An exemption limit means that any equity above the limit is 'non-exempt'. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $4000 with a lien of $3500 has an equity value of only $500 subject to exemption.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non exempt property to be distributed to creditors.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions doubling the exemptions. Unless otherwise noted in the following exemption list, married couples may double the exemption amount given.
Note: the value of property for bankruptcy exemption purposes has been generally accepted to be the Garage sale value of the property
NEW YORK State Exemptions (for bankruptcy)
Federal exemptions are not available to NY citizens.
Homestead Real property , including co-op, condo or mobile home, to $10,000; Husband and
wife may double the exemption to $20,000
Insurance: Disability, or illness benefits to $400 per month
Life insurance proceeds and avails if the person effecting the policy is the spouse
of the insured
Life insurance proceeds left at death with the insurance company pursuant to
agreement, if clause prohibits proceeds from being used to pay
beneficiary's creditors
Annuity contract benefits due or prospectively due the debtor, who paid for the
contract; if purchased within 6 months of filing for bankruptcy and not tax
deferred, only $5,000
Miscellaneous Alimony, child support to $500 per month
Property of business partnership
Pensions ERISA qualified benefits needed for support
IRAs needed for support
Keoghs needed for support
Public retirement benefits
State employees
Village police officers
Personal 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 $5,000 total (with farm machinery, etc.)
Burial plot, without structure to 1/4 acre
Cash, the lesser of either $2,500, or an amount, that, with annuity, totals $5,000;
in lieu of homestead
Health aids including animals with food
Lost earnings recoveries needed for support
Motor vehicle to $2,400
Personal injury recoveries to $7,500 (not to include pain and suffering)
Security deposits to landlord, utility company
Trust fund principal, 90% of income
Wrongful death recoveries for person you depended on, needed for support
Public Social security
Benefits Unemployment compensation
Veteran's benefits
Crime victims' compensation
Aid to blind, aged, disabled, AFDC
Home relief, local public assistance
Workers compensation
Tools of Farm machinery, team, food for 60 days, professional furniture, books and
instruments to $600 total
Trade Uniforms, medal, equipments, emblem, horse, arms and sword of military
member
Wages 90% of earnings from milk sales to milk dealers
90% of earned but unpaid wages received within 60 days of filing for bankruptcy
(100% for a few militia members)
Wild Card None