Federal Bankruptcy Exemptions Are Available Effective 1/23/11
All Bankruptcy law references are to Consolidated Laws of New York unless noted.

ASSET

EXEMPTION

LAW PROVISION

HOMESTEAD

Real property including co-op, condo or mobile home, to $75,000

$150,000 for the counties of Kings, New York, Queens, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam

$125,000 for the counties of Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster;

Husband & wife may double

5206(a)

In re Pearl, 723 F.2d 193 (2^nd Cir. 1983)

PERSONAL PROPERTY

Bible; schoolbooks; books to $500; pictures; clothing; church pew or seat; stoves with fuel to last 60 days; sewing machine; domestic animal with food to last 60 days, to $1,000; food to last 60 days; furniture; refrigerator; TV; radio; one computer and associated equipment, one cellphone, wedding rings, watch, jewelry and art to $1000; 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 $10,000; in lieu of homestead

Health aids

Lost earnings recoveries needed for support

Motor vehicle to $4,000. If equipped for use by a disabled person $10,000

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 120 days, professional furniture, books & instruments to $3,000 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)