The Particulars Of NY Bankruptcy Law

When filing for personal bankruptcy in the state of New York, you need to know all the particulars of NY bankruptcy law. For instance, when filing NY bankruptcy, you should know what exemptions you can file for. These are NY bankruptcy exemptions under New York state law and not under federal bankruptcy.

There exist both federal bankruptcy exemptions and then there are bankruptcy exemptions just for the state in which you reside. In some states, you choose the exemptions you want for your particular bankruptcy case from either the federal exemptions list or the state exemptions list. In other states, you can use both federal and state bankruptcy exemptions.

However, the state of New York has opted out on federal bankruptcy exemptions. This means that if you reside and file for personal bankruptcy in the state of New York, then you can only utilize exemptions from that state's list. The laws of other states do not apply.

NY bankruptcy exemptions include: homestead up to $50,000 and $100,000 for a couple, the family bible, family pictures, or school books used by the filer or their family up to $5,000, household pets up to $450, apparel, household furniture, one refrigerator, one radio receiver, one TV set, crockery, tableware, and cooking utensils necessary for the debtor and their family up to $5,000, wedding ring and watch (which does not exceeding $35 in value) up to $5,000, motor vehicle up to $2,400, tools of trade up to $5,000, and necessary food for up to sixty days.

The exemption for homestead is limited to $125,000 if the property was acquired within the last 1215 days. Several pension plans and education funds are also bankruptcy exemptions in the state of New York. These are not all of the bankruptcy exemptions in NY, simply the major ones.



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