New York-Specific Exemptions:
- 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.
- Personal Property Exemptions:
- New York provides exemptions for personal property, including clothing, furniture, and certain financial instruments.
- 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.
