New York Bankruptcy Laws

New York bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. New York bankruptcy district courts are located in more than a dozen places under the four group regions – New York Eastern District Court, New York Northern District Court, New York Southern District Court, and New York Western District Court.

Properties Exemptions Under The New York Bankruptcy Laws

As per the New York bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the New York bankruptcy district courts.

•The Homestead Exemptions include real properties, mobile properties, co-op, condo, etc. The maximum amount of exemptible homestead properties is ten thousand dollars in value. In case of a married couple, you will be allowed to exempt twenty thousand dollars.
•Insurance Exemptions, as per the New York bankruptcy laws, include Disability or illness benefits and specific Life insurance proceeds.
•Under personal properties exemptions, you can exempt motor vehicle up to 2400 dollars. In fact, there is a long list in personal properties exemptions.
◦If you own any Burial plot without structure, you can exempt the same, but the area must not exceed 0.25 acre.
◦Personal injury recoveries are also exemptible as per the New York Bankruptcy laws, but only up to 7500 dollars in value.
◦Trust fund principal is also exemptible up to ninety percent of your income.
◦The maximum exemptible amount for Bible, schoolbooks, and other books is 50 dollars.
•Pension funds are also allowed to be exempted under the New York bankruptcy laws, but only following individuals are eligible for such exemptions.
◦Village police officers
◦State employees
•The pension funds that are exemptible under New York bankruptcy laws include Public retirement benefits, Keoghs needed for support, IRAs needed for support, and ERISA-qualified benefits needed for support.