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New York Personal Property Exemptions: The Property Creditors Can Not Touch!

In a U.S. federal bankruptcy case, your lawyers can use New York state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of New York bankruptcy exemptions that a lawyer can use to help keep creditor's hands off your cherished possessions. The New York bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S. federal bankruptcy case is often very involved. Additionally, the exemptions below are not an exhaustive list, therefore you should contact a New York bankruptcy lawyer to determine the other types of property that you own which may be exempt.

Homestead New York Bankruptcy Exemptions

These New York bankruptcy exemptions can be used to protect up to $10,000 in equity in your house, $20,000 if filing jointly. Unfortunately you can't use this exemption to protect a rental property or a house you are not living in.

Motor Vehicle New York Bankruptcy Exemptions

Your New York bankruptcy lawyers can use these New York bankruptcy exemptions to protect $2,400 in value of any one motor vehicle listed in your U.S. federal bankruptcy.

Clothing, Textbooks, Bible, Family Pictures New York Bankruptcy Exemptions

These New York bankruptcy exemptions allow your U.S. federal bankruptcy lawyer to protect $5,000 in the value of your interest in various personal items such as your clothing and personal heirlooms.

Life Insurance Proceeds New York Bankruptcy Exemptions

These New York bankruptcy exemptions can protect 100% of the payments under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Alimony, Support New York Bankruptcy Exemptions

Your U.S. federal bankruptcy lawyer may also be able to exempt 100% of your alimony, support, or separate maintenance, to the extent reasonably necessary to help support you during your U.S. federal bankruptcy.

Qualified Retirement Plan New York Bankruptcy Exemptions

Your attorney can prevent creditors from touching the proceeds of your hard-earned retirement plan. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings are in a qualified retirement plan.

Tools of the Trade, Professional Books New York Bankruptcy Exemptions

These are useful New York bankruptcy exemptions that we use to protect up to $5,000 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.

Unemployment Compensation Benefits New York Bankruptcy Exemptions

Your attorneys can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Learn more about Ohio bankruptcy exemptions.