New York Exemptions

Under section five hundred
twenty-two of title eleven of the United States Code, entitled
"Bankruptcy", an individual debtor domiciled in this state may exempt
from the property of the estate, to the extent permitted by subsection
(b) thereof, only (i) personal and real property exempt from application
to the satisfaction of money judgments under sections fifty-two hundred
five and fifty-two hundred six of the civil practice law and rules, (ii)
insurance policies and annuity contracts and the proceeds and avails
thereof as provided in section three thousand two hundred twelve of the
insurance law and (iii) the following property:
1. Bankruptcy exemption of a motor vehicle. One motor vehicle not
exceeding twenty-four hundred dollars in value above liens and
encumbrances of the debtor.
2. Bankruptcy exemption for right to receive benefits. The debtor's
right to receive or the debtor's interest in: (a) a social security
benefit, unemployment compensation or a local public assistance benefit;
(b) a veterans' benefit; (c) a disability, illness, or unemployment
benefit; (d) alimony, support, or separate maintenance, to the extent
reasonably necessary for the support of the debtor and any dependent of
the debtor; and (e) all payments under a stock bonus, pension, profit
sharing, or similar plan or contract on account of illness, disability,
death, age, or length of service unless (i) such plan or contract,
except those qualified under section 401, 408 or 408A of the United
States Internal Revenue Code of 1986, as amended, was established by the
debtor or under the auspices of an insider that employed the debtor at
the time the debtor's rights under such plan or contract arose, (ii)
such plan is on account of age or length of service, and (iii) such plan
or contract does not qualify under section four hundred one (a), four
hundred three (a), four hundred three (b), four hundred eight, four
hundred eight A, four hundred nine or four hundred fifty-seven of the
Internal Revenue Code of nineteen hundred eighty-six, as amended.
3. Bankruptcy exemption for right to receive certain property. The
debtor's right to receive, or property that is traceable to: (i) an
award under a crime victim's reparation law; (ii) a payment on account
of the wrongful death of an individual of whom the debtor was a
dependent to the extent reasonably necessary for the support of the
debtor and any dependent of the debtor; (iii) a payment, not to exceed
seventy-five hundred dollars on account of personal bodily injury, not
including pain and suffering or compensation for actual pecuniary loss,
of the debtor or an individual of whom the debtor is a dependent; and
(iv) a payment in compensation of loss of future earnings of the debtor
or an individual of whom the debtor is or was a dependent, to the extent
reasonably necessary for the support of the debtor and any dependent of
the debtor.

§ 283. Aggregate individual bankruptcy exemption for certain annuities
and personal property. 1. General application. The aggregate amount the
debtor may exempt from the property of the estate for personal property
exempt from application to the satisfaction of a money judgment under
subdivision (a) of section fifty-two hundred five of the civil practice
law and rules and for benefits, rights, privileges, and options of
annuity contracts described in the following sentence shall not exceed
five thousand dollars. Annuity contracts subject to the foregoing
limitation are those that are: (a) initially purchased by the debtor
within six months of the debtor's filing a petition in bankruptcy, (b)
not described in any paragraph of section eight hundred five (d) of the
Internal Revenue Code of nineteen hundred fifty-four, and (c) not
purchased by application of proceeds under settlement options of annuity
contracts purchased more than six months before the debtor's filing a
petition in bankruptcy or under settlement options of life insurance
policies.
2. Contingent alternative bankruptcy exemption. Notwithstanding
section two hundred eighty-two of this article, a debtor, who (a) does
not elect, claim, or otherwise avail himself of an exemption described
in section fifty-two hundred six of the civil practice law and rules;
(b) utilizes to the fullest extent permitted by law as applied to said
debtor's property, the exemptions referred to in subdivision one of this
section which are subject to the five thousand dollar aggregate limit;
and (c) does not reach such aggregate limit, may exempt cash in the
amount by which five thousand dollars exceeds the aggregate of his
exemptions referred to in subdivision one of this section or in the
amount of two thousand five hundred dollars, whichever amount is less.
For purposes of this subdivision, cash means currency of the United
States at face value, savings bonds of the United States at face value,
the right to receive a refund of federal, state and local income taxes,
and deposit accounts in any state or federally chartered depository
institution.

New York Civil Practice § 5205. Personal property exempt from application to the satisfaction
of money judgments. (a) Exemption for personal property. The following
personal property when owned by any person is exempt from application to
the satisfaction of a money judgment except where the judgment is for
the purchase price of the exempt property or was recovered by a
domestic, laboring person or mechanic for work performed by that person
in such capacity:
1. all stoves kept for use in the judgment debtor's dwelling house and
necessary fuel therefor for sixty days; one sewing machine with its
appurtenances;
2. the family bible, family pictures, and school books used by the
judgment debtor or in the family; and other books, not exceeding fifty
dollars in value, kept and used as part of the family or judgment
debtor's library;
3. a seat or pew occupied by the judgment debtor or the family in a
place of public worship;
4. domestic animals with the necessary food for those animals for
sixty days, provided that the total value of such animals and food does
not exceed four hundred fifty dollars; all necessary food actually
provided for the use of the judgment debtor or his family for sixty
days;
5. all wearing apparel, household furniture, one mechanical, gas or
electric refrigerator, one radio receiver, one television set, crockery,
tableware and cooking utensils necessary for the judgment debtor and the
family;
6. a wedding ring; a watch not exceeding thirty-five dollars in value;
and
7. necessary working tools and implements, including those of a
mechanic, farm machinery, team, professional instruments, furniture and
library, not exceeding six hundred dollars in value, together with the
necessary food for the team for sixty days, provided, however, that the
articles specified in this paragraph are necessary to the carrying on of
the judgment debtor's profession or calling.
(b) Exemption of cause of action and damages for taking or injuring
exempt personal property. A cause of action, to recover damages for
taking or injuring personal property exempt from application to the
satisfaction of a money judgment, is exempt from application to the
satisfaction of a money judgment. A money judgment and its proceeds
arising out of such a cause of action is exempt, for one year after the
collection thereof, from application to the satisfaction of a money
judgment.
(c) Trust exemption. 1. Except as provided in paragraphs four and five
of this subdivision, all property while held in trust for a judgment
debtor, where the trust has been created by, or the fund so held in
trust has proceeded from, a person other than the judgment debtor, is
exempt from application to the satisfaction of a money judgment.
2. For purposes of this subdivision, all trusts, custodial accounts,
annuities, insurance contracts, monies, assets or interests established
as part of, and all payments from, either any trust or plan, which is
qualified as an individual retirement account under section four hundred
eight or section four hundred eight A of the United States Internal
Revenue Code of 1986, as amended, a Keogh (HR-10), retirement or other
plan established by a corporation, which is qualified under section 401
of the United States Internal Revenue Code of 1986, as amended, or
created as a result of rollovers from such plans pursuant to sections
402 (a) (5), 403 (a) (4), 408 (d) (3) or 408A of the Internal Revenue
Code of 1986, as amended, or a plan that satisfies the requirements of
section 457 of the Internal Revenue Code of 1986, as amended, shall be
considered a trust which has been created by or which has proceeded from
a person other than the judgment debtor, even though such judgment
debtor is (i) in the case of an individual retirement account plan, an
individual who is the settlor of and depositor to such account plan, or
(ii) a self-employed individual, or (iii) a partner of the entity
sponsoring the Keogh (HR-10) plan, or (iv) a shareholder of the
corporation sponsoring the retirement or other plan or (v) a participant
in a section 457 plan.
3. All trusts, custodial accounts, annuities, insurance contracts,
monies, assets, or interests described in paragraph two of this
subdivision shall be conclusively presumed to be spendthrift trusts
under this section and the common law of the state of New York for all
purposes, including, but not limited to, all cases arising under or
related to a case arising under sections one hundred one to thirteen
hundred thirty of title eleven of the United States Bankruptcy Code, as
amended.
4. This subdivision shall not impair any rights an individual has
under a qualified domestic relations order as that term is defined in
section 414(p) of the United States Internal Revenue Code of 1986, as
amended or under any order of support, alimony or maintenance of any
court of competent jurisdiction to enforce arrears/past due support
whether or not such arrears/past due support have been reduced to a
money judgment.
5. Additions to an asset described in paragraph two of this
subdivision shall not be exempt from application to the satisfaction of
a money judgment if (i) made after the date that is ninety days before
the interposition of the claim on which such judgment was entered, or
(ii) deemed to be fraudulent conveyances under article ten of the debtor
and creditor law.
(d) Income exemptions. The following personal property is exempt from
application to the satisfaction of a money judgment, except such part as
a court determines to be unnecessary for the reasonable requirements of
the judgment debtor and his dependents:
1. ninety per cent of the income or other payments from a trust the
principal of which is exempt under subdivision (c); provided, however,
that with respect to any income or payments made from trusts, custodial
accounts, annuities, insurance contracts, monies, assets or interest
established as part of an individual retirement account plan or as part
of a Keogh (HR-10), retirement or other plan described in paragraph two
of subdivision (c) of this section, the exception in this subdivision
for such part as a court determines to be unnecessary for the reasonable
requirements of the judgment debtor and his dependents shall not apply,
and the ninety percent exclusion of this paragraph shall become a one
hundred percent exclusion;
2. ninety per cent of the earnings of the judgment debtor for his
personal services rendered within sixty days before, and at any time
after, an income execution is delivered to the sheriff or a motion is
made to secure the application of the judgment debtor's earnings to the
satisfaction of the judgment; and
3. payments pursuant to an award in a matrimonial action, for the
support of a wife, where the wife is the judgment debtor, or for the
support of a child, where the child is the judgment debtor; where the
award was made by a court of the state, determination of the extent to
which it is unnecessary shall be made by that court.
(e) Exemptions to members of armed forces. The pay and bounty of a
non-commissioned officer, musician or private in the armed forces of the
United States or the state of New York; a land warrant, pension or other
reward granted by the United States, or by a state, for services in the
armed forces; a sword, horse, medal, emblem or device of any kind
presented as a testimonial for services rendered in the armed forces of
the United States or a state; and the uniform, arms and equipments which
were used by a person in the service, are exempt from application to the
satisfaction of a money judgment; provided, however, that the provisions
of this subdivision shall not apply to the satisfaction of any order or
money judgment for the support of a person's child, spouse, or former
spouse.
(f) Exemption for unpaid milk proceeds. Ninety per cent of any money
or debt due or to become due to the judgment debtor for the sale of milk
produced on a farm operated by him and delivered for his account to a
milk dealer licensed pursuant to article twenty-one of the agriculture
and markets law is exempt from application to the satisfaction of a
money judgment.
(g) Security deposit exemption. Money deposited as security for the
rental of real property to be used as the residence of the judgment
debtor or the judgment debtor's family; and money deposited as security
with a gas, electric, water, steam, telegraph or telephone corporation,
or a municipality rendering equivalent utility services, for services to
judgment debtor's residence or the residence of judgment debtor's
family, are exempt from application to the satisfaction of a money
judgment.
(h) The following personal property is exempt from application to the
satisfaction of money judgment, except such part as a court determines
to be unnecessary for the reasonable requirements of the judgment debtor
and his dependents:
1. any and all medical and dental accessions to the human body and all
personal property or equipment that is necessary or proper to maintain
or assist in sustaining or maintaining one or more major life activities
or is utilized to provide mobility for a person with a permanent
disability; and
2. any guide dog, service dog or hearing dog, as those terms are
defined in section one hundred eight of the agriculture and markets law,
or any animal trained to aid or assist a person with a permanent
disability and actually being so used by such person, together with any
and all food or feed for any such dog or other animal.
(i) Exemption for life insurance policies. The right of a judgment
debtor to accelerate payment of part or all of the death benefit or
special surrender value under a life insurance policy, as authorized by
paragraph one of subsection (a) of section one thousand one hundred
thirteen of the insurance law, or to enter into a viatical settlement
pursuant to the provisions of article seventy-eight of the insurance
law, is exempt from application to the satisfaction of a money judgment.
(j) Exemption for New York state college choice tuition savings
program trust fund payment monies. Monies in an account created pursuant
to article fourteen-A of the education law are exempt from application
to the satisfaction of a money judgment as follows:
1. one hundred percent of monies in an account established in
connection with a scholarship program established pursuant to such
article is exempt;
2. one hundred percent of monies in an account is exempt where the
judgment debtor is the account owner and designated beneficiary of such
account and is a minor; and
3. an amount not exceeding ten thousand dollars in an account, or in
the aggregate for more than one account, is exempt where the judgment
debtor is the account owner of such account or accounts.
For purposes of this subdivision, the terms "account owner" and
"designated beneficiary" shall have the meanings ascribed to them in
article fourteen-A of the education law.
(k) Notwithstanding any other provision of law to the contrary, where
the judgment involves funds of a convicted person as defined in
paragraph (c) of subdivision one of section six hundred thirty-two-a of
the executive law, and all or a portion of such funds represent
compensatory damages awarded by judgment to a convicted person in a
separate action, a judgment obtained pursuant to such section six
hundred thirty-two-a shall not be subject to execution or enforcement
against the first ten percent of the portion of such funds that
represents compensatory damages in the convicted person's action;
provided, however, that this exemption from execution or enforcement
shall not apply to judgments obtained by a convicted person prior to the
effective date of the chapter of the laws of two thousand one which
added this sentence or to any amendment to such judgment where such
amendment was obtained on or after the effective date of this
subdivision. For the purpose of determining the amount of a judgment
which is not subject to execution or enforcement pursuant to this
subdivision: (i) the court shall deduct attorney's fees from that
portion of the judgment that represents compensatory damages and
multiply the remainder of compensatory damages by ten percent; and (ii)
when the judgment includes compensatory and punitive damages, attorney's
fees shall be pro rated among compensatory and punitive damages in the
same proportion that all attorney's fees bear to all damages recovered.

§ 5206. Real property exempt from application to the satisfaction of
money judgments. (a) Exemption of homestead. Property of one of the
following types, not exceeding fifty thousand dollars in value above
liens and encumbrances, owned and occupied as a principal residence, is
exempt from application to the satisfaction of a money judgment, unless
the judgment was recovered wholly for the purchase price thereof:
1. a lot of land with a dwelling thereon,
2. shares of stock in a cooperative apartment corporation,
3. units of a condominium apartment, or
4. a mobile home.
But no exempt homestead shall be exempt from taxation or from sale for
non-payment of taxes or assessments.
(b) Homestead exemption after owner's death. The homestead exemption
continues after the death of the person in whose favor the property was
exempted for the benefit of the surviving spouse and surviving children
until the majority of the youngest surviving child and until the death
of the surviving spouse.
(c) Suspension of occupation as affecting homestead. The homestead
exemption ceases if the property ceases to be occupied as a residence by
a person for whose benefit it may so continue, except where the
suspension of occupation is for a period not exceeding one year, and
occurs in consequence of injury to, or destruction of, the dwelling
house upon the premises.
(d) Exemption of homestead exceeding fifty thousand dollars in value.
The exemption of a homestead is not void because the value of the
property exceeds fifty thousand dollars but the lien of a judgment
attaches to the surplus.
(e) Sale of homestead exceeding fifty thousand dollars in value. A
judgment creditor may commence a special proceeding in the county in
which the homestead is located against the judgment debtor for the sale,
by a sheriff or receiver, of a homestead exceeding fifty thousand
dollars in value. The court may direct that the notice of petition be
served upon any other person. The court, if it directs such a sale,
shall so marshal the proceeds of the sale that the right and interest of
each person in the proceeds shall correspond as nearly as may be to his
right and interest in the property sold. Money, not exceeding fifty
thousand dollars, paid to a judgment debtor, as representing his
interest in the proceeds, is exempt for one year after the payment,
unless, before the expiration of the year, he acquires an exempt
homestead, in which case, the exemption ceases with respect to so much
of the money as was not expended for the purchase of that property; and
the exemption of the property so acquired extends to every debt against
which the property sold was exempt. Where the exemption of property sold
as prescribed in this subdivision has been continued after the judgment
debtor's death, or where he dies after the sale and before payment to
him of his portion of the proceeds of the sale, the court may direct
that portion of the proceeds which represents his interest be invested
for the benefit of the person or persons entitled to the benefit of the
exemption, or be otherwise disposed of as justice requires.
(f) Exemption of burying ground. Land, set apart as a family or
private burying ground, is exempt from application to the satisfaction
of a money judgment, upon the following conditions only:
1. a portion of it must have been actually used for that purpose;
2. it must not exceed in extent one-fourth of an acre; and
3. it must not contain any building or structure, except one or more
vaults or other places of deposit for the dead, or mortuary monuments.

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