What are New York Bankruptcy Exemptions?
Exemptions in New York Major exemptions available when filing for bankruptcy in New York are listed below. New York has opted not to allow its residents to utilize the federal exemptions, so only New York statutes that define and list the exemptions can be used. A lawyer should be consulted to determine the particulars of each exemption and to determine all available exemptions that may be filed. • Homestead (equity in dwelling used as residence) • Up to $10,000 in value (Double if married) • Equity in automobile • Up to $2,400 in value in one motor vehicle • Personal property – Household items (Family pictures, school supplies, clothes, etc.) • Bible, schoolbooks, pictures, church seat, stoves with fuel for 60 days and sewing machine up to $5,000 in value • Furniture, cooking utensils, clothes, TV, and refrigerator up to $5,000 in value • An animal with food for 60 days up to $450 in value • 60 days of food – Jewelry and heirlooms Wedding ring up to $5,000 in value and a watch up to $
