24/7
Top Bankruptcy Lawyers
(718) 206-1035
Bankruptcy
M&P Brothers
300K Discharge
Home Champs LLC
850k Discharge
Lincoln Sq. Co.
320k Discharge
Apple Florists
360k Discharge

Homestead, Property, Wildcard & Vehicle Exemptions NYC

Call Us Now

FEATURED IN
BBB NY Lawyer Of The Year
National Advocate NY Law Award
NYC Lawyer Of Distinction Award
Avvo Reviews For NYC Lawyer
Best trial lawyer NYC Award
Avvo clients choice for NY Law
Best Of Best NY Law Firm 2023
Perfect 10 Exemptions  Law Rating

New York-Specific Exemptions:

  1. Homestead Exemption:
    • As of my last knowledge update in January 2022, New York allows a homestead exemption of up to $165,550 for real property used as a residence.
  2. Personal Property Exemptions:
    • New York provides exemptions for personal property, including clothing, furniture, and certain financial instruments.
  3. Wildcard Exemption:
    • Debtors may use a wildcard exemption to protect any property of their choosing.

What property is exempt from bankruptcy in NY?

Under New York bankruptcy law, you get to choose between the state and federal exemptions. Examples of how New York’s bankruptcy exemptions compare to federal exemptions include: Homestead Exemption – New York: $150,000, $125,000, or $75,000 | Federal: $22,975. Vehicle Exemption – New York: $4,000 | Federal: $3,675

What is the vehicle exemption in NY bankruptcy?

New York Motor Vehicle Exemption

You won’t lose your transportation if you file for bankruptcy. In New York, you can protect up to $4,825 in value or up to $11,975 if the vehicle is equipped for use by a disabled debtor.

You can file for bankruptcy as many times as you want within the same chapter of bankruptcy law under which you received a discharge. However, you will have to wait between two and eight years to do so depending on the chapter under which you are filing.

 

Contact Us
+1 234 567 891
info@consumerlaw.com

PRACTICE AREAS

Our Practice Areas

Credit Reporting Attorneys
Credit Reporting Attorneys
Credit Reporting Attorneys
Credit Reporting Attorneys