The Bankruptcy Exemptions set forth the items of property that you may keep in Bankruptcy. The objective is to keep all of your property. Sometimes a little planning is required. You may choose the New York State Exemptions or the Federal Exemptions.
HOMESTEAD- CPLR 5206 - Real property, including mobile home, condominium, or co-op, up to $75,000 (Note: Joint Debtors $150,000 if property jointly owned).
PERSONAL PROPERTY - Up to $10,000 - CPLR 5205 - Clothing, furniture, refrigerator, TV, radio, sewing machine, security deposits with landlord or utility company, tableware, cooking utensils and crockery , stoves with fuel to last 60 days, health aids (including service animals with food), church pew or seat, wedding ring, bible, schoolbooks, pictures; books up to $500; domestic animals with food to last 60 days and up to $1000; watch art, and jewelry to $1000; tools of trade $3000; spendthrift trust fund principal; 90% of trust fund income if not created by debtor; college tuition savings program trust fund; recovery for injury to exempt property up to 1 year after receiving. Exemptions cannot exceed a total of $5,000 including tools of trade and limited annuity.
COMPUTER & PHONE - One Computer and one Cell Phone - No Value Limit
CASH - Up to $6000 per person if the homestead exemption is NOT used and the aggregate individual bankruptcy exemption totals $5000 or less for personal property.
WILDCARD - $1000 - If homestead exemption not used for any property including cash.
BURIAL PLOT - CPLR 5206 - up to 1/4 acre without a structure on it.
MOTOR VEHICLE - Debtor & Creditor 282 - up to $4000, or $10,000 for disabled equipped vehicle
PERSONAL INJURY RECOVERY - $7500 personal injury recovery not including pain and suffering or pecunary loss and wrongful death recoveries for a person you depended upon for support.
RETIREMENT ACCOUNTS - Most pensions, Tax exempt retirement accounts, IRA's 401k, Roth IRA, ERISA-qualified plans, Keoghs, etc., are exempt.
PUBLIC BENEFITS - Debtor & Creditor 282 - Unemployment benefits; veterans' benefits; Social Security; aid to blind, aged, and disabled; crime victims' compensation; home relief, local public assistance; public assistance; worker's compensation.
TOOLS OF TRADE - Professional furniture, books, instruments, farm machinery, team and food for 60 days, up to $3000 total; arms, swords, uniforms, equipment, horse, emblem and medal of a military member.
ALIMONY, MAINTENANCE, CHILD SUPPORT - no limit.
INSURANCE - Debtor & Creditor 283 - Annuity contract benefits due to the debtor if he or she paid for the contract up to $10,000, if purchased within 6 months of filing for bankruptcy and not tax-deferred. Estates Powers & Trusts 7-1.5 - Life insurance proceeds left at death if policy prohibits use to pay creditors. Insurance 3212 - Disability or illness benefits up to $400 per month; life insurance proceeds, dividends, interest, loan, cash, or surrender value if beneficiary is not the debtor or if the debtor's spouse has taken out the policy.
HOMESTEAD - 522(d)(1) - Real property, including mobile home, condominium, or co-op, up to $23,675 (Joint Debtors $47,350, if property jointly owned).
HOUSEHOLD GOODS - 522(d)(3) - $12,625, Joint $25,250.
MOTOR VEHICLE - 522 (d)(2) - up to $3775, $7550 Jointly owned vehicle.
JEWELRY - 522 (d)(4) - up to $1600.
ANY PROPERTY -522 (d)(5) - $1250 plus up to 11,850 of the unused portion of the homestead exemption - includes cash.
TOOLS OF TRADE - 522 (d)(6) - $2375.
CASH VALUE LIFE INSURANCE - 522(d)(8) - up to $12,625, and any un-matured Life Insurance Contract - no Limit (d)(7).
SOCIAL SECURITY, SSD, SSI VETERANS, ALIMONY, CHILD SUPPORT - 522 (d)(10) - No Limit if reasonably necessary for support.
PERSONAL INJURY AWARDS - 522(d)(11)(d) - 23,675.
QUALIFIED RETIREMENT ACCOUNTS - 522 (d)(12) - No Limit.