• Rights to Compensation for Injury or Losses- Debtor and Creditor Law §282(3). The debtor's right to receive, and property traceable to, payments for various types of injury and loss are exempt, including: • Crime-victims reparation awards. • Payments on account of the wrongful death of an individual on which the debtor was dependent. • Payments of not more than $10,250 on account of personal injury, not including pain and suffering or compensation for actual pecuniary loss, for injury to the debtor or an individual on whom the debtor was dependent. • Payments for compensation of the loss of future earnings of the debtor or an individual on whom the debtor was a dependent. • Aggregate Individual Exemption for Personal Property- Debtor and Creditor Law §283(1). The total amount of personal property and clothing a debtor may exempt from the bankruptcy estate pursuant to CPLR §5205(a) may not exceed $13,625. • Cash- Debtor and Creditor Law §283(2) A debtor who does not claim the homestead exemption under CPLR §5205(a), and does not reach the aggregate personal property exemption listed above, may exempt up to $6,825 in cash as part of the $13,625 aggregate total. "Cash" means currency, savings bonds (face amount), federal, state, or local income tax refunds, and deposits in state or federally chartered depository institutions. If a debtor has funds on deposit with a non-exempt financial institution they may transfer the amount to a qualified institution before filing. • NYS Wildcard-NYCPLR 5205(a)(9). The statute allows for a "wildcard" exemption of up to $1,325 to apply to any personal property, bank account or cash and can only be used if the homestead exemption is not claimed. This can be in addition to the $6,825 cash exemption described above. This is not a total list of exemptions allowed under New York State law. A schedule of exempt property must be set forth in Schedule C and filed with the Court. If the debtor fails to list exempt property the exemption is lost for that property and it can be taken and sold by the Trustee for the benefit of the creditors. |
Sources
This information is general and is not legal advice. Amounts are adjusted periodically; consult an attorney about your case. |
New York Property Exemptions
Part 3 of 3