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| UNITED STATES BANKRUPTCY COURTS | |||||||||||||||
| State Of New York | |||||||||||||||
| Exemptions Are Illustrated Below Courts | |||||||||||||||
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| New York
Eastern District Court New York Northern District Court New York Southern District Court |
| Exemption:
In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding. Under Chptr. 8, Art. 52, Sec. 5206 of the New York State Consolidated Laws, property
of one of the following types, not
exceeding ten thousand dollars in value above liens and encumbrances, owned and
occupied as a principal residence, is exempt from application to the satisfaction of
a money judgment, unless the judgment was recovered wholly for the
purchase price thereof: Some of the personal property exemption which may be claimed by a debtor may include all stoves kept for use in the judgment debtor's dwelling house and necessary fuel therefor for sixty days; one sewing machine with its appurtenances; the family bible, family pictures, and school books used by the judgment debtor or in the family; and other books, not exceeding fifty dollars in value, kept and used as part of the family or judgment debtor's library; a seat or pew occupied by the judgment debtor or the family in a place of public worship; domestic animals with the necessary food for those animals for sixty days, provided that the total value of such animals and food does not exceed four hundred fifty dollars; all necessary food actually provided for the use of the judgment debtor or his family for sixty days; all wearing apparel, household furniture, one mechanical, gas or electric refrigerator, one radio receiver, one television set, crockery, tableware and cooking utensils necessary for the judgment debtor and the family; a wedding ring; a watch not exceeding thirty-five dollars in value; and necessary working tools and implements, including those of a mechanic, farm machinery, team, professional instruments, furniture and library, not exceeding six hundred dollars in value, together with the necessary food for the team for sixty days, provided, however, that the articles specified in this paragraph are necessary to the carrying on of the judgment debtor's profession or calling. In addition, a judgment debtor may also be entitled to exemption, to the extent allowed under the statute, certain portions of income, trust, security deposits, insurance policy, New York state college choice tuition savings program trust funds, award in a matrimonial action, and retirement plan funds. (Chptr. 8, Art. 52, Sec. 5205, New York Consolidated Laws.) In accordance with the provisions of 11 U.S.C. Sec. 522(b),
debtors domiciled in the State of New York are not authorized to exempt from
the estate property that is specified under subsection (d) of such section. (Chptr.
12, Art. 10-A, Sec. 284, New York State Consolidated Laws.)
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| Association of the
Bar of the City of New York Bankrupcy Exemptions |
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