• Motor Vehicle Exemption - Debtor and Creditor Law§ 282(1). One motor vehicle not exceeding $5,500 (or $13,625 if the vehicle is equipped for use by a disabled debtor) in value above liens and encumbrances is exempt. A husband and wife filing jointly may double the amount. • Household Goods and Furnishings Exemption- CPLR §5205(a)(J)(5). Household goods and furnishings are exempt up to $13,625. This includes a refrigerator, radio, television, 1 sewing machine, crockery, tableware, cooking utensils, a stove and domestic animals up to $1,325; a family bible, pictures, and books up to $675. The "replacement value" of all household goods and furnishings must be estimated on Schedule B and C. • Wearing Apparel- CPLR §5205(a)(5). Ordinary clothing is exempt property, but its second hand, replacement value must be estimated on Schedules B and C. • Jewelry- CPLR §5205(a)(6). Assorted jewelry, a wedding band and a wristwatch not exceeding $1,325 in total value may be claimed as exempt. All other jewelry is non-exempt property. • Tools of Trade- CPLR §5205(a)(7). Necessary working tools and implements up to $4,075 in value are exempt. • Life Insurance- Insurance Law §3212. Various life insurance policies and annuity contracts are exempt. The cash surrender value of life insurance is exempt provided the debtor, or their estate, is not the beneficiary of the policy. • Disability, Retirement, and Other Benefits- Debtor and Creditor Law §282(iii)(2). This section exempts the income a debtor receives from: Social Security. Unemployment Compensation. Public Assistance. Veteran's Benefits. Disability, illness, or other unemployment insurance benefits. Alimony, maintenance, and child support to the extent reasonably necessary for the support of the debtor and any dependents. The right to exempt retirement plans is very broad under both state and federal law. It permits the debtor to exempt retirement funds to the extent they are in a fund or account that is exempt from taxation by the IRS. This covers most pension, profit sharing, stock bonus, employee annuities, IRAs, deferred compensation, local government, tax exempt organizations, certain trusts or similar plans or contracts on account of illness, disability, death, age, or length of service, with limited exceptions. |
Sources
This information is general and is not legal advice. Amounts are adjusted periodically; consult an attorney about your case. |
New York Property Exemptions
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