3 main New York bankruptcy exemptions

The following are some of the New York bankruptcy exemptions that you will get to learn from the Roemerman Law Firm. You need to remember that spouses that live in New York and file together can end up doubling the exemption amount in each of the mentioned categories so long as both spouses have an interest in ownership of the property.

The exemptions include:

New York Homestead exemption

A debtor can be able to protect the equity in condominium, house,  co-op, or mobile home that is utilized as residence up to the below values:

  • Putman, Westchester, Rockland, Suffolk, Nassau, Richmond, Bronx, New York, Queens, and Kings counties are about $179,950
  • Ulster, Saratoga, Orange, Columbia, Albany, and Dutchess about $149,975
  • For the other remaining counties $89,975

Motor vehicle exemption in New York

A filer can exempt the equity in a single vehicle that goes up to $4825 in value or up to about $11975 in case the vehicle happens to be equipped for a debtor who is disabled. If you have extra vehicle equity which you can exempt, and you don’t utilize the homestead exemption, it is possible adding it to the wildcard exemption and protect the extra amount.

New York Wildcard exemption

Exemptions tend to protect items that are necessary which you could require to live and work. The wildcard exemption in New York will allow you in protecting any chosen personal property and not for real estate, or cash amounts of up to $1175. The exemption is only available if you don’t utilize the homestead exemption.

Other New York bankruptcy exemptions

Apart from the above three main exemptions in New York for bankruptcy, other exemptions exist. The amounts for New York exemption adjust after every three years. And even though you are going to find the laws on the website for the state senate for New York, the amount that changes will not appear in the statute.   You will have to go to the department of financial services website to search for the satisfaction of money judgment exemptions.


It is important to be careful when exempting your property. The court-appointed official – the bankruptcy trustee that is assigned to managing your case will have to review the exemptions. If they disagree with the exemptions, then you will have to resolve the issue informally.

Hank Pedro
the authorHank Pedro