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Bankruptcy Exemptions, Bankruptcy Lawyer Buffalo NY

bankruptcy exemptions bankruptcy lawyer buffalo ny

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 NY State Exemptions or the Federal Exemptions.

NY Bankruptcy Exemptions

What are the New York Individual Bankruptcy Exemptions?


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.

One Computer and one Cell Phone

No Value Limit

CASH: Up to $6000

Debtor & Creditor 283 - If homestead exemption is NOT used and the aggregate individual bankruptcy exemption totals $5000 or less for personal property, may exempt up to $6000 in cash, $1000 if over $5000.

Burial plot

CPLR 5206 - up to 1/4 acre without a structure on it.

Motor vehicle

Debtor & Creditor 282 - up to $4000, $10,000 for disabled equiped vehicle; lost future earnings recoveries needed for support;

Personal injury recoveries

$7500 personal injury recovery not including pain and suffering or pecunary loss and wrongful death recoveries for a person you depended upon for support.


5205 - 90% of earned but unpaid wages received within 60 days of filing for bankruptcy; 90% of earnings from milk sales to milk dealers; 100% for a noncommissioned private, officer or musician in the U.S. or N.Y. state armed forces.


11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.

5205 & Debtor & Creditor 282 - ERISA-qualified plans, Keoghs and IRAs needed for support.

Educ.524 - Teachers.

Ins. 4607 - Public retirement benefits.

Ret. and Soc. Sec. 10 - State employees.

Unconsolidated 5711-o - Village police officers.

Vol. Amb. Wkr. Ben. 23 - Benefits of volunteer ambulance workers.

Vol. Fire. Ben. 23 - Benefits of volunteer firefighters.

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

5205 - 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 and Child Support

C.P.L.R. 5205 - Alimony and child support - no limit.


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.


Partnership 51 - Business partnership property.


Federal Exemptions

What are the Federal Exemptions?


522(d)(1) - Real property, including mobile home, condominium, or co-op, up to $21,625 (Joint Debtors $43,250, if property jointly owned).

Household Goods

522(d)(3) - $11,525, Joint $23,050

Motor vehicle

522 (d)(2) - up to $3450, $6900 Jointly owned vehicle.


522 (d)(4) - up to $1450

Any other Personal Property - includes CASH

522 (d)(5) -$1150 plus up to 10,825 of the unused portion of the homestead exemption.

Tools of Trade

522 (d)(6) - $2175

Cash Value Life Insurance

522(d)(8) - up to $11,525, $23,050 Jointly - Unmatured Life Insurance Contract - no Limit (d)(7).

Social Security, disability, and Veterans benefits, illness alimony, support, maintenance, reasonably necessary for support

522 (d)(10) - No Limit

Personal Injury - not including pain and suffering

522(d)(11)(d) - 21,625, $43,250 Jointly

Qualified Retirement Funds

522 (d)(12) - No Limit

Free Consultation:

Please call (716)-656-7676 or CONTACT US for your free consultation. The first consultation is always free, and you will always speak directly to Stephen K. Underwood.

Stephen K. Underwood, Bankruptcy Attorney
1395 Union Road West Seneca, NY 14224
Phone: 716-656-7676 URL of Map