and is not legal advice. If you would like more information about exemptions, please call our 24-hour toll free hotline at 1 (877) 349-1309 or use our free online evaluation form to get started with your bankruptcy case today!
Note: Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.